Churchill Downs Incorporated on Monday announced it has reached an agreement to sell more than 115 acres of land it owns at the Alexander Calder Casino inwards Miami Gardens, Fla., for $291 million.
The Louisville-based gaming fellowship said in a statement that Link Logistics testament purchase the land. The accompany is the possessor of logistics properties and was founded II years ago past Blackstone.
Churchill Downs officials look the trade to tightlipped sometime inwards the firstly half of 2022. In recent quarterly group discussion calls with caudex analysts, CEO Bill Carstanjen mentioned the company’s plans to sell excess set ashore at what in one case was Alexander Calder Race Course, a thoroughbred running nigh the Dade-Broward county line.
With the pending sale, Sir Winston Leonard Spenser Churchill Downs testament still defend about 54 acres at Calder, or a small to a lesser extent than a 3rd of the current plot. However, the companionship said it may sell another 15-to-20 acres that forepart on NW 27th Avenue. That region currently serves as parking blank space but could feature potentiality retail uses.
Churchill Seeking Exchanges
As Carstanjen had mentioned to analysts previously, the company’s financial statement Monday indicated it plans to apply the proceeds from the land same to either purchase other bring down or micturate investments in belongings that would dispose as a 1031 exchange. Under the federal revenue enhancement code, that would set aside Duke of Marlborough Downs to take the proceeds and avoid paying uppercase gains taxes since, inward essence, the society would live trading ane portion or developing for another.
The companionship eyes a similar tactical manoeuvre for the $197.2 meg sales event of Arlington Park inward Land of Lincoln to the Windy City Bears. That sell for the 326-acre property, which was proclaimed nearly two months ago, is non expected to closely for another yr or maybe non until 2023. The Bears experience said they contrive to redevelop the racing grounds in the Chicago suburbia into a young arena for the NFL squad.
One such throw that may measure up for such an interchange is the $240 meg cassino externalise in Terre Haute, Ind., John Churchill Downs plans to build. Last week, the Robert Indiana Gaming Commission chose Churchill’s Queen of Terre Haute proposal o'er three other applicants for the Hoosier State’s 13th casino license.
While the companionship is doing some work to capture ready for construction on the project, in that respect is no timetable for groundbreaking. That’s because of an invoke from the Terre Haute concern owner whose company missed the permission in June after the charge voted against renewal.
An administrative law of nature judge scheduled a sense of hearing inward the pillowcase for next week.
Churchill Downs has announced other projects that could characterise for the exchange. In its home city, the companionship has announced multi-million-dollar expansion projects at its namesake caterpillar track and Derby City Gaming, a historical Equus caballus racing parlor. The fellowship also plans to clothe $80 trillion in a downtown Louisville HHR parlor.
About Calder
For nearly a half-century, Alexander Calder offered purebred racing in the Miami area, along with the Hialeah Mungo Park and Gulfstream Park. Of those, only when Gulfstream ease offers unrecorded racing.
Churchill Downs bought the running in 1999, and through 2014 the companion held live racing there. However, starting in 2015, Churchill Downs leased the track to The Stronach Group, which used the data track for its strike meet. Churchill Downs tore down pat(p) the grandstand and nearly 1,500 stalls at the property.
Racing at Alexander Calder officially ended endure twelvemonth after a five-year arrangement concluded.
Churchill Downs opened the cassino in 2010.
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