Courtesy Ellis Park
Saratoga Casino and Hospitality Group, which purchased Ellis Park racetrack in Henderson, Ky., last summer is selling the park for $11 million.
The sale was started after Ellis Park received regulatory approval to offer thoroughbred racing and historical gaming. A subsidiary of Laguna Development Corp. of Albuquerque, N.M., is buying the facility.
Saratoga Casino and Hospitality Group, of Saratoga Springs, purchased Ellis Park from Ron Geary last July. The Saratoga Casino group had previously been a 30 percent owner of Ellis before fully purchasing the track.
Laguna Development Corp. operates three casinos and a number of travel centers as it is involved in gaming, retail, entertainment, and hospitality for the Native American tribe Pueblo of Laguna.
Saying the Evansville, Ind., wagering market is under-served, the prospective new owner of Ellis Park outlined a plan to invest nearly $60 million in the racing and the facility over the next couple of years.
The Kentucky Horse Racing Commission unanimously approved the new owner in June.
The new owner plans to invest $50 million-$55 million in the next couple of years on a new historical gaming facility, widening the turf course, installing lights for the track, improving barns at the track, and adding restaurants throughout the facility. The historical gaming facility, at a price tag in the $45 million range, is scheduled to be completed in November 2020 while the $6.2 million in track upgrades include the addition of lights and widened turf course expected to be ready for the 2020 summer meet.
Should the new investment prove fruitful, the new ownership group envisions the addition of a hotel and entertainment space down the road.
Saratoga Casino & Hospitality Group is a subsidiary of Saratoga Harness Racing Inc., which oversees the daily operations of Saratoga Casino Hotel and Saratoga Casino Blackhawk in Black Hawk, Colo.