Churchill Downs Inc. has added another gambling facility to its portfolio. Churchill announced March 1 that it has partnered with Delaware North to buy a Lebanon, Ohio, harness track. They will build a new harness racing track and video lottery terminal site with as many as 2,500 VLTs.
The partnership will pay $60 million to the two families that conduct harness racing at Lebanon Raceway at Warren County Fairgrounds, about halfway between Cincinnati and Dayton.
An additional $10 million could be paid if certain conditions are met with respect to the performance of the VLT site over time, according to Churchill's announcement.
The Churchill partnership hopes to begin the new facility this year and open in the fall of 2013. The sale must be approved by the Ohio Lottery Commission and the Ohio State Racing Commission.
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Churchill and Delaware North are applying for a 10-year VLT license, which costs $50 million, and they plan to invest $175 million in the new facility, which could create 700 jobs, according to published reports.
Churchill Downs will announced fourth quarter and year-end company results next week.