Kentucky Downs, which has been owned by the Kentucky Downs Partners, LLC investment group since 2007, has a new owner. According to a press release, the racetrack has been purchased by Kentucky Racing Acquisition, LLC (KRA), a company that was recently found by Ron Winchell and Marc Falcone.
Winchell is a well-known thoroughbred breeder and horse racer and Falcone is the former executive VP, chief financial officer and treasurer of Red Rock Resorts and Stations Casinos. He moved to the casino industry after working on Wall Street with Goldman Sachs.
The terms of the acquisition have not been released. It comes at a time when horse racing is losing steam in the U.S. In an effort to keep their businesses alive, operators have been lobbying lawmakers to allow them to be able to expand their operations to include other gambling products, such as slot machines.
Their efforts may be paying off, especially in Kentucky. Senator Julian Carroll, who was Kentucky’s governor from 1974-1979, sub..