Miami Valley Gaming Announces $100 Million Expansion To Build a Hotel, Parking Garage and Expanded Gaming Floor
LEBANON, Ohio, Oct. 30, 2019 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (Nasdaq: CHDN) announced today that Miami Valley Gaming & Racing, LLC (“MVG”), its joint venture racino with Delaware North Gaming & Entertainment, plans to build a hotel, parking garage and expanded gaming floor and add up to 250 additional video lottery terminals (“VLTs”). The $100 million expansion is scheduled to be completed by the second quarter of 2021 and will be financed with debt at the joint venture.
The proposed project will include 192 rooms and suites, a new full-service restaurant, coffee bar and 1,000-car parking garage, which will allow MVG to expand the geographical market reach of the property. The expansion will add over 10,000 square feet of gaming floor space and increase the number of VLTs in operation to approximately 2,200.
“Miami Valley Gaming has been very successful since it was built in 2013, and the team has consistently driven strong growth while also being a great asset to their community,” said Bill Carstanjen, CEO of Churchill Downs Incorporated. “This investment will enable MVG to meet the increased demand from a broader geographical reach and enhance the guest experience with high-quality amenities.”
MVG currently employs over 450 people and has delivered more than $270 million in gaming taxes to the Ohio Lottery and $83 million in purses to the Ohio Harness Horseman’s Association since opening. The project will create an estimated 300 construction jobs as well as over 100 additional full-time employment opportunities.
About Miami Valley Gaming
Miami Valley Gaming & Racing LLC is located midway between Dayton and Cincinnati – just off of I-75 at Exit 29. Miami Valley Gaming features over 1,900 state-of-the-art video lottery terminals, a racing simulcast center, and Miami Valley Raceway: a 5/8-mile harness racetrack with an indoor grandstand. Patrons have several dining options, including Cin City Sea & Steak, Acres Seasonal Buffet and Trifecta, which features three fast-casual eateries in one. Miami Valley Gaming regularly features local entertainment acts and offers a broad selection of cocktails, spirits, wines and craft brews and other beers at its signature Center Bar and the 1803 Bar. For more information, visit www.miamivalleygaming.com.
About Churchill Downs Incorporated
Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN), headquartered in Louisville, Ky., is an industry-leading racing, online wagering and gaming entertainment company anchored by our iconic flagship event – The Kentucky Derby. We own and operate Derby City Gaming, a historical racing machine facility in Louisville. We also own and operate the largest online horseracing wagering platform in the U.S., TwinSpires.com, and are a leader in brick-and-mortar casino gaming with approximately 11,000 slot machines / video lottery terminals and 200 table games in eight states. We also operate sports wagering and iGaming through our BetAmerica platform in multiple states. Additional information about CDI can be found online at www.churchilldownsincorporated.com.
Information set forth in this news release contains various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), which provides certain “safe harbor” provisions. All forward-looking statements made in this presentation are made pursuant to the Act. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words, although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from expectations include the following: the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit; additional or increased taxes and fees; public perceptions or lack of confidence in the integrity of our business; loss of key or highly skilled personnel; restrictions in our debt facilities limiting our flexibility to operate our business; general risks related to real estate ownership, including fluctuations in market values and environmental regulations; catastrophic events and system failures disrupting our operations; online security risk, including cyber-security breaches; inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; increases in insurance costs and inability to obtain similar insurance coverage in the future; inability to identify and complete acquisition, expansion or divestiture projects, on time, on budget or as planned; difficulty in integrating recent or future acquisitions into our operations; number of people attending and wagering on live horse races; inability to respond to rapid technological changes in a timely manner; inadvertent infringement of the intellectual property of others; inability to protect our own intellectual property rights; payment-related risks, such as risk associated with fraudulent credit card and debit card use; compliance with the Foreign Corrupt Practices Act or applicable money-laundering regulations; work stoppages and labor issues; difficulty in attracting a sufficient number of horses and trainers for full field horseraces; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; personal injury litigation related to injuries occurring at our racetracks; our inability to utilize and provide totalisator services; weather conditions affecting our ability to conduct live racing; increased competition in the horseracing business; changes in the regulatory environment of our racing operations; changes in regulatory environment of our online horseracing business; increase in competition in our online horseracing; uncertainty and changes in the legal landscape relating to our online wagering business; continued legalization of online sports betting and iGaming in the United States and our ability to predict and capitalize on any such legalization; inability to expand our sports betting operations and effectively compete; failure to comply with laws requiring us to block access to certain individuals could result in penalties or impairment with respect to our mobile and online wagering products; increased competition in our casino business; changes in regulatory environment of our casino business; costs, delays, and other uncertainties relating to the development and expansion of casinos; and concentration and evolution of slot machine manufacturing and other technology conditions that could impose additional costs.
LEBANON, Ohio, Oct. 30, 2019 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (Nasdaq: CHDN) announced today that Miami Valley Gaming & Raci…
Miami Valley Gaming Makes $3 Million Commitment to Warren County Fairgrounds Revitalization
BUFFALO, N.Y. and LOUISVILLE, Ky. (March 5, 2013) – Miami Valley Gaming,a joint venture of Delaware North Companies Gaming & Entertainment and Churchill Downs Incorporated, announced a $3 million commitment to Warren County’s efforts to revitalize the Warren County Fairgrounds.
“Warren County has a tremendous opportunity to transform the Fairgrounds, and Miami Valley Gaming’s partnership shows their true dedication to see this region thrive,” said Warren County Commissioner Pat South. “We look forward to creating a committee to put together a plan for the future use of the Fairgrounds.”
The donation will include a $1 million contribution in 2013 to the County to support redevelopment of the current Lebanon Raceway at the Warren County Fairgrounds. Miami Valley Gaming will provide an additional $500,000 per year for the next four years.
“Miami Valley Gaming is proud to support the County’s efforts to redevelop the raceway that is such an important part of the Warren County Fairgrounds. These facilities, only seven miles away from our new raceway, will do so much to reinforce the regional strengths of horse racing as the industry resurges in Ohio,” said Jim Simms, president and general manager of Miami Valley Gaming.
Miami Valley Gaming, located at exit 29 off I-75, will include a 5/8-mile harness racing track and an 186,000-square-foot gaming facility on the 120-acre site. In addition to the $50 million video lottery terminal (VLT) license fee, Miami Valley Gaming will invest up to $175 million in the new facility, including the cost of VLTs.
Preliminary work is under way at the site of the new gaming and racing complex. It is expected to open during the first quarter of 2014. The project will create 1,000 construction jobs and 700 permanent jobs. The majority of jobs will be full time, and residents of southwest Ohio will fill roughly 95 percent of the positions created.
For updates and employment opportunities, visit miamivalleygamingandraceway.com.
About Delaware North Companies Gaming & Entertainment
Delaware North Companies Gaming & Entertainment is one of the most innovative gaming and racing operators in the country, owning and/or operating several successful regional destination casinos and specializing in racing venues with added amenities such as table games, video gaming machines, poker rooms, full-service restaurants, retail shops and lodging. The company operates gaming and hospitality services at locations in New York, Illinois, Florida, West Virginia, Arkansas and Oklahoma. Delaware North Companies Gaming & Entertainment is a subsidiary of Delaware North Companies.
Delaware North Companies is one of the world’s leading hospitality and food service companies. Its family of companies includes Delaware North Companies Parks & Resorts, Delaware North Companies Gaming & Entertainment, Delaware North Companies Travel Hospitality Services, Delaware North Companies Sportservice, Delaware North Companies International and Delaware North Companies Boston, owner of TD Garden. Delaware North Companies is one of the largest and most admired privately held companies in the world with revenues exceeding $2.5 billion annually and 55,000 associates serving half a billion customers in the United States, Canada, the United Kingdom, Australia and New Zealand. For more information, visit www.DelawareNorth.com.
Delaware North Companies has operated in Ohio for more than 50 years, employing more than 3,200 Ohioans in 2011 and serving in excess of 10 million guests annually at venues across the state. Ohio is one of the company’s top three states in terms of the number of locations, revenue and taxes paid. Delaware North Companies operates all food and retail services at the Great American Ball Park in Cincinnati and Nationwide Arena in Columbus, as well as food concessions at Progressive Field and Cleveland Browns Stadium. Delaware North Companies also manages The Lodge at Geneva-on-the-Lake in the heart of Ohio’s wine country along Lake Erie.
About Churchill Downs Incorporated
Churchill Downs Incorporated (CDI) (NASDAQ: CHDN), headquartered in Louisville, Ky., owns and operates the world-renowned Churchill Downs Racetrack, home of the Kentucky Derby and Kentucky Oaks, as well as racetrack and casino operations and a poker room in Miami Gardens, Fla.; racetrack, casino and video poker operations in New Orleans, La.; racetrack operations in Arlington Heights, Ill.; a casino resort in Greenville, Miss.; as well as a casino hotel in Vicksburg, Miss.; CDI also owns the country’s premier online wagering company, TwinSpires.com; the totalisator company, United Tote; Luckity.com, offering fun games online for a chance to win cash prizes; Bluff Media, an Atlanta-based multimedia poker company; and a collection of racing-related telecommunications and data companies. Information about CDI can be found online at www.churchilldownsincorporated.com.
Information set forth in this news release contains various “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 (the “Act”) provides certain “safe harbor” provisions for forward-looking statements. All forward-looking statements made in this Quarterly Report on Form 10-Q are made pursuant to the Act.
The reader is cautioned that such forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “hope,” “should,” “will,” and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from expectations include: the effect of global economic conditions, including any disruptions in the credit markets; a decrease in consumers’ discretionary income; the effect (including possible increases in the cost of doing business) resulting from future war and terrorist activities or political uncertainties; the overall economic environment; the impact of increasing insurance costs; the impact of interest rate fluctuations; the effect of any change in our accounting policies or practices; the financial performance of our racing operations; the impact of gaming competition (including lotteries, online gaming and riverboat, cruise ship and land-based casinos) and other sports and entertainment options in the markets in which we operate; our ability to maintain racing and gaming licenses to conduct our businesses; the impact of live racing day competition with other Florida, Illinois and Louisiana racetracks within those respective markets; the impact of higher purses and other incentives in states that compete with our racetracks; costs associated with our efforts in support of alternative gaming initiatives; costs associated with customer relationship management initiatives; a substantial change in law or regulations affecting pari-mutuel and gaming activities; a substantial change in allocation of live racing days; changes in Kentucky, Florida, Illinois or Louisiana law or regulations that impact revenues or costs of racing operations in those states; the presence of wagering and gaming operations at other states’ racetracks and casinos near our operations; our continued ability to effectively compete for the country’s horses and trainers necessary to achieve full field horse races; our continued ability to grow our share of the interstate simulcast market and obtain the consents of horsemen’s groups to interstate simulcasting; our ability to enter into agreements with other industry constituents for the purchase and sale of racing content for wagering purposes; our ability to execute our acquisition strategy and to complete or successfully operate planned expansion projects; our ability to successfully complete any divestiture transaction; market reaction to our expansion projects; the inability of our totalisator company, United Tote, to maintain its processes accurately or keep its technology current; our accountability for environmental contamination; the ability of our online business to prevent security breaches within its online technologies; the loss of key personnel; the impact of natural and other disasters on our operations and our ability to obtain insurance recoveries in respect of such losses (including losses related to business interruption); our ability to integrate any businesses we acquire into our existing operations, including our ability to maintain revenues at historic levels and achieve anticipated cost savings; the impact of wagering laws, including changes in laws or enforcement of those laws by regulatory agencies; the outcome of pending or threatened litigation; changes in our relationships with horsemen’s groups and their memberships; our ability to reach agreement with horsemen’s groups on future purse and other agreements (including, without limiting, agreements on sharing of revenues from gaming and advance deposit wagering); the effect of claims of third parties to intellectual property rights; and the volatility of our stock price.
Miami Valley Gaming, a joint venture of Delaware North Companies Gaming & Entertainment and Churchill Downs Incorporated, announced a $3 million commitment to Warren County’s efforts to revitalize the Warren County Fairgrounds.