Michael Taylor Named President of Turfway Park Racing & Gaming

FLORENCE, KY., (March 22, 2022 Turfway Park Racing & Gaming (“Turfway Park”) announced today that Michael Taylor has been named President of the state-of-the-art live Thoroughbred and historical racing machine (“HRM”) entertainment venue and President of Newport Racing & Gaming (“Newport Gaming”). Taylor brings 20 years of gaming leadership experience in both regulatory and corporate roles. He has led a variety of operational teams including gaming, racing, food and beverage and security and has served on the opening teams for three gaming properties.

As President, Taylor will be responsible for leading Turfway Park and Newport Gaming including compliance and regulatory requirements and the management of live and historical racing.

“I am incredibly excited to join the team in Northern Kentucky as we continue preparations leading up to Turfway’s grand opening,” Taylor said. “I also look forward to developing strong relationships with the community and growing our team to continue building on the legacy of Turfway Park and our success in Newport.”

With a background in law enforcement, Taylor started his career in gaming as a Surveillance Supervisor for the Seneca Gaming Authority in Niagara Falls, New York, before his appointment as Director of Surveillance at Delaware North in Buffalo, New York. He went on to become General Manager of Empire City casino in Yonkers, New York, and served as Vice President of Operations and Vice President of Hospitality.

“Michael’s proven track record and his operational experience positions Turfway Park for a smooth and successful grand opening and long term success as a regional entertainment destination,” said Bill Mudd, President and Chief Operating Officer for Churchill Downs Incorporated (“CDI”). “His leadership style focuses on the importance of mentoring team members and growing talent from within, so we look forward to witnessing hundreds of new jobs develop into rewarding careers.”

Turfway Park is a $145 million project that continues CDI’s continued efforts to strengthen Kentucky’s signature horse racing industry. In March 2020, a Tapeta synthetic track was installed, known to be one of the world’s leading surfaces for racing and training. The next phase of development and construction is targeted for opening around September 1, 2022, and will include 850 HRMs, a sports bar, VIP gaming area and lounge, simulcast room and a Clubhouse that will also be used as an event center. An additional phase will include an incremental $26 million investment in Turfway Park’s backside to build and replace barns and a new backside dormitory. Turfway Park will continue to host live Thoroughbred racing for their Winter/ Spring Meet through March.

Newport Gaming, located off Interstate 471 Exit 3, is an extension of the racing license associated with Turfway Park. The HRM entertainment venue unveiled a 14,000 sq. ft. expansion in November 2021 that enhanced the guest experience while creating a more spacious environment to spin, win and enjoy 500 exciting Vegas-style game themes while featuring the best local bands and live musicians regularly.

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, among others, that may materially affect actual results or outcomes include the following: the receipt of regulatory approvals on terms desired or anticipated, unanticipated difficulties or expenditures relating to the proposed transaction, including, without limitation, difficulties that result in the failure to realize expected synergies, efficiencies and cost savings from the proposed transaction within the expected time period (if at all), our ability to obtain financing on the anticipated terms and schedule, disruptions of our or P2E’s current plans, operations and relationships with customers and suppliers caused by the announcement and pendency of the proposed transaction, our and P2E’s ability to consummate a sale-leaseback transaction with respect to the Hard Rock Sioux City on terms desired or anticipated; the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit; additional or increased taxes and fees; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; loss of key or highly skilled personnel; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and HRM manufacturing and other technology conditions that could impose additional costs; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; inability to successfully expand our TwinSpires Sports and Casino business and effectively compete; difficulty in integrating recent or future acquisitions into our operations; inability to identify and / or complete acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; general risks related to real estate ownership and significant expenditures, including fluctuations in market values and environmental regulations; reliance on our technology services and catastrophic events and system failures disrupting our operations; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach, including customers’ personal information, could lead to government enforcement actions or other litigation; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or applicable money-laundering regulations; payment-related risks, such as risk associated with fraudulent credit card and debit card use; work stoppages and labor issues; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; and increase in our insurance costs, or obtain similar insurance coverage in the future, and inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.