Miami Valley Gaming & Racing, a joint venture of Delaware North
Companies Gaming & Entertainment and Churchill Downs
Incorporated (CDI), today completed its purchase of the harness
racing licenses and certain assets held by Lebanon Trotting Club
Inc. and Miami Valley Trotting Inc.
A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=16414
The closing on the purchase and recent state and local approvals
pave the way for construction to begin on a new gaming and racing
facility located near exit 29 off of Interstate 75 between
Cincinnati and Dayton. The new facility is expected to open in the
first quarter of 2014.
"We are pleased to be moving forward with this significant
economic development project that is expected to add $24 million a
year to the local economy and create 1,000 construction jobs and
700 permanent jobs in southwestern Ohio," said William Bissett,
President of Delaware North Companies Gaming &
Entertainment.
Bill Carstanjen, CDI's President and Chief Operating Officer,
added, "We appreciate the hard work of everyone involved, including
the Ohio State Racing Commission and the Ohio Lottery Commission,
to complete the necessary steps for us to build this new,
world-class gaming and racing facility that we expect will be
another great entertainment destination in Ohio."
When construction of the new venue is completed, harness racing
and simulcast operations will move from the current location at the
Warren County Fairgrounds to the new gaming and racing complex on
the northeast corner of Union Road and State Route 63 in Turtle
Creek Township in Warren County. The joint venture finalized the
acquisition of this land with the Ohio Department of Administrative
Services on Dec. 20, 2012.
The new facility will include a 5/8-mile harness racing track
and a 186,000-square-foot gaming facility, featuring up to 2,500
video lottery terminals (VLTs), on the 120-acre site. The Warren
County Board of Commissioners approved the planned use development
for the new facility in October. Miami Valley Gaming & Racing
will invest approximately $215 million, including the $50 million
license fee payable to the Ohio Lottery Commission.
The purchase was contingent upon the approval of the
partnership's respective applications to the Ohio Lottery
Commission and the Ohio State Racing Commission. The Ohio State
Racing Commission approved the joint venture's racing license and
application to relocate the raceway on Dec. 13, 2012. The Ohio
Lottery Commission conditionally approved Miami Valley Gaming &
Racing's application for its video lottery sales agent license on
Dec. 19, 2012.
Racing and simulcasting will continue at the Warren County
Fairgrounds facility until construction of the new facility is
complete.
About Delaware North Companies Gaming &
Entertainment
Delaware North Companies Gaming & Entertainment is one of
the most innovative gaming and racing operators in the country,
owning and/or operating several successful regional destination
casinos and specializing in racing venues with added amenities such
as table games, video gaming machines, poker rooms, full-service
restaurants, retail shops and lodging. The company operates gaming
and hospitality services at locations in New York, Illinois,
Florida, West Virginia, Arkansas and Oklahoma. Delaware North
Companies Gaming & Entertainment is a subsidiary of Delaware
North Companies.
Delaware North Companies is one of the largest privately held
hospitality companies in the world. Founded and owned by the Jacobs
family for nearly 100 years, it is a global leader in hospitality
and food service. Its family of companies includes Delaware North
Companies Parks & Resorts, Delaware North Companies Gaming
& Entertainment, Delaware North Companies Travel Hospitality
Services, Delaware North Companies Sportservice, Delaware North
Companies International and Delaware North Companies Boston, owner
of TD Garden. Delaware North Companies has revenue exceeding $2.6
billion annually and 55,000 associates serving half a billion
customers in the United States, Canada, the United Kingdom,
Australia and New Zealand. For more information, visit
www.DelawareNorth.com.
Delaware North Companies has operated in Ohio for more than 50
years, employing more than 3,200 Ohioans in 2011 and serving in
excess of 10 million guests annually at venues across the state.
Ohio is one of the company's top three states in terms of the
number of locations, revenue and taxes paid. Delaware North
Companies operates all food and retail services at the Great
American Ball Park in Cincinnati and Nationwide Arena in Columbus,
as well as food concessions at Progressive Field and Cleveland
Browns Stadium. Delaware North Companies also manages The Lodge at
Geneva-on-the-Lake in the heart of Ohio's wine country along Lake
Erie.
About Churchill Downs Incorporated
Churchill Downs Incorporated (CDI) (Nasdaq:CHDN), headquartered
in Louisville, Ky., owns and operates the world-renowned Churchill
Downs Racetrack, home of the Kentucky Derby and Kentucky Oaks, as
well as racetrack and casino operations and a poker room in Miami
Gardens, Fla.; racetrack, casino and video poker operations in New
Orleans, La.; racetrack operations in Arlington Heights, Ill.; a
casino resort in Greenville, Miss.; as well as a casino hotel in
Vicksburg, Miss.; CDI also owns the country's premier online
wagering company, TwinSpires.com; the totalisator company, United
Tote; Luckity.com, offering fun games online for a chance to win
cash prizes; Bluff Media, an Atlanta-based multimedia poker
company; and a collection of racing-related telecommunications and
data companies. Information about CDI can be found online at
www.churchilldownsincorporated.com.
Information set forth in this news release contains various
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The Private Securities Litigation Reform Act
of 1995 (the "Act") provides certain "safe harbor" provisions for
forward-looking statements.
The reader is cautioned that such forward-looking statements are
based on information available at the time and/or management's good
faith belief with respect to future events, and are subject to
risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in the
statements. Forward-looking statements speak only as of the date
the statement was made. We assume no obligation to update
forward-looking information to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking
information. Forward-looking statements are typically identified by
the use of terms such as "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," "might," "plan," "predict,"
"project," "hope," "should," "will," and similar words, although
some forward-looking statements are expressed differently. Although
we believe that the expectations reflected in such forward-looking
statements are reasonable, we can give no assurance that such
expectations will prove to be correct. Important factors that could
cause actual results to differ materially from expectations
include: the effect of global economic conditions, including any
disruptions in the credit markets; a decrease in consumers'
discretionary income; the effect (including possible increases in
the cost of doing business) resulting from future war and terrorist
activities or political uncertainties; the overall economic
environment; the impact of increasing insurance costs; the impact
of interest rate fluctuations; the effect of any change in our
accounting policies or practices; the financial performance of our
racing operations; the impact of gaming competition (including
lotteries, online gaming and riverboat, cruise ship and land-based
casinos) and other sports and entertainment options in the markets
in which we operate; our ability to maintain racing and gaming
licenses to conduct our businesses; the impact of live racing day
competition with other Florida, Illinois and Louisiana racetracks
within those respective markets; the impact of higher purses and
other incentives in states that compete with our racetracks; costs
associated with our efforts in support of alternative gaming
initiatives; costs associated with customer relationship management
initiatives; a substantial change in law or regulations affecting
pari-mutuel and gaming activities; a substantial change in
allocation of live racing days; changes in Kentucky, Florida,
Illinois or Louisiana law or regulations that impact revenues or
costs of racing operations in those states; the presence of
wagering and gaming operations at other states' racetracks and
casinos near our operations; our continued ability to effectively
compete for the country's horses and trainers necessary to achieve
full field horse races; our continued ability to grow our share of
the interstate simulcast market and obtain the consents of
horsemen's groups to interstate simulcasting; our ability to enter
into agreements with other industry constituents for the purchase
and sale of racing content for wagering purposes; our ability to
execute our acquisition strategy and to complete or successfully
operate planned expansion projects; our ability to successfully
complete any divestiture transaction; market reaction to our
expansion projects; the inability of our totalisator company,
United Tote, to maintain its processes accurately or keep its
technology current; our accountability for environmental
contamination; the ability of our online business to prevent
security breaches within its online technologies; the loss of key
personnel; the impact of natural and other disasters on our
operations and our ability to obtain insurance recoveries in
respect of such losses (including losses related to business
interruption); our ability to integrate any businesses we acquire
into our existing operations, including our ability to maintain
revenues at historic levels and achieve anticipated cost savings;
the impact of wagering laws, including changes in laws or
enforcement of those laws by regulatory agencies; the outcome of
pending or threatened litigation; changes in our relationships with
horsemen's groups and their memberships; our ability to reach
agreement with horsemen's groups on future purse and other
agreements (including, without limiting, agreements on sharing of
revenues from gaming and advance deposit wagering); the effect of
claims of third parties to intellectual property rights; and the
volatility of our stock price.
CONTACT: Media Contact: Amanda Wurst
Paul Werth Associates
(614) 224-8114 (office)
(614) 832-7512 (mobile)
awurst@paulwerth.com
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