Churchill Downs seeks to complete Rivers Casino deal
An Illinois agency could approve the deal for Churchill Downs to own a majority in Rivers Casino in Des Plaines.
US.- The Illinois Gaming Board could consider at a meeting on Friday, March 1, the deal proposed by Churchill Downs to acquire a 50.1% stake in the company that operates Rivers Casino in Des Plaines.
The transaction establishes the purchase of 100% of the ownership stake in Midwest Gaming, which is held by affiliates and co-investors of Clairvest Group Inc, for approximately US$291 million, and additional units of Midwest Gaming held by High Plaines Gaming, an affiliate of Rush Street Gaming, and Casino Investors in aggregate cash consideration of at least US$326 million.
After the transaction is completed, Churchill Downs and Rush Street will have joint control of Rivers Des Plaines, just as Rush Street has done it with Clairvest since the casino’s opening. Rush Street’s team will continue to manage the day-to-day operations of Rivers Des Plaines.
“We are thrilled to have Churchill Downs become our partner in Des Plaines, because they share our vision for the future of Rivers Casino and our commitment to our team members, community and guests,” said Greg Carlin, CEO of Midwest Gaming and its corporate parent, Rush Street Gaming, in a statement to the Daily Herald.
“They have a tremendous record of success and innovation. With their representation on our Board of Managers, we’re confident Rivers will remain one of the most successful casino destinations in North America and one of the best places to work in Illinois.”
