Laguna Development to Purchase Ellis Park
Ellis Entertainment, LLC, a subsidiary of Laguna Development Corporation based in Albuquerque, New Mexico, has purchased Ellis Park Racetrack in Henderson, Kentucky, for $11 million. The current owners are Saratoga Casino and Hospitality Group of Saratoga Springs, New York. The transaction was confirmed by both parties following approval for the issuance of a racing license to Ellis by the Kentucky Horse Racing Commission on Tuesday.
Kevin Greer, Managing Partner for Ellis Entertainment said, “We are both honored and excited for the opportunity to purchase Ellis Park, one of Kentucky’s oldest and most revered racetracks. We appreciate the knowledge and support the Kentucky Horse Racing Commission has provided us while we prepare torestore Ellis Park to its rightful place as one of the Bluegrass State’s premier racing facilities.”
With an exciting racing season starting soon, Saratoga will continue to operate the racetrack and will serve as managers and operators during the 2019 racing season through a management agreement with the New Mexico buyers. Ellis Entertainment will operate the Historical Horse Racing (HHR) facility and immediately begin maintenance and facility upgrades as part of a comprehensive remodeling and expansion plan.
“We remain committed to the upcoming racing season at Ellis Park and ensuring that it is one of the most successful the property has seen in years,” said Daniel Gerrity, President of Saratoga Casino & Hospitality Group. “We look forward to working closely with Ellis Entertainment in the coming months to ensure a seamless transition of ownership.”
Ellis will invest an additional $55 million at the property to include an expanded Historical Horse Racing facility, new and improved food and beverage offerings, refurbishment of the grandstands and barns along with a number of upgrades to both the public facilities and back-of-house operations.
The transfer of ownership is scheduled to be completed within the next several days.