|Churchill Downs' new Kentucky racetrack will cost $50 million more than planned|
Churchill Downs inc. said Thursday that it has increased its costs to construct a new standardbred horse racing track, gaming facility and hotel in Oak Grove, Ky., by $50 million.
CEO Bill Carstanjen said during the company’s first-quarter earnings call that the project, Oak Grove Racing & Gaming, is now expected to cost $200 million because of higher-than-expected construction costs and additional modifications he said will support expected customer demand.
Carstanjen said the company is intrigued by entering a market so close to Nashville and believes the project will be successful based on its market research.
“We feel this increase in investment will exceed our return requirements,” he said.
In addition to the Oak Grove racetrack and gaming venue, plans call for a 128-room hotel; a 1,200-person grandstand and event venue for indoor events; an outdoor amphitheater and stage; and an equestrian center with indoor and outdoor arenas.