Kentucky Racing Acquisition announced it has an agreement to purchase the assets of Kentucky Downs from Kentucky Downs Partners. The transaction is expected to close in first quarter 2019. Recently formed Kentucky Racing Acquisition is led by Ron Winchell and Marc Falcone. The thoroughbred horseracing track, North America’s only “European-style” racecourse, offers live turf racing in September, including the annual Grade III Kentucky Turf Cup race. Located near the Kentucky and Tennessee border, the venue also offers 750 historical racing machines, which caused wagering to increase from $20 million in 2010 to $800 million to date in 2018.
Kentucky Downs Management and Kentucky Downs Partners President Ray Reid said, “We purchased Kentucky Downs in 2007, with the goal of reversing the business fortunes of Kentucky racing, and I believe we have done that. Kentucky Downs Partners is confident that Ron and Marc are the right people to continue to expand on this momentum, so much so that many of our current owners intend to be part of and support the new investment group moving forward.”
Winchell oversees his family’s Winchell Thoroughbreds, a racing and breeding operation in Lexington, with more than 120 horses. The family also owns more than 20 Nevada gaming facilities. Winchell commented, “Some of my fondest early memories are of visiting racetracks with my father, and thoroughbred racing has been a passion of mine ever since. As such, I am personally thrilled to be carrying our family name into this exciting opportunity to take the reins of Kentucky Downs, one of American racing’s great success stories of the past decade. This represents the first step in KRA’s plan to further advance racing and HHR in the Commonwealth.”
Falcone previously served as executive vice president, chief financial officer and treasurer of Red Rock Resorts and Station Casinos from 2011 to 2017. He stated, “Our agreement to acquire Kentucky Downs represents a terrific opportunity that is consistent with our business plan, to grow through strategic investments in racing facilities and apply our operational and management expertise to support future growth. Our commitment to horseracing extends beyond this announced plan to acquire 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.” Falcone added KRA will invest new capital in additional food, beverage and hospitality at Kentucky Downs, along with new technology and property infrastructure.
In addition, he said KRA will develop a new facility in Oak Grove, Kentucky, if the company is awarded that license by the Kentucky Horse Racing Commission. “With Kentucky Downs’ familiarity and understanding of the Nashville market, KRA would be strategically positioned to maximize that market for Kentucky,” Falcone said.
