CALDER CASINO ANNOUNCES DEVELOPMENT PROJECT
MIAMI GARDENS, Fla. (July 29, 2015) – Calder Casino announced a demolition plan of the facility’s grandstand building and attached structures. The project will not affect the adjacent casino building or other non-attached racing structures.
The Stronach Group (TSG), CDI, and the Florida Thoroughbred Breeders’ and Owners’ Association (FTBOA) signed an agreement last year as a long-term solution to preserve racing in South Florida on a year-round basis which included a lease of certain parts of Calder’s property to TSG to conduct racing.
The seven-story structure, built in 1971, would require extensive short-term and long-term capital updates. As demand for racing has decreased over the years, so has the need for space to accommodate racing guests. The size of the structure became unnecessary, as evidenced by condensing of operations and the decision to not include the structure as part of the lease agreement with TSG.
For the 2015 meet, Gulfstream officials will utilize the sixth and seventh floors of the existing grandstand to conduct their operations. Demolition of the structure will begin after the 2015 meet.
Calder Casino, located on South Florida’s Miami-Dade / Broward county line, offers gaming action with nearly 1,100 slot machines and Thoroughbred horse racing in the fall. Calder is a wholly-owned property of Churchill Downs Incorporated (NASDAQ: CHDN). Information about Calder Casino can be found at www.caldercasino.com.