Churchill sells HoP interest

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 Inc. 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. The 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 Inc.

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 Hoosier Park, which is located 20 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, Colorado. Centaur led the group that originally purchased the property from Harrah’s in May, 2003. (Hoosier Park press release)

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