proposed racetrack<\/a> in New Mexico.<\/p>\nThe $11 million transaction is set to close in the coming days, Skip Sayre, LDC\u2019s chief of sales and marketing told Casino.org<\/em>.<\/p>\nAmong the planned investments in the facility include a more than five-fold expansion of the number of instant racing machines at the track. Currently, Ellis Park features 179 gaming machines, and the new owners received approval from the KHRC for 1,200, which would make it Kentucky\u2019s largest parlor.<\/p>\n
Running an instant racing parlor is a fit within the company, which has been in the gaming business for 20 years, Sayre said.<\/p>\n
Room for Growth<\/h2>\n Of Kentucky\u2019s four instant, or historical, racing parlors, Ellis Park is by far the smallest. Through May, the track\u2019s instant racing venue has generated $89.2 million in wagers, with the track generating $7.1 million in revenue. That\u2019s a nearly 20 percent jump from the same period last year.<\/p>\n
However, LDC and Ellis Entertainment saw a substantial opportunity for growth at the track, which is why the company is investing $55 million into the parlor expansion and track upgrades.<\/p>\n
Sayre said LDC conducted research to determine if the region, which has a population of about 500,000 in Kentucky, Indiana, and Illinois, could attract enough customers on an ongoing basis. The track is located about five miles from Indiana\u2019s Tropicana Evansville Casino, which features 1,121 slot machines and 49 table games.<\/p>\n
The market is similar in size to the Albuquerque market in New Mexico, which is home to five casinos that are doing well according to Sayre. In that regard, he added that Ellis\u2019 expansion shouldn\u2019t take away too much, if any, from the Tropicana.<\/p>\n
Gaming customers are very loyal based on location,\u201d <\/span><\/strong>Sayre said.<\/span> \u201cConvenience is a huge driver. So, when we looked at this market, Henderson-Evansville, we looked at it as a two-casino market. We think that if a guest wants that kind of experience, they\u2019re more likely to go to the most convenient location.\u201d<\/span><\/strong><\/p><\/blockquote>\nExpanding the parlor will also allow Ellis Park to become a year-round destination for customers in the area, and Ellis will pull from LDC\u2019s experience in New Mexico to help make that happen.<\/p>\n
Summer Meet Begins Soon<\/h2>\n Ellis Downs begins its 29-day summer meet on June 30, with racing on weekends through Labor Day. Since the meet is less than two weeks from starting, officials from Saratoga Casino and Hospitality Group will be on hand to manage the meet during a transitionary period.<\/p>\n
\u201cWe remain committed to the upcoming racing season at Ellis Park and ensuring that it is one of the most successful the property has seen in years,\u201d said Daniel Gerrity, Saratoga Casino and Hospitality Group\u2019s president.<\/p>\n
Saratoga, which own the harness track and racino in the upstate New York town but is not affiliated with the historic thoroughbred track, bought a 30 percent stake in Ellis Park seven years ago. Last July, they bought out majority owner Ron Geary, a Louisville businessman who bought it from Churchill Downs in 2006.<\/p>\n
While Saratoga runs the track operations, Ellis Entertainment will run the track\u2019s instant racing parlor<\/a>. At the same time, Ellis officials will begin renovation work on the 97-year-old facility.<\/p>\n\n
\u201cIt\u2019s an iconic, revered track that\u2019s been around for a long time,\u201d Sayre said. \u201cIt\u2019s been in disrepair. It has not had the type of capital investment, upkeep, and maintenance that it deserves.\u201d<\/p>\n<\/div>\n
After the meet, work will begin on expanding the parlor, adding new dining options and renovating the track\u2019s grandstand. Future plans include a hotel at the track.<\/p>\n","protected":false},"excerpt":{"rendered":"
For the second time in less than a year, Kentucky\u2019s Ellis Park has been sold. However, the new owners of the Henderson race track said they plan to invest up to $100 million to make it a viable year-round facility. On Tuesday, the Kentucky Horse Racing Commission (KHRC) voted to approve the sale from Saratoga […]<\/p>\n","protected":false},"author":45,"featured_media":107489,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810,14577],"tags":[],"acf":[],"yoast_head":"\n
Ellis Park's New Owner Plans $100M Investment to Renovate Track, Expand Instant Racing<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n