For Sale: One-Third Interest in Turfway Park

A subsidiary of lottery giant GTECH Holdings Corp. is putting its one-third interest in Turfway Park racetrack up for sale. According to the Louisville Courier-Journal, GTECH's Dreamport gaming and entertainment subsidiary will sell its Turfway interest as part of a corporate decision to focus on its core online lottery business.

Dreamport owns one-third of Turfway' stock, in partnership with casino operator Harrah's Entertainment and the Keeneland Association, which manages the northern Kentucky track that begins its fall meet today.

According to an announcement made by GTECH on Aug. 29, an assessment of the company's business operations had led to a "company resizing to better position itselfconcentrate its efforts towards assisting lotteries to expand their offerings in the area of video for future business opportunities...Dreamport will -machine gaming and central systems. Activities and assets peripheral to GTECH's core lottery business will be consolidated and/or diversified." The announcement also said Dreamport's operations would be relocated from Florida to Rhode Island, where GTECH is headquartered.

A GTECH spokesman told the Courier-Journal the company is not in a hurry to sell its Turfway interest, with the company wanting a good price "because it's still a valuable asset."

GTECH's chief executive officer and president resigned in July and the company learned recently that the United Kingdom's National Lottery had decided to negotiate a contract with a competitor.

GTECH, Keeneland, and Harrah's assumed ownership of Turfway 18 months ago in a deal that valued the track at $37 million.