Rivers Casino Des Plaines Unveils Expansion Plans, Including New Poker Room
February 17 2021 - 4:05PM
Churchill Downs Incorporated (“CDI” or “Company”) (Nasdaq: CHDN)
announced today that Rivers Casino Des Plaines (“Rivers”) has filed
expansion plans with the City of Des Plaines and Illinois Gaming
Board that, if approved, will allow the casino to add approximately
725 gaming positions, making it the first to have the state’s
maximum number of 2,000 positions. The proposed two-story addition
will house a poker room, additional gaming areas, a ballroom for
events, and a new restaurant. Rivers is jointly owned by Rush
Street Gaming and Churchill Downs Incorporated.
The $87 million 78,000 square-foot expansion will
be built between the existing casino building and the recently
enlarged parking garage on the north side of the property. The
first floor of the addition will house a new restaurant and an
expanded gaming floor for slots and table games. The second floor
will feature a 24-table poker room; a 10,000 square-foot ballroom
for private events and live entertainment, and a slot machine
gaming area.
“With this proposed expansion, we will be able to
offer our guests more of the entertainment and dining options they
enjoy, additional gaming opportunities and a long-desired poker
room,” said CEO Greg Carlin, co-founder of Rush Street Gaming. “We
have always offered a first-class experience for our guests. As the
economy re-opens, we’re excited to raise the bar and provide them
with an even better experience.”
“Rivers is Illinois’ most popular casino
destination, and with this expansion we are continuing to focus on
our guests to earn their loyalty,” said Corey Wise, Senior Vice
President and General Manager of Rivers Casino. “We were the first
casino to become land-based to expand our gaming floor. BetRivers
was the state’s first sportsbook to open and we provided fans with
the state’s first mobile sports betting option. When complete, we
will be the first casino in Illinois to offer our guests 2,000
gaming positions.”
Initially, the expansion plan calls for the
addition of 260 table game positions (a 70 percent increase) and
will add 439 slot game positions (a 48 percent increase). Under the
current plan, the property will have 26 additional gaming positions
to allocate in the future. Rivers will pay the State of Illinois
$24 million in gaming position licensing fees in June 2021.
The plan is subject to regulatory approval from
the Illinois Gaming Board. The City of Des Plaines must also
approve the addition, and representatives for Rivers will begin
that formal zoning process in late February.
If approved, construction can begin this spring
and be completed by spring 2022.
About Churchill Downs
Incorporated
Churchill Downs Incorporated is an
industry-leading racing, online wagering and gaming entertainment
company anchored by our iconic flagship event, the Kentucky Derby.
We own and operate three pari-mutuel gaming entertainment venues
with approximately 3,050 historical racing machines in Kentucky. We
also own and operate TwinSpires, one of the largest and most
profitable online wagering platforms for horse racing, sports and
iGaming in the U.S. and we have seven retail sportsbooks. We are
also a leader in brick-and-mortar casino gaming in eight states
with approximately 11,000 slot machines and video lottery terminals
and 200 table games. Additional information about CDI can be found
online at www.churchilldownsincorporated.com.
About Rush Street Gaming
Founded by Neil Bluhm and Greg Carlin, Rush Street
Gaming and its affiliates have developed and operate successful
casinos in Pittsburgh, Philadelphia, Des Plaines, IL (Chicago area)
and Schenectady, NY. By placing an emphasis on superior design and
outstanding customer service, Rush Street Gaming has become one of
the leading casino developers in the United States. Existing
casinos generate over $1 billion in annual gaming revenues, and all
Rush Street Gaming casinos have been voted a “Best Place to Work”
or “Top Workplace” by their team members.
About Rivers Casino Des
Plaines
Rivers Casino Des Plaines is the most successful
casino in Illinois and jointly owned by Rush Street Gaming and
Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN).
Certain statements made in this news release
contain various “forward-looking statements” within the meaning of
the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are typically
identified by the use of terms such as “anticipate,” “believe,”
“could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,”
“predict,” “project,” “seek,” “should,” “will,” and similar words
or similar expressions (or negative versions of such words or
expressions).
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, among others, that may affect actual results or
outcomes include the following: the impact of the novel coronavirus
(COVID-19) pandemic and related economic matters on our results of
operations, financial conditions and prospects; the effect of
economic conditions on our consumers' confidence and discretionary
spending or our access to credit; additional or increased taxes and
fees; public perceptions or lack of confidence in the integrity of
our business or any deterioration in our reputation; loss of key or
highly skilled personnel; restrictions in our debt facilities
limiting our flexibility to operate our business; general risks
related to real estate ownership, including fluctuations in market
values and environmental regulations; catastrophic events and
system failures disrupting our operations; online security risk,
including cyber-security breaches; inability to recover under our
insurance policies for damages sustained at our properties in the
event of inclement weather and casualty events; increases in
insurance costs and inability to obtain similar insurance coverage
in the future; inability to identify and complete acquisition,
expansion or divestiture projects, on time, on budget or as
planned; difficulty in integrating recent or future acquisitions
into our operations; costs and uncertainties relating to the
development of new venues and expansion of existing facilities;
risks associated with equity investments, strategic alliances and
other third-party agreements; inability to respond to rapid
technological changes in a timely manner; inadvertent infringement
of the intellectual property of others; inability to protect our
own intellectual property rights; payment-related risks, such as
risk associated with fraudulent credit card and debit card use;
compliance with the Foreign Corrupt Practices Act or applicable
money-laundering regulations; risks related to pending or future
legal proceedings and other actions; inability to negotiate
agreements with industry constituents, including horsemen and other
racetracks; work stoppages and labor issues; changes in consumer
preferences, attendance, wagering and sponsorship with respect to
Churchill Downs Racetrack and the Kentucky Derby; personal injury
litigation related to injuries occurring at our racetracks; weather
and other conditions affecting our ability to conduct live racing;
the occurrence of extraordinary events, such as terrorist attacks
and public health threats; changes in the regulatory environment of
our racing operations; increased competition in the horse racing
business; difficulty in attracting a sufficient number of horses
and trainers for full field horse races; our inability to utilize
and provide totalizator services; changes in regulatory environment
of our online horse wagering business; A reduction in the number of
people wagering on live horse races; increase in competition in our
online horse racing wagering business; uncertainty and changes in
the legal landscape relating to our online horse racing wagering
business; continued legalization of online sports betting and
iGaming in the United States and our ability to predict and
capitalize on any such legalization; inability to expand our sports
betting operations and effectively compete; failure to manage risks
associated with sports betting; failure to comply with laws
requiring us to block access to certain individuals could result in
penalties or impairment with respect to our mobile and online
wagering products; increased competition in our casino business;
changes in regulatory environment of our casino business;
concentration and evolution of slot machine manufacturing and other
technology conditions that could impose additional costs; and
inability to collect gaming receivables from the customers to whom
we extend credit.
We do not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
|
|
|
Investor Contact: |
Media Contact: |
Media Contact: |
Nick Zangari |
Dennis Culloton |
Patrick Skarr |
(502) 394-1157 |
(312) 228-4780 |
(312) 228-4789 |
Nick.Zangari@KyDerby.com |
DC@CullotonBauerLuce.com |
PS@CullutonBauerLuce.com |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c5c10f09-061f-44e1-b470-17026491c15d
Churchill Downs (NASDAQ:CHDN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Churchill Downs (NASDAQ:CHDN)
Historical Stock Chart
From Sep 2023 to Sep 2024