The Kentucky Horse Racing Commission has approved a joint venture between Churchill Downs and Keeneland at a proposed $150 million racetrack near the Kentucky and Tennessee border. The commission on Friday approved the racetrack license on an 11-3 vote. The project – located in Oak Grove – will include a gambling parlor with up 1,500 historical horse racing machines. Historical horse racing machines are lucrative betting terminals that allow people to bet on races that have already taken place. The games typically show video of condensed horse races. According to a news release, the joint venture will create nearly 400 full and part-time jobs, as well as 800 temporary construction jobs. Churchill Downs will own 95 percent of the venture and Keeneland will own 5 percent.