VERSAILLES, Ky. (LEX 18) — According to a release by the Office of Governor Andy Beshear, Saga Spirits Group has announced plans to develop a $92.5 million whiskey-related project at Edgewood, a 150-acre site in Versailles.
Plans include the creation of a distillery, visitor center, and an on-site retail and event space, as well as improvements to the Kentucky Castle, “catering to visitors exploring the Kentucky Bourbon Trail and Keeneland Racecourse in Lexington."
The project, once complete, is expected to generate 89 jobs, the release read.
“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.”
Following a recommendation from the Tourism, Arts, and Heritage Cabinet, the group received approval for $4.192 million in incentives from the Kentucky Tourism Development Finance Authority, based on tourism investments of $35.4 million.
The Kentucky Economic Development Finance Authority (KEDFA) approved a 10-year incentive agreement with Saga Spirits Group under the Kentucky Business Investment program. This can provide up to $750,000 in tax incentives, based on the company's investment of over $57.1 million, the release states.
KEDFA additionally approved up to $300,000 in tax incentives for the group through the Kentucky Enterprise Initiative Act (KEIA).
“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, in the release. “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.”
According to the release, an impact study by the Kentucky Distillers’ Association found that $415 million in annual economic impact is generated by bourbon in Woodford County and generates 1,200 jobs.
Tourism in the county in 2023 generated $13.8 billion in economic impact and supported 95,222 jobs, the release added.
“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.”
