Future of Turfway Park....

[JustRalph]

http://news.cincinnati.com/article/20120513/NEWS0103/305130069/What-Turfway-s-future

[Valuist]

Just saw that Turfway has cancelled the KY Cup day. Racing in the commonwealth continues its decline....

http://www.bloodhorse.com/horse-racing/articles/71892/turfway-cancels-kentucky-cup-day-of-champions?source=rss

[Striker]

This info from the article basically tells us what is going to happen in the future--
"Earlier this year, casino operator Rock Ohio Ventures purchased a 40% stake in Turfway Park, in which another casino company, Caesars Entertainment Corp., owns a 50% interest. The remaining 10% of Turfway is owned by Keeneland, which previously owned 50% of the track before selling part of its interest to Rock Ohio Ventures. Rock Ohio Ventures and Caesars are also partners in a new casino being constructed in Cincinnati, Ohio, across the state border from Turfway Park’s location."

[rastajenk]

So...what does that tell us about future events?

[Striker]

Unless Turfway starts showing huge profits and/or is allowed slots, I would only make a guess it would closed down in the near future by the same owners who are operating a brand new casino in a close distance from Turfway. The casino will profit more from having the customers come to the casino, not the racetrack. Maybe I'm wrong, and they bought the interest in Turfway thinking they could turn huge profits, but that looks to be a steep hill to climb.

[Valuist]

If Turfway closes, does Churchill extend their meet? Does Hoosier ask for more dates to accomodate the horseman from neighboring KY? January racing at Ellis? Questions, questions...

[duncan04]

Unless Turfway starts showing huge profits and/or is allowed slots, I would only make a guess it would closed down in the near future by the same owners who are operating a brand new casino in a close distance from Turfway. The casino will profit more from having the customers come to the casino, not the racetrack. Maybe I'm wrong, and they bought the interest in Turfway thinking they could turn huge profits, but that looks to be a steep hill to climb.

They bought the track thinking if slots come to KY they would cash in there. Right now the new owners are not looking at shutting down the track.

[Striker]

They bought the track thinking if slots come to KY they would cash in there. Right now the new owners are not looking at shutting down the track.
That makes perfect sense. But what if they don't get slots?

[rastajenk]

And it looks like Caesar's still owns half, so would they passively allow closure so that their new partner can benefit from it? I guess anything's possible, but that doesn't add up for me.

When gambling corporations bought up the Ohio tracks, they did it with supreme confidence that slots facilities would be approved...eventually. Unless something is happening behind the scenes that is a well-guarded secret, I don't see investment in Kentucky as that kind of a sure thing. I think Turfway's immediate future is the same as its immediate past: hanging on and hoping for help.

[Striker]

And it looks like Caesar's still owns half, so would they passively allow closure so that their new partner can benefit from it? I guess anything's possible, but that doesn't add up for me.

Caesars and Rock Ohio V are partners in both Turfway and the brand new casino. They would both benefit from increasing revenue in the casino which is usually easier than increasing revenue at a racetrack. And if they aren't turning profits at Turfway would they just keep dealing with being in the red?

[1GCFAN]

In Ohio, Penn National bought Beulah Park with the hope for a Racino. When the previous Govenor got cold feet on horse track racinos, they were able to get a full casino approved only a few miles away. No more need for Beulah with the new governors approved racino concept so they were allowed to move the track 180 miles away and build the racino there.

Rock and Ceasers may be buying up Turfway for the racino but might decide to close it to eliminate the competition. That was the Penn business plan. Turfway is 20 or so miles away from 3 other riverboat casinos including a big Penn National operation in Lawrenceburg IN. Not all of these casinos can survive.

I hope they keep it open as Turfway has a nice little facility.