Joint Venture to Open Ohio Racino in December
- Jun 11, 2013
The state of Ohio will get a new racino by the end of the year. Miami Valley Gaming & Racing, a joint venture of Delaware North Companies Gaming & Entertainment, headquartered in Buffalo, N.Y., and Louisville, Ky.-based Churchill Downs Inc., will open a new harness racing and gaming facility near exit 29 off of Interstate 75, between Cincinnati and Dayton, in December.
Churchill Downs executive vice president & CFO Bill Mudd made the announcement on June 6 at the InvestKentucky Conference held at the Churchill Downs racetrack in Louisville. The project represents a $272 million investment split evenly between Churchill Downs Inc. and Delaware North Companies Gaming & Entertainment. Previous estimates placed the total cost at around $285 million. The joint venture spent $60 million to purchase a racetrack license, another $50 million for a state license fee and the remaining $162 million to cover land costs and construction and the cost of the video lottery terminals.
Miami Valley Gaming & Racing purchased the harness racing licenses and certain other assets held by Lebanon Trotting Club Inc. and Miami Valley Trotting Inc. at the end of December 2012. At the time, William Bissett, president of Delaware North Companies Gaming & Entertainment, said the project would add $24 million a year to the local economy and create 1,000 construction jobs and 700 permanent jobs in the region.
Construction started in early 2013. The new facility will include a 5/8-mile harness racing track and a 186,000-square-foot gaming facility. It is developed on a 120-acre site. The new racino will bring as many as 2,500 video lottery terminals to southwest Ohio.
Photo credits: Churchill Downs Incorporated