EAST GREENBUSH, N.Y. -- (PRESS RELEASE) -- Saratoga Casino and Raceway (SCR) and Churchill Downs Incorporated (Nasdaq:CHDN) (CDI) today announced they will partner in bidding for the Capital Region's commercial casino license to build a $300 million world-class destination resort casino in the Town of East Greenbush. With more than 200 combined years of experience between the two organizations, the partnership further solidifies the East Greenbush proposal as the best project to create jobs, grow the economy and keep taxes down in the Capital Region.
"Saratoga Casino and Raceway could not be more excited about partnering with Churchill Downs Incorporated," said James D. Featherstonhaugh, Secretary & Chief Legal Officer of Saratoga Casino and Raceway. "Our organizations both come from a horse racing heritage and have a combined two centuries of proven gaming experience. With this partnership, we look forward to a shared future in creating jobs and growing the Capital Region economy."
"Churchill Downs Incorporated is thrilled to expand our presence in New York State through our partnership with Saratoga Casino and Raceway," said Bill Carstanjen, President and Chief Operating Officer of Churchill Downs Incorporated. "Together we'll deliver a destination resort casino that will create reliable revenues for the entire Capital Region, generate thousands of jobs, and be best positioned to keep New York gaming dollars in New York."
The Casino at East Greenbush: The Best Project for the Capital Region
Today's announcement formalizes a legendary partnership that will deliver game changing results for the Capital Region. The $300 million proposed Casino at East Greenbush will provide the greatest impact for the regional economy. The major private investment will use no public funds or government supported tax breaks. It will create:
-- 1,700 construction jobs;
-- 1,700 permanent good paying jobs with benefits;
-- Thousands of additional jobs in the community and region; and
-- Strong, long-term opportunities for minority and women owned businesses
and veterans. It will also help to keep taxes low and support local needs with $24.1 million annually for the Capital Region, in addition to $5.7 million annually for both the Town of East Greenbush and Rensselaer County.
Located on East Greenbush's Thompson Hill with spectacular views of the Capital District, the Casino will feature world-class gaming, dining and entertainment options, including:
-- A 300-room resort-style hotel;
-- A full complement of exciting dining options, including fine dining,
casual dining and buffet;
-- Multiple entertainment venues, with a night club, sports bar and
-- 20,000 square feet of high end retail; and
-- Convenient parking, with valet, plentiful covered parking and surface
lots. Churchill Downs Incorporated is one of the nation's top racing, gaming and entertainment companies, with myriad holdings, including:
-- Five racetracks;
-- Six casinos;
-- TwinSpires.com, the country's premier online wagering company;
-- A video poker business;
-- A poker media and brand company;
-- A multi-state network of off-track betting facilities; and
-- A collection of racing-related data, totalisator and telecommunications
companies that support CDI's sports and gaming operations. CDI employs more than 4,500 people and has physical operations in ten states: California, Florida, Georgia, Illinois, Kentucky, Louisiana, Maine, Mississippi, New York and Ohio.
Saratoga Casino and Raceway is the Northeast's premier racing and gaming company, and one of the Capital Region's largest employers, boasting a $15 million annual payroll and 630 employees at its Saratoga Springs facility. SCR traces its history to June 1941 with the start of harness racing at the nation's third oldest harness track. Today, Saratoga Casino and Raceway operates gaming, racing and entertainment venues in three states, including Saratoga Casino Black Hawk in Colorado, Ellis Park in Kentucky and the Gideon Putnam Hotel and Resort in Saratoga Springs, N.Y.
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