Louisville headquartered gaming, racing and entertainment group Churchill Downs Incorporated (CDI) has announced that it has completed its acquisition of Presque Isle Downs and Casino from Eldorado Resorts, for a total of $178.9m. The acquisition positions the firm to take advantage of sports betting opportunities in the state of Pennsylvania.
The purchase, made with full cash consideration, has been approved by the Pennsylvania Gaming Control Board and the Pennsylvania State Horse Racing Commission. It will, however, remain subject to certain working capital and other purchase price adjustments.
The transaction was funded with cash on hand, and through the group’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,” he added.
Presque Isle first opened its casino in February 2007, and currently operates approximately 1,600 slots, 32 table games and a poker room across its business.