Carstanjen: Colonial to Expand From 27 to 50 Race Dates

Speaking on a conference call with analysts following Churchill Downs Inc.'s release of record second-quarter earnings, CDI CEO Bill Carstanjen outlined the company's intention for added racing at Colonial Downs and plans for the company's operations elsewhere.

Colonial Downs was part of CDI's announced $2.485 billion acquisition of Peninsula Pacific Entertainment, a deal expected to close after the company receives regulatory approvals from several states. Virginia has already approved CDI's purchase, Carstanjen said, and CDI intends to expand gaming there along with racing. 

According to Carstanjen, CDI plans over the next four years to have Colonial Downs eventually expand its racing schedule to 50 dates, up from 27 this year.

"Based on Virginia law, we will be required to run one race date for every 100 (historical horse racing games) that are operational in the state, up to the 5,000 (devices) we are currently authorized," Carstanjen said.

HHR revenue has become a focus for CDI, with the company adding modernized slot-like HHR devices in Kentucky and other states.

Construction of a new grandstand/gaming center is nearing completion in Northern Kentucky at Turfway Park, with a Sept. 1 opening scheduled for gaming. The track resumes racing this winter.

In Illinois, where CDI co-owns Rivers Casino, the company's $196 million sale of Arlington International Racecourse to the Chicago Bears of the National Football League is "still on track," Carstanjen said, expected to close in the first quarter of 2023.