Churchill Downs Incorporated Completes Acquisition of Presque Isle Downs & Casino
January 11 2019 - 4:10PM
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.
About Churchill Downs
Incorporated Churchill Downs Incorporated ("CDI")
(Nasdaq: CHDN), headquartered in Louisville, Ky., is an industry
leading racing, gaming and online entertainment company anchored by
our iconic flagship event – The Kentucky Derby. We are the largest
legal online account wagering platform for horseracing in the U.S.,
through our ownership of TwinSpires.com. We are also a leader in
brick-and-mortar casino gaming with approximately 9,500 gaming
positions in seven states. We have launched our BetAmerica
Sportsbook at our two Mississippi casino properties and have
announced plans to enter additional U.S. real money online gaming
and sports betting markets. Derby City Gaming, the first historical
racing machine (“HRM”) facility in Louisville, was opened in
September 2018 with 900 HRM machines. Additional information about
CDI can be found online at www.churchilldownsincorporated.com.
Information set forth in this presentation
contains various “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995 (the “Act”),
which provides certain “safe harbor” provisions. All
forward-looking statements made in this presentation are made
pursuant to the Act. Forward-looking statements are typically
identified by the use of terms such as “anticipate,” “believe,”
“could,” “should,” “would,” “estimate,” “may,” “project,” and
similar words, although some forward-looking statements are
expressed differently.
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. Such risks and uncertainties and
other factors include, but are not limited to: economic conditions
on discretionary spending; additional or increased taxes and fees;
public perceptions or lack of confidence in the integrity of our
business; loss of key or highly skilled personnel; restrictions in
our debt facilities limiting our flexibility to operate our
business; catastrophic events and system failures disrupting our
operations; security breaches and other security risks related to
our technology, personal information, source code and other
proprietary information; and other risks and uncertainties
described in our reports on Form 10-K, Form 10-Q and Form 8-K filed
with the Securities and Exchange Commission. 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.
Contact: Nick Zangari(502) 394-1157Nick.Zangari@kyderby.com
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