Kentucky Racing Acquisition LLC recently acquired Kentucky Downs in Franklin, Kentucky. The Thoroughbred horseracing track, located 35 miles north of Nashville, hosts live turf racing in the summer and offers 750 historic horseracing machines. The terms of the sale were not released.
Kentucky Racing Acquisition is a joint venture between Ron Winchell and Marc Falcone. The company said wagering on historical racing machines grew 133 percent, from $349 million in handle in 2015 to $814 million last year. Betting on five live date meets grew 116 percent, from $16.88 million in 2015 to $36.42 million in 2018.
Winchell oversees his family’s Winchell Thoroughbreds, a high-end racing stable and breeding operation near Lexington. In Nevada, he operates the Jackpot Joanie’s gambling cafes and several Las Vegas-area bars. Falcone served as chief financial officer for Las Vegas-based Red Rock Resorts Inc. and Station Casinos from 2011 to 2017.
Winchell stated, “Kentucky Downs is one of horse racing’s brightest success stories of this era. We very much look forward to working with local and state officials, the Kentucky Horse Racing Commission and our sister tracks in Kentucky for the betterment of the commonwealth’s signature industry.” He added the new company is looking at “options for expanding and improving the overall guest experience.”
Falcone commented, “The Kentucky Downs acquisition represents an exciting opportunity that is consistent with our business plan to grow through strategic investments in racing and entertainment facilities and apply our operational and management expertise to support future growth. Our commitment to horse racing extends beyond Kentucky Downs as Ron and I believe there are other opportunities where our combined expertise and experience can help foster consistent growth for the sport.”
