Centaur
reaches agreement to own Hoosier Park
Centaur, Inc., an
Indiana-based company that has been instrumental in developing the business of
horse racing in Indiana, has reached an agreement to purchase the majority
interest in Hoosier Park from Churchill Downs Incorporated and become the
property’s sole owner.
“We’ve been part of this project since day one and we’re proud to say that
Hoosier Park will soon be Hoosier-owned,” said Jeffrey Smith, CEO of horse
racing for Centaur, noting that 90 percent of the investment group is comprised
of Indiana residents. He said that the agreement will be finalized upon approval
from the Indiana Horse Racing Commission and the City of Anderson Department of
Parks and Recreation. Closing is expected to take place in the first quarter of
2007.
“Churchill Downs Incorporated has been a great partner whose expertise in this
business helped us create a venue that provides customers with the perfect
environment to enjoy live racing in our seasons, as well as simulcast races
year-round,” Smith said. He noted that Hoosier Park will continue an agreement
with Churchill Downs Incorporated to simulcast its races on Churchill Downs
Simulcast Network.
“Centaur has been a committed partner in developing the horse racing industry in
Indiana. We think this is a great outcome and the combination of Hoosier Park
and Centaur will be positive,” said Robert L. Evans, president and CEO of
Churchill Downs Incorporated.
Hoosier Park was the first pari-mutuel horse racing business in Indiana, opening
as a Standardbred race track in 1994 and adding Thoroughbred racing in 1995. In
addition to the Park, which is located twenty minutes north of Indianapolis off
I-69, the company also operates off-track betting (OTB) locations in
Indianapolis, Fort Wayne and Merrillville.
Rick Moore will continue in his role as president and general manager for
Hoosier Park. “We are excited about working with Centaur to grow our fan base
and grow the business,” he said.
“Hoosier Park has been a generous corporate citizen and is an important part of
our city’s economy; we welcome the new ownership and will work with them to
attract more visitors to Hoosier Park and our community,” said Anderson Mayor
Kevin Smith.
Beyond the entertainment options it offers, Hoosier Park provides significant
economic benefits to the state of Indiana, as a major employer and taxpayer. In
addition, it supports the Hoosier horse business, an industry that reaches every
county in Indiana. At its peak, Indiana’s horse racing business contributed
nearly $400 million to the state’s economy.
“Both Centaur and Churchill Downs have been strong advocates for the businesses
that make up Indiana’s horse racing industry. We expect the transition to be
smooth and look forward to continuing our strong relationship with Hoosier
Park,” said Larry Smallwood, chairman of the Indiana Horse Racing and Breeding
Coalition.
“We plan to successfully manage Hoosier Park and the three OTBs to create value
for our investors, a strong financial base for future growth and economic
development for the communities where our properties are located,” Smith said.
Centaur also owns Fortune Valley Hotel & Casino in Central City, CO. Centaur led
the group that originally purchased the property from Harrah’s in May, 2003.
Fortune Valley Hotel & Casino has approximately 37,000 square feet of gaming
space, 118 guest rooms and a 550 space parking garage. Located 35 miles west of
Denver, the property is located in Central City, one of three historical mining
towns approved for limited stakes gaming in Colorado, and one of two that serves
the Denver metropolitan market. In recent years, this Central City/Black Hawk
market has been one of the fastest growing gaming markets in the country.
Source: USTA Website (12-13-06)