Ohio gaming company acquires struggling Kentucky racetrack
Rock Gaming, an Ohio company developing casinos in Cleveland and Cincinnati in a joint venture with Caesars Entertainment Corp., acquired 40 percent of Turfway Park, a struggling Kentucky racetrack.
The deal was approved Monday by the Kentucky Horse Racing Commission. A nonprofit organization will control 10 percent of the track. Meanwhile, Caesars Entertainment owns the remaining 50 percent.
Financial terms regarding the partnership and transaction were not disclosed.
The transaction comes several months after a bill to legalize casino gambling went nowhere during Kentucky’s recent legislative session. Democratic Gov. Steve Beshear worked closely with Republican State Sen. Damon Thayer to craft a constitutional amendment that would allow a limited number of casinos at racetracks and stand-alone locations.
Rock Gaming and Caesars are opening the Horseshoe Cleveland Casino on May 14. The partnership is building the Horseshoe Cincinnati, which is scheduled to open next year.
Rock Gaming President Matt Cullen said the investment allowed the company to expand its relationship with Caesars, which owns 20 percent of the casino joint venture and will manage the two casinos.