Churchill Downs Incorporated's expansion continued in September 2004 as Fair Grounds Race Course in New Orleans and its affiliated OTB locations were purchased for $47 million. In 2005, Hollywood Park was sold to Bay Meadows Land Company for $257.5 million, and Ellis Park was sold to businessman Ron Geary in September of 2006. An agreement is currently being finalized to complete the sale of Hoosier Park to Centaur Inc. is being finalized. Today, Churchill Downs Incorporated owns racetracks and simulcast-wagering operations in Kentucky, Illinois, Florida and Louisiana and has an interest in various racing service companies. With its acquisition of Fair Grounds Race Course and its other Louisiana operations in October 2004, Churchill Downs added alternative gaming to its entertainment options.
Churchill Downs racetrack remains the flagship operation of Churchill Downs Incorporated, and recently underwent the most significant series of ambitious and comprehensive renovations in the history of the track. In July 2002, Churchill Downs began Phase I of a $121 million renovation. The Phase I project provided 64 luxury suites and spacious meeting areas built atop the track's existing grandstand, with huge balconies providing stunning views of the Twin Spires. Phase I was completed for the opening of the 2003 Fall Meet. Phase II began in July 2003 with the demolition of an 800-foot expanse of the clubhouse, leveled to make way for new construction. The $95 million Phase II project took nearly two years to complete and included an expanded Turf Club, 15 luxury suites, new group sales areas, premium outdoor third-floor boxes, indoor box seats, a new media center and television production compound, new dining and entertainment areas, a new grand entrance at Gate 17 leading to the track's integrated simulcast wagering areas, a new central kitchen, and satellite kitchen facilities. The construction provided an additional 404,000 square feet and increased the permanent seating capacity to approximately 52,000.
Robert L. Evans joined Churchill Downs Incorporated as its current president and CEO in August 2006. A business strategist, entrepreneur and Thoroughbred breeder by trade, Evans is exploring growth opportunities for the Company and the horse racing industry through technology initiatives and international distribution channels while maintaining the Company's long-standing commitment to quality racing.