Churchill Downs Incorporated (NASDAQ:CHDN) struck a deal to acquire Ellis Park Racing & Gaming in Henderson, Kentucky from an affiliate of Laguna Development Corporation for $79M in cash. The deal is subject to certain working capital and other purchase price adjustments.
Ellis Park is described as the historic home of summer thoroughbred racing in Kentucky and also features a gaming facility venue with approximately 300 historical racing machines.
The closing of the transaction is contingent upon approval by the Kentucky Horse Racing Commission. The parties expect to close the transaction shortly after the change of control is approved by regulators.
Churchill Downs (CHDN) has commenced planning to make both critical investments in the Ellis Park racing infrastructure and to construct Owensboro Racing & Gaming – which will feature a track extension, entertainment venue, a simulcast wagering center, and multiple food and beverage offerings. Over the next year, the company expects its total investment in the region to be approximately $75M in addition to the purchase price.
Image and article originally from seekingalpha.com. Read the original article here.