LEXINGTON, Ky. (WDRB) -- Churchill Downs is now off and running with an ambitious expansion into northern Kentucky.
The state Horse Racing Commission has officially opened the starting gate.
During a special meeting at the Kentucky Horse Park, the commission unanimously approved Churchill Downs' bid to buy Turfway Park after President Kevin Flanery outlined the plan to revive the troubled racetrack.
"This is a $150 million investment in Kentucky racing," Flanery told the commissioners.
Churchill Downs is planning a total makeover of Turfway with a new grandstand, simulcast center, inner dirt track and 1,500 historical racing machines.
"We need a strong northern Kentucky race track; a race track that attracts horsemen to this site so that they stay here for the spring, and they stay to race at Keeneland, they stay to race at Churchill Downs," Flanery told WDRB News.
In fact, Churchill plans to double Turfway's purses right away, from roughly $12,000 a race to $24,000.
It is all fueled by the runaway success of the track's current historical racing venue, Derby City Gaming.
"This gives us the opportunity to improve purses in northern Kentucky so that people don't have to leave Kentucky in the winter to race," Flanery said. "They can actually be here, make their homes in Kentucky, strengthen our economy, strengthen our racing circuit, strengthen the thoroughbred industry."
State officials also hope the move strengthens the tourism industry.
"That track needed investment, and they're getting it now. So, it's really good for Kentucky," said Don Parkinson, secretary of the Tourism, Arts and Heritage Cabinet.
Churchill Downs is promising to maintain all of Turfway's current racing dates through the demolition and construction.
The grand opening of the new Turfway Park is set for the summer of 2021.
"This is a true win. It's not a win, place, show. It's definitely a win," said Diane Whalen, the longtime mayor of Florence.
The process is on a fast track. Churchill Downs plans to close the deal on Wednesday.
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