Lexington Herald Leader Logo

Churchill Downs Inc. buys stake in Saratoga Harness; deal could lead to shares in 3 to 5 more casinos | Lexington Herald Leader

×
  • E-edition
  • Home
    • All News
    • Business
    • Communities
    • Counties
    • Crime
    • Education
    • Lexington
    • Local
    • Most Wanted
    • Nation/World
    • News Photos
    • News Videos
    • Politics
    • Searchable Databases
    • State
    • Watchdog
    • Columns
    • Tom Eblen
    • All Sports
    • UK Sports
    • College Sports
    • Next Cats Recruiting
    • High School
    • Horses
    • Kentucky Speedway
    • Lexington Legends
    • Reds
    • MLB
    • NBA
    • NASCAR
    • NFL
    • Sports Photos
    • Sports Videos
    • Columns
    • John Clay's Columns
    • Mark Story
    • Next Cats Recruiting
    • All UK Sports
    • Next Cats Recruiting
    • Baseball
    • Basketball - Men
    • Basketball - Women
    • Recruiting
    • Ex-Cats
    • Football
    • UK Photos
    • UK Videos
    • More UK Sports
    • Columns
    • John Clay's Blog
    • Mark Story
    • Politics
    • Elections
    • All Entertainment
    • Books
    • Celebrities
    • Comics
    • Puzzles & Games
    • Events Calendar
    • Horoscopes
    • Movies
    • Music
    • Restaurants
    • Stage & Dance
    • TV
    • Visual Arts
    • Entertainment Photos
    • Entertainment Videos
    • News Blogs
    • Kentucky Weather
    • Photo Archive
    • Sports Blogs
    • John Clay's Blog
    • High School
    • UK Football
    • UK Men's Basketball
    • UK Women's Basketball
    • Lexington Legends
    • Entertainment Blogs
    • Walter Tunis on Music
    • All Opinion
    • Editorials
    • Joel Pett
    • Letters to the Editor
    • National Columnists
    • Op-Ed
    • Submit a Letter
    • All Living
    • Celebrations
    • Family
    • Fashion
    • Food & Drink
    • Fru-Gal: Deb Morris
    • Health & Medicine
    • Home & Garden
    • Paul Prather
    • Religion
    • Travel
    • Readers' Choice
    • Kentucky Obituaries
    • Obituaries in the News
    • Submit an Obituary
    • Customer Service
    • Contact Us
    • About Us
    • E-edition
    • Page Reprints
    • Photo Reprints
    • RSS Feeds
    • Special Sections
    • Site Information
    • Advertise With Us
    • Archives
    • Mobile
    • Mobile Apps & eReaders
    • Newsletters
    • Social
    • Facebook
    • Twitter
    • Instagram
    • YouTube
    • Google+
    • Today's Circulars
    • Classifieds
    • Jobs
    • Cars
    • Homes
    • Homeseller
    • Legal Notices
  • Place an Ad
  • Mobile & Apps

Business

Churchill Downs Inc. buys stake in Saratoga Harness; deal could lead to shares in 3 to 5 more casinos

By Janet Patton - jpatton1@herald-leader.com

    ORDER REPRINT →

July 30, 2014 11:42 AM

Churchill Downs Inc. and Saratoga Harness Racing Inc., already partners in a bid for a casino near Albany, N.Y., announced Wednesday that the Louisville-based casino and racetrack company is buying a quarter stake in the Saratoga Casino and Raceway, a harness racing track.

The deal could give Churchill Downs Inc. a financial interest in three to five more casinos.

Under the five-year contract, Churchill Downs will manage the Saratoga Casino and Raceway, which has slot-like video lottery terminals, and the Saratoga Casino in Black Hawk, Colo.

The agreement must be finalized and approved by state regulators in New York and Colorado.

Sign Up and Save

Get six months of free digital access to the Lexington Herald-Leader

SUBSCRIBE WITH GOOGLE

#ReadLocal

In May, Churchill Downs proposed a $300 million "world-class destination resort casino," in East Greenbush, just east of Albany, including a 300-room hotel, restaurants and entertainment areas, and 20,000 square feet of retail space.

If a joint bid for the East Greenbush casino is successful, Churchill will manage that, too. Winners of the bids for four New York casino licenses in three regions are scheduled to be announced this fall.

Churchill and Saratoga Harness submitted one of 17 bids; Saratoga Casino and Raceway separately partnered with casino operator Rush Street Gaming for a proposed casino resort in Newburgh.

Churchill is negotiating to buy a 25 percent stake in Saratoga Harness, which means that Churchill Downs Inc. could have a stake in two bids for New York casinos.

"We are proud to take an ownership interest in Saratoga Harness Racing Inc., which shares with us a passion for offering premier racing and gaming entertainment," said Bill Carstanjen, president and chief operating officer of Churchill Downs Inc. "We are excited to expand our operations into New York and Colorado and hope to become more involved in the Capitol Region if we are fortunate enough to be awarded a license to build and operate Capital View Casino & Resort."

Churchill also gets a piece of another casino in Kentucky: Saratoga Harness owns a minority interest in Ellis Park in Henderson, a Thoroughbred racetrack with instant racing terminals.

Churchill owned Ellis from 1998 to 2006, when it was sold to Ron Geary. Saratoga Harness acquired an interest in Ellis in 2012.

"We are very excited about the expansion of our relationship with Churchill Downs," said James D. Featherstonhaugh, secretary and chief legal officer of Saratoga Harness. "We look forward to a long and successful partnership between two iconic names in the racing and gaming world."

Saratoga Harness also owns a half-interest in the Gideon Putnam Hotel and Resort in Saratoga Springs.

  Comments  

Videos

A true Appalachian taste test: What do we think of Dueling Barrels moonshine?

Co-owner of Willie’s Locally Known asks fans to come dine at the restaurant

View More Video

Trending Stories

Pazzo’s, Magee’s Bakery, Texas de Brazil, Sonic, Qdoba and more on probation

February 15, 2019 06:45 AM

Kentucky Senate approves NRA gun bill on anniversary of Parkland school shooting

February 14, 2019 11:59 AM

Updated list of restaurants on probation as of February: Read before you eat

February 15, 2019 07:00 AM

‘She has to come home.’ Here’s how you can help find missing Kentucky mom

February 15, 2019 03:03 PM

Paradise no more. TVA votes to close iconic coal-burning power plant in Kentucky.

February 14, 2019 11:09 AM

Read Next

Business

Iran: Sabotage may be behind failed satellite launches

The Associated Press

    ORDER REPRINT →

February 16, 2019 03:47 AM

Iran's foreign minister claims that sabotage by the U.S. was a possible reason for Tehran's failed attempts to launch two satellites in the last two months.

KEEP READING

Sign Up and Save

#ReadLocal

Get six months of free digital access to the Lexington Herald-Leader

SUBSCRIBE WITH GOOGLE

MORE BUSINESS

Business

Sheriff’s 50 years of police work fun, sad, nerve-wracking

February 16, 2019 03:05 AM

Business

3 road construction workers injured on I-4

February 16, 2019 03:01 AM
Trump declares emergency at border after stinging defeat

Business

Trump declares emergency at border after stinging defeat

February 16, 2019 02:55 AM
Trump emergency declaration faces fights in the courts

Business

Trump emergency declaration faces fights in the courts

February 16, 2019 12:36 AM

Business

Community Coffee firmly in family hands at 100

February 16, 2019 12:01 AM

Business

How man went from high roller to YouTube apology

February 16, 2019 03:00 AM
Take Us With You

Real-time updates and all local stories you want right in the palm of your hand.

Icon for mobile apps

Lexington Herald Leader App

View Newsletters

Subscriptions
  • Start a Subscription
  • Customer Service
  • eEdition
  • Vacation Hold
  • Pay Your Bill
  • Rewards
Learn More
  • About Us
  • Contact Us
  • Newsletters
  • News in Education
  • Archives
Advertising
  • Contact Us
  • Place a Classified Ad
  • Local Deals
  • Digital Solutions
  • Media Kit
Copyright
Privacy Policy
Terms of Service


Back to Story