Churchill Downs closes deal to sell land beside Florida’s Calder Casino

CDI announced it had reached the deal to sell the land in November.
CDI announced it had reached the deal to sell the land in November.

The company has closed the deal to sell 115.7 acres of land near the venue in Miami Gardens to Link Logistics for $291m.

US.- Churchill Downs Incorporated (CDI) has closed a deal to sell 115.7 acres of land near Calder Casino in Miami Gardens, Florida, to Link Logistics for $291m. It had announced the deal in November.

The casino and entertainment operator is planning to use some proceeds of the sale to purchase property as part of its previously announced Peninsula Pacific Gaming acquisition. It also plans to invest in other replacement properties that qualify as Internal Revenue Code 1031 transactions.

Churchill Downs still owns approximately 54 acres of land on which its wholly-owned Calder Casino sits. It may sell 15-20 acres along NW 27th Avenue in the Miami Gardens area in the future.

In February, CDI released financial results for Q4 and full-year 2021. It reported net annual revenue of $1.59bn, up 51.1 per cent compared to 2020. The company also celebrated a return to profit, with income of $249.1m compared to a net loss of $81.9m.

Adjusted EBITDA for 2021 was up 119 per cent to $627m in comparison to $286.5m in 2020. Fourth-quarter 2021 net income was $43.3m compared to $17.1m in the prior year’s quarter.

Churchill Downs signs agreement to acquire Chasers Poker Room

CDI has signed a definitive agreement to acquire Chasers Poker Room in Salem, New Hampshire. The venue offers poker and table games and has led New Hampshire charitable gaming operators in gaming revenue and charitable contributions since it opened in 2017.

See also: Caesars Racebook app goes live in Ohio and Florida

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Churchill Downs Inc Florida land-based casino Mergers & Acquisitions