Gov. Beshear: $92.5 Million Distillery, Tourism Development Project Coming to Woodford County, Creating More Than 80 Jobs

New distillery will include visitor center, tasting room, unique lodging, restaurant and retail

FRANKFORT, Ky. (Aug. 29, 2024) - Today, Gov. Andy Beshear highlighted the continued momentum in Kentucky's economy and booming bourbon and tourism industries by welcoming Saga Spirits Group to Woodford County.

Saga Spirits Group plans to develop a new $92.5 million whiskey-related project at Edgewood, a 150-acre site in Versailles. The project includes the creation of a distillery, an interactive visitor center, a tasting room, unique lodging, a restaurant and retail and event space. Saga Spirits Group will also be making improvements to The Kentucky Castle, an iconic hotel and venue located four miles away in Versailles, catering to visitors exploring the Kentucky Bourbon Trail and Keeneland Racecourse in Lexington with its premium guest rooms, restaurant, whiskey bar and event space. Once operational, this project is expected to create 89 jobs, providing an economic boost to the region.

"People from all over the world travel to Kentucky for our bourbon, horses and hospitality, and this project from Saga Spirits will give our guests and our neighbors one more reason to visit and to fall in love with Kentucky," said Gov. Beshear. "Our home is a world-class destination with one-of-a-kind experiences, delicious food and the very best bourbon, and the offerings are continuing to grow as our tourism industry and economy thrive. Thank you to these partners for investing in our commonwealth, creating good jobs and helping us build a bright future for our new Kentucky home."

"It has been a huge blessing to be members of the Kentucky bourbon industry for many generations. To begin this next chapter for the Henderson family, we have chosen Versailles and Woodford County. We are humbled and honored by the support we are receiving from government officials, tourism development, businesses and residents," said Wes Henderson, CEO of Saga Spirits Group. "We are also looking forward to the groundbreaking this fall. Our team is composed of experts in distilling, distilling finance, supply chain and logistics, marketing, packaging and hospitality, with combined expertise of more than a century of success in the industry. Wonderful things are ahead for us and the entire community."

Upon the recommendation of the Tourism, Arts and Heritage Cabinet, Saga Spirits Group received approval from the Kentucky Tourism Development Finance Authority for incentives totaling $4.192 million based on tourism investments of $35.4 million. Once operational, the tourism project anticipates generating 46 full-time jobs.

Through the Tourism Development Act, qualifying tourism development projects can recover up to 25% of approved development costs through the recovery of sales tax generated by the development. This year, the commonwealth has given final approval to six tourism development projects for an estimated economic investment of $181.7 million.

"Not many states can claim a local castle with an associated whiskey brand. We are fortunate to serve as home to The Kentucky Castle, a distinctive Bluegrass attraction drawing tourists and locals alike," said Tourism, Arts & Heritage Cabinet Secretary Lindy Casebier."These improvements will enhance an already incredible venue, and Saga Spirits Group's project will create an exciting new destination for bourbon tourists."

The most recent economic impact study by the Kentucky Distillers' Association (KDA) found that bourbon is responsible for more than $415 million in annual economic impact to Woodford County and 1,200 stable, good-paying jobs. Woodford County's rich bourbon heritage dates back to early lodge pioneer distillers and now includes some of today's most recognizable brands and cherished homeplaces.

"As a resident of Woodford County, I'm especially excited that this investment by Saga Spirits Group will bring even more jobs and benefits to the area and enhance Woodford County's prominence in bourbon tourism," said KDA President Eric Gregory. "This is a great example of how bourbon is building Kentucky communities, and the KDA is proud to partner with local leaders to further investments to ensure a stronger future for us all."

In Woodford County, tourism supports 274 jobs and generated over $38.1 million in economic impact in 2023. Woodford County Judge/Executive James Kay welcomed the tourism development project to the community: "Woodford County's bourbon boom continues as we welcome another world-class bourbon project to the county. No place compares to Woodford County, and we proudly welcome Saga Spirits Group and its wonderful family of employees to create a new whiskey experience that will provide jobs, economic opportunity and enjoyment for years to come. It is a great day for the whiskey industry, Woodford County and all of Kentucky."

Versailles Mayor Brian Traugott looks forward tothe project's impact on the area and local businesses: "Saga Spirits will have a significant impact on the Versailles economy. In addition to the whiskey production jobs, the visitors they attract will provide a large ancillary benefit to existing local businesses. We are excited to welcome a company committed to being a great community asset."

Visit Woodford Executive Director Emily Downey highlighted the tourism opportunities the development will bring to Woodford County: "Woodford County, renowned as the Birthplace of Bourbon, is thrilled at the prospect of a new a world-class distillery that promises an unparalleled experience. We eagerly anticipate welcoming guests in royal fashion, highlighting our signature industry while showcasing the unique charm that makes Woodford County truly special."

Gov. Beshear recently announced that 2023 was the best year on record for Kentucky tourism, with $13.8 billion in economic impact and 95,222 jobs. This followed a record-breaking 2022 when he announced that tourism had generated more than $12.9 billion in economic impact and secured 91,668 jobs in Kentucky that year.

Kentucky's impressive economic success over the last four years is a direct reflection of the Beshear administration's continued investments in the tourism industry. In November 2023, Gov. Beshear announced that the commonwealth broke an all-time record with nine new tourism development projects set to generate an estimated $292.1 million in economic investment. These projects also are expected to create 550 jobs once operational.

Kentucky is also in the middle of some of the biggest years its bourbon and spirits industry has ever seen. In 2022 the industry saw the very best year for growth on record. Things got even better in 2023 as the industry set new records for economic impact, jobs, wages and tourism. Since the start of his administration, Gov. Beshear has announced roughly 100 new location and expansion projects within the bourbon and spirits sector, contributing to over $4.2 billion in new investments and more than 1,800 full-time jobs for Kentuckians.

In 2022, Gov. Beshear announced $75 million in American Rescue Plan Act funding to boost the state's tourism industry and economy. Previously, the Governor dedicated $5.3 million in federal funding to 103 tourism and destination marketing organizations in 88 Kentucky counties.

The Saga Spirits Group tourism investment builds on the best four-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $32 billion in announced investments, creating approximately 55,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth's history.

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in July 2023 preliminarily approved a 10-year incentive agreement with Saga Spirits Group under the Kentucky Business Investment program. The performance-based agreement can provide up to $750,000 in tax incentives based on the company's investment of over $57.1 million and annual targets of: 

• Creation and maintenance of 43 Kentucky-resident, full-time jobs across 10 years; and 
• Paying an average hourly wage of $38.52, including benefits, across those jobs.

By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.

In addition, the company can receive resources from Kentucky's workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.

This tourism-development project also received final approval from KEDFA. KEDFA approved Saga Spirits Group for up to $300,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.

A detailed community profile for Woodford County can be viewed here. Information about Woodford County tourism is available at visitwoodford.com.

For more information on the Kentucky Tourism Development Act (KTDA), please visit the Tourism Development Incentive Program.

For the latest Tourism, Arts and Heritage Cabinet updates, follow the cabinet on Facebook, X (formerly Twitter), Instagram or LinkedIn. To learn more about tourism and arts in Kentucky, visit tah.ky.gov.

For media inquiries for the Saga Spirits Group, please contact Jon Temerlies at [email protected] (413-241-0404).

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