Churchill Downs is a well-known name in the racing community, as the facility hosts the Kentucky Derby year after year. The parent company behind the facility, Churchill Downs Incorporated, actually has its hands in many areas of gambling including casinos and online services. And thanks to a new purchase agreement, the company will soon take on even more properties including the del Lado Resort and Casino in New York.
New Deal Signed
Earlier this week, Churchill Downs Incorporated (CDI) announced a new purchase agreement was signed with Peninsula Pacific Entertainment LLC (P2E). The transaction will complete at $2.485 billion with Churchill Downs to acquire several properties owned by Peninsula Pacific including the del Lago Resort and Casino.
With the deal, CDI will take on all the assets of Peninsula Pacific in New York and Virginia along with the Sioux City casino venue. The transaction will be completed once customary closing conditions are met. This includes approval from the Virginia Racing Commission and the Gaming Commissions in New York and Iowa. It is expected that the deal will close at the end of the year.
Chief Executive Officer of CDI, Bill Carstanjen, commented on the deal by stating: “This unique set of assets expands our geographic footprint and provides additional scale. P2E has done an exceptional job developing and managing this collection of assets, which we are very excited to acquire and plan to strategically grow in the years ahead.”
Expanding Its Reach with New Assets
As CDI takes on more properties, it will expand its footprint of gaming operations. The Colonial Downs Racetrack in Virginia is a popular thoroughbred racing facility that expands CDI’s live racing offering. Along with the track, the company also takes on Rosie’s Gaming Emporium, which is home to 2,700 historical racing machines.
Another large acquisition is the del Lago Resort & Casino in New York. The large 96,000 square foot casino offers a large selection of slots and table games. Guests can stay overnight within the hotel and enjoy dining from nine restaurants and bars. The property also offers a sportsbook, outdoor event venue, and entertainment space.
In Sioux City, CDI takes on the Hard Rock Hotel & Casino. The property is 45,000 square feet in size and offers over 600 slots and 20 table games. There is a small hotel on site as well as two entertainment venues. Visitors can enjoy a sportsbook and view a huge music memorabilia collection with more than 100 pieces.
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