License, Land Secured for New $175M Racino in Ohio

Miami Valley Gaming & Racing, a joint venture of Delaware North Companies Gaming & Entertainment and Churchill Downs Incorporated, announced that it purchased harness racing licenses and other assets from the Lebanon Trotting Club and Miami Valley Trotting Inc. The new near exit 29 off of Interstate 75 between Cincinnati and Dayton is expected to open in the first quarter of 2014 and cost $175 million to develop. The Warren County Board of Commissioners approved the planned use development for the new facility in October. Miami Valley Gaming & Racing will invest approximately $215 million, including the $50 million license fee payable to the Ohio Lottery Commission.

"We appreciate the hard work of everyone involved, including the Ohio State Racing Commission and the Ohio Lottery Commission, to complete the necessary steps for us to build this new, world-class gaming and racing facility that we expect will be another great entertainment destination in Ohio," said Bill Carstanjen, president and chief operating officer of Churchill Downs Inc.

When construction of the new venue is completed, harness racing and simulcast operations will move from the current location at the Warren County Fairgrounds to the new gaming and racing complex on the northeast corner of Union Road and State Route 63 in Turtle Creek Township in Warren County. The joint venture finalized the acquisition of this land with the Ohio Department of Administrative Services on Dec. 20, 2012. The racino is expected to create 700 permanent jobs and bring in $24 million a year to the southwest Ohio economy, said Ron Sultemeier, new property planning and projects director for Delaware North Companies Gaming & Entertainment, in a Cincinnati Business Courier article last month.

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