Churchill Downs Buys Colonial Downs, Gets Casinos in the Bargain
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Churchill Downs Incorporated will buy the parent company of Colonial Downs for $2.485 billion. The deal is expected to close by the end of 2022. CDI will fund the deal through a combination of new debt and cash on hand. Some of the cash will come from the sale of land near Calder Casino in Florida.
CDI acquires six historical horse racing (HHR) gaming facilities in Virginia under the Rosie's Gaming Emporium name. CDI also acquits del Lago Resort & Casino in Waterloo, N.Y. and the operations of the Hard Rock Hotel & casino in Sioux City, Iowa. P2E will sell the real estate under Hardrock to a third party.
P2E has done an exceptional job developing and managing its collection of assets. CDI is excited to acquire and plan to grow in the years ahead.
