Churchill Downs has received approval to acquire the venue in Iowa.
US.- The Iowa Racing and Gaming Commission has unanimously approved Churchill Downs Incorporated’s (CDI) $2.75bn acquisition of Hard Rock Hotel & Casino Sioux City. Peninsula Pacific Entertainment’s (P2E) 45,000-square-foot venue features 639 slot machines, 20 gaming tables and a 54-room hotel. The casino also offers a sportsbook, live entertainment venues and restaurants.
Churchill Downs announced the deal in February. It plans to maintain P2E’s deal with Missouri River Historic Development (MRDH), the local nonprofit that holds the casino’s state gaming licence and receives 4.25 per cent of the revenues. The organisation distributes to charities, civic groups and local government in Woodbury and the area.
Tim Bryant, vice president of gaming operations at Churchill Downs, said: “First and foremost, we’re committed to the team members at Hard Rock Sioux City. We’ve been quite impressed with our visits to that property. It’s very apparent the senior team there had assembled a great team, and we’re working forward to continuing what already exists there today.”
In June, Churchill Downs closed a deal to sell 115.7 acres of land near Calder Casino in Miami Gardens, Florida, to Link Logistics for $291m. It will use some proceeds of the sale for its Peninsula Pacific Gaming acquisition. It also plans to invest in other replacement properties that qualify as Internal Revenue Code 1031 transactions.
CDI sells 49% of United Tote Company to NYRA
Churchill Downs Incorporated (CDI) has entered into an agreement to sell 49 per cent of United Tote Company to NYRA Content Management Solutions, a subsidiary of the New York Racing Association (NYRA).
The transaction, which is expected to close by the end of 2022, is subject to usual and customary closing conditions, including applicable regulatory notices and approvals. The United Tote pari-mutuel settlements business will be excluded and will remain with CDI.