A former Las Vegas gaming executive and the owner of a thoroughbred horse farm have teamed up to acquire Kentucky Downs, a racetrack and entertainment center that houses 750 historic horse racing gaming machines.
Financial terms of the sale were not disclosed as Kentucky Racing Acquisition LLC – a joint venture between Ron Winchell and Marc Falcone – took ownership Tuesday of the track, which is located in Franklin, Kentucky near the state’s border with Tennessee, roughly 35 miles north of Nashville.
The track hosts live turf racing in the summer months and is considered a pioneer in Historic Horse Racing, the electronic form of pari-mutuel betting on horses.
Marc Falcone (photo via Las Vegas Review-Journal)
In a statement, Winchell said the operators are looking at “options for expanding and improving the overall guest experience.”
According to figures provided by the new ownership, wagering on Historical Horse Racing gaming has increased 133 percent, from $349 million in handle in 2015 to $814 million last year. Betting on the five-date live meet has grown from $16.88 million in 2015 to $36.42 million in 2018, reflecting a 116 percent jump.
“Kentucky Downs is one of horse racing’s brightest success stories of this era,” Winchell said. “We very much look forward to working with local and state officials, the Kentucky Horse Racing Commission and our sister tracks in Kentucky for the betterment of the commonwealth’s signature industry.”
Falcone and Winchell each have lengthy gaming industry experience.
Falcone served as chief financial officer for Las Vegas-based Red Rock Resorts Inc. and Station Casinos from 2011 to 2017. He also has an investment business background that includes stints with Goldman Sachs & Co., where he focused on restructuring transactions in the hospitality and gaming sectors; Magnetar Capital, and Deutsche Bank Securities Inc., where as managing director he was recognized as one of the gaming, lodging and leisure industry’s top analysts.
Winchell oversees his family’s Winchell Thoroughbreds, a high-end racing stable and breeding operation located on his 320-acre Corinthia Farm near Lexington, Ky. The Winchell’s were co-owners of Gun Runner, the 2017 Horse of the Year. The family also owned the horses that won the 2014 Kentucky Oaks and the 2012 Breeders’ Cup.
In Nevada, Winchell operates the Jackpot Joanie’s chain of gaming-bar outlets and several taverns in the Las Vegas area.
The new owners plan to bring additional partners into the operation but will own a controlling interest and manage the track.
“The Kentucky Downs acquisition represents an exciting opportunity that is consistent with our business plan to grow through strategic investments in racing and entertainment facilities and apply our operational and management expertise to support future growth,” Falcone said. “Our commitment to horse racing extends beyond Kentucky Downs as Ron and I believe there are other opportunities where our combined expertise and experience can help foster consistent growth for the sport.”
Ted Nicholson will continue to run the daily operation as Kentucky Downs’ senior vice president and general manager, a post he has held the past three years.
