Purchase of Presque Isle Downs & Casino by Churchill Finalized

LOUISVILLE, Ky., Jan., 2019 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) today announced that it has completed the previously announced purchase of Presque Isle Downs & Casino (“Presque Isle”) in Erie, Pennsylvania from Eldorado Resorts, Inc. (“ERI”) (Nasdaq: ERI) for cash consideration of $178.9 million, subject to certain working capital and other purchase price adjustments. The purchase of the property follows the approval of the transaction by the Pennsylvania Gaming Control Board and the Pennsylvania State Horse Racing Commission. The transaction was funded with cash on hand and through the Company’s existing credit facility.

“Presque Isle will give us a foothold in Pennsylvania and the opportunity to participate in the sports betting and online gaming market throughout the state. This acquisition is projected to be immediately accretive to our shareholders,” said Bill Carstanjen, CEO of CDI. “We are excited about welcoming Presque Isle and its employees to the Churchill family.”

About Presque Isle Downs & Casino
Presque Isle opened its casino in February 2007 and operates approximately 1,600 slots, 32 table games and a poker room. Presque Isle also conducts live thoroughbred racing

Casino Operator’s License for Presque Isle Casino & Racetrack Renewed

Presque Isle Downs Logo HARRISBURG, Pa., Sept 2015 /PRNewswire-USNewswire/ — The Pennsylvania Gaming Control Board today unanimously voted to renew the Category 1 casino operator’s license of Presque Isle Downs, Inc. operator of Presque Isle Casino & Racetrack in Summit Township, Erie County.
The seven member Board determined that Presque Isle Downs, Inc. had fulfilled the obligations under its… [Read more…]