Churchill Downs acquires Pennsylvania licence
Pennsylvanian gaming authorities approved yesterday a change of control of licence for local casino.
US.- As the casino industry in Pennsylvania regains financial strength thanks to the latest updates on gaming policies, further companies are interested in participating in the market. Under this framework, gaming company Churchill Downs has acquired a local casino and obtained the approval of the Pennsylvania Gaming Control Board.
As reported by the US press, the Pennsylvanian gaming authorities approved this week the change of control of the Category 1 Slot Machine License in order to allow Churchill Downs to become the new operator of the Presque Isle Downs & Casino in Erie County. The licence was previously owned by Eldorado Resorts, Inc.
The local casino company operated the Pennsylvania licence for the Presque Isle Downs & Casino since 2014. However, under this approval by the Pennsylvania Gaming Control Board, the licence will be transferred to Churchill Downs, Inc., a publicly traded company based in Louisville, Kentucky.
Churchill Downs, Inc., as the new slot machine licence holder, will pay the Commonwealth a change of control fee of US$3.75 million. The Commonwealth’s casino industry currently consists of 10 stand-alone and racetrack casinos in operation, along with the two smaller resort casinos. These facilities collectively employ 17,000 people and annually generate approximately US$1.4 billion in tax revenue from slot machine and table games play. The largest portion of that money is used for property tax reduction for all Pennsylvania homeowners.
