Quote:
Originally Posted by ScottJ
The plan is real estate development, sports wagering synergies, and unlocking capital assets for the CDI share price. Andy, you are simply foolish if you think for a second that Ellis Park is being purchased as a revenue growth investment in racing.
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Ellis Park is being purchased (the same as Turfway) for revenue growth and shareholder value based on HHR AND for Racing at the same time, given in Kentucky they are inextricably tied together.
The legislation authorizing HHR is very clear on that (so no decoupling, dare I say ever), and since Kentucky will never have casinos, unless the state turns blue (and that too is unlikely in the next decade at least), HHR is the cash cow which also benefits racing because some of the revenue has to go to KTDF which pays a good chunk of purses.
Just one example is the purse for a MSW at TP went to $60K (from about $32K previously) this past meeting.
Turfway had a superb 2022-2023 winter-spring meeting following CDI completing the purchase. Per Bloodhorse - Fueled by the addition of a nearby historical horse racing gaming venue (an on-track venue will open later this year), Turfway purses increased from $6,104,572 for its Jan. 1-March 27 dates in 2021 to $12,907,734 for its Jan. 1-April 2 dates in 2022.
