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GTECH sells share in Turfway Park

Tuesday, August 2, 2005 12:00 AM
  • General
FLORENCE, KY . . . August 2, 2005 . . . GTECH Corporation has sold its one-third interest in Turfway Park to the track’s remaining partners, Harrah’s Entertainment and the Keeneland Association, the Florence, Kentucky, track announced today.

Robert K. Vincent, GTECH vice president and the company’s representative on the Turfway Members Oversight Committee, commented on the transaction. “The partnership between GTECH, Harrah’s, and Keeneland was formed to create in Turfway Park a laboratory for innovation in racing,” Vincent said. “From enhanced management practices, improved customer service, new sponsors, industry-leading player loyalty programs, and upgraded grounds and facilities, that commitment always guided the Turfway operation. With the new, state-of-the-art Polytrack system being installed, Turfway continues to be an innovation leader in the racing industry.

“As the Turfway partnership seeks to propel Turfway into the upper echelon of Thoroughbred racing, it became apparent to us all that it was time for Harrah’s and Keeneland to lead that effort,” Vincent continued. “GTECH’s growth strategy is focused on becoming one of the world’s leading gaming technology and services companies. Continuing our participation in an operating entity is not part of our core expertise or mission. We wish the partners continued success.”

GTECH offered its share to the partners under the terms of the partnership agreement and the partners agreed to redeem it.

Built in 1959 as Latonia, a nod to the original Latonia that operated from 1883 to 1939 about 10 miles north of the present site, the track was sold and renamed Turfway Park in 1986. GTECH, Harrah's Entertainment, and the Keeneland Association purchased Turfway Park in partnership in 1999.


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