Horse Racing, Boat Manufacturer Announce Major Expansions in TN, KY

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A manufacturer and a famous horse-racing operation are expanding in Tennessee and Kentucky, bringing millions of dollars in investment, hundreds of new jobs and the potential need for more workers’ compensation, property and liability coverage.

In Lexington, Kentucky, Keeneland, the sprawling race course, horse breeding and auction facility, said it will build a paddock and enhance its saddling paddock to expand viewing and improve safety for horses and spectators.

The project, estimated at nearly $93 million, has already received preliminary approval for incentives up to $23.2 million from the Kentucky Tourism Development Finance Authority, a Wednesday news release from the historic track stated. It will be Keeneland’s largest capital project since its 1936 opening and the first since the library was built in 2002.

Keeneland president and CEO Shannon Arvin said the saddling improvements will provide more space for horses and horsemen along with offering clearer views “to showcase the beauty and pageantry of our equine and human athletes.”

“This project is central to our mission because it will allow us to welcome more fans and give them a variety of world-class experiences during our race meets and beyond,” Arvin added.

Construction on the three-level paddock building will begin in January after its all-ages horse sale, with completion scheduled for fall 2025. Planned within the current layout of the administrative building and jockey quarters, it will extend along the paddock and walking ring and include seated dining, new bars and a panoramic rooftop.

New jockey quarters will allow fans to view riders walking through before each race, the release added.

A two-story operations building within walking distance of the track is also planned. Keeneland’s spring and fall meets and equine sales will continue at full capacity during construction.

Kentucky Gov. Andy Beshear called the project an “exciting investment” that will create opportunities for everyone to enjoy and boost the horse racing and tourism industries — the latter of which had a record 2022, the release added.

“Leaders like Keeneland are going to help ensure Kentucky’s success continues for years to come,” Beshear added.

In Lenoir City, Tennessee, Malibu Boats said it plans to invest $75 million and hire 770 new employees to produce some of its Cobalt boat brand vessels in an existing facility at the Roane Regional Business and Technology Park.

“We need somewhere else to be able to meet the demand,” Chief Operating Officer Ritchie Anderson told WBIR-TV.

Production is expected to begin at the new facility in the first quarter of 2024 and hiring for the new jobs is expected to start about the same time.

The location in Lenoir City would be the company’s second plant outside of its headquarters in Loudon, state officials said in a statement earlier this month.

Roane County Executive Wade Creswell told WBIR that it was the largest private jobs announcement in the county`s history.

Photo: Irad Ortiz Jr. rides Forte to victory past Juan Hernandez on Cave Rock during the Breeders’ Cup Juvenile raceat the Keenelend Race Course, Friday, Nov. 4, 2022. (AP Photo/Darron Cummings, File)