Churchill Downs to sell land beside Florida’s Calder Casino
Churchill Downs Incorporated has reached an agreement to sell more than 115 acres of land it owns at the Calder Casino in Miami Gardens to Link Logistics.
US.- Churchill Downs Incorporated (CDI) has sealed a deal to sell 115.7 acres of land near Calder Casino in Miami Gardens, Florida, to Link Logistics for $291m. Link Logistics is the owner of logistics properties and was founded two years ago by Blackstone.
Link Logistics will pay approximately $2.5m per acre. From a 170-acre parcel of land, CDI will retain ownership of 54 acres, the area on which the Calder Casino sits. The sale is expected to close in the first half of 2022. CDI said it may sell another 15-to-20 acres that front on NW 27th Avenue.
Churchill acquired the former Calder Race Course in 1999 and opened Calder Casino in 2010. The casino features a 100,000 square foot gaming floor with 1,100 slot machines, as well as electronic roulette and blackjack. The venue also offers a player’s club, a VIP lounge and several dining options. Its horse racing operations were leased to the Stronach Group in 2014, but this deal ended last year, leading to the track’s closure.
Churchill Downs updates
In August, CDI announced three major multi-year capital investments to transform key areas at the home of the Kentucky Derby: plans include the debut of a new project each year over the next three years. This will begin with the Homestretch Club for Kentucky Derby in 2022 and will finish with a Paddock area redesign for the 150th running of the traditional derby in 2024.
In September, CDI also agreed to sell the Arlington International Racecourse in Illinois to NFL’s Chicago Bears for $197.2m. The sale is expected to close in late 2022, early 2023, and involves a total of 326 acres.
Last month, the company withdrew a bid in Illinois for a Waukegan casino license. It also revealed plans to build a venue named Derby City Gaming Downtown in downtown Louisville. The 43,000-square-foot venue, projected to open in early 2023, will feature 500 historical horse racing machines.
Last week, the company was awarded the license to develop and operate a casino in Vigo County, Indiana, after beating rivals Full House, Hard Rock and Premier Gaming. CDI is now set to develop its proposed $190m Queen of Terre Haute casino.
See also: Churchill Downs wins Indiana’s Vigo County casino licence
