Churchill Downs buys two casinos

Churchill Downs has acquired the Presque Isle Downs Racetrack & Casino in Pennsylvania and the Lady Luck Casino Vicksburg in Mississippi.

US.- In order to strengthen its position in the industry, casino and race betting operator Churchill Downs Inc. has acquired the Presque Isle Downs Racetrack & Casino in Erie, Pennsylvania and the Lady Luck Casino Vicksburg in Mississippi. Both properties were owned by Eldorado Resorts, which reached an agreement to sell them to Churchill Downs for US$229.5 million.

Presque Isle, which was valued at US$179 million, has both racing and casino options, including 1,600 slots, 32 gaming tables and a poker room. Meanwhile, the Lady Luck casino features 620 slots, nine tables and an 89-room hotel. The Presque Isle deal won’t be closed before the second quarter of this year, while the Lady Luck transaction will follow by the end of 2018.

According to CEO Bill Carstanjen, the Presque Isle acquisition will help Churchill Downs take a privileged position in the state’s online gambling market. The company already operates online through TwinSpires – its advance deposit wagering site – but has been targeting a further expansion into the non-racing online segment for quite a while.