After in July 2018, terminating the sale of Both Mississippi’s Lady Luck Casino Vicksburg into Churchill Downs Inc. (CDI) (Nasdaq:CHDN) due to antitrust concerns, the Louisville-headquartered company recently announced that it has finalized the purchase of Presque Isle Downs & Casino.
Asset purchase agreement:
The gaming, racing and entertainment group announced in late February last year that it had agreed a deal that would see it spend $229.5 million in what was two separate definitive asset purchase arrangements for the Vicksburg, Mississippi casino owned and run by Reno, Nevada-based Eldorado Resorts, Inc.
Deal re-work:
But after devoting the $51 million buy of Lady Luck, the sale of the Erie, Pennsylvania place was amended, with ERI agreeing to pay a $5.0 million contingency fee. The Kentucky firm then proceeded using the Summit Township racetrack, casino trade which reflected a stand-alone purchase price of $178.9 million.
According to the official media launch …
The possession change of Presque Isle Downs & Casino was unanimously approved on Wednesday by the Pennsylvania Gaming Control Board. Eldorado Resorts had management of surgeries since 2014.
“foothold in Pennsylvania“
Commenting on the completion of the deal, Chief Executive Officer for Churchill Downs Incorporated, Bill Carstanjen said…
“Presque Isle will give us a foothold in Pennsylvania and also the chance to participate in the sports gambling and online gaming market across the state. We are enthusiastic about welcoming Presque Isle and its own workers to the Churchill family. ”
MTR/Eldorado Resource :
Developer, MTR Gaming Group, broke ground in October 2005 for Presque Isle Downs, which opened February 28, 2007. And in September 2014, the gaming company that worked horse racing tracks and racinos merged with Eldorado Resorts Inc..
Casino features:
In addition to live thoroughbred racing and simulcasting, Presque Isle Downs & Casino functions over 1,600 slots, table games such as Black Jack, Craps, Roulette, Mississippi Stud, 3-Card Poker, Texas Hold ‘Em Bonus Poker and Let It Ride along with also a seven-table state-of-the-art Poker Room featuring Hold’em, Pot Limit Omaha & Limit Games and offers four dining options plus three bars/lounges.
Company holdings:
Churchill Downs Inc. possesses Churchill Downs Racetrack, home of the Kentucky Derby and Kentucky Oaks, in Addition to casino operations in Miami Gardens, Fla.; racetrack, casino and video poker operations in New Orleans, La.; racetrack operations in Arlington Heights, Ill.; a casino hotel in Greenville, Miss.; Vicksburg’s Riverwalk Casino Hotel in Vicksburg, Miss.; a casino in Oxford, Maine; along with also a 50 percent stake in Miami Valley Gambling and Racing LLC, in Lebanon, Ohio.
