Churchill Downs Incorporated Completes Acquisition of Presque Isle Downs & Casino

[SBR Drew]

Churchill Downs Incorporated announced that it has completed the previously announced purchase of Presque Isle Downs & Casino (“Presque Isle”) in Erie, Pennsylvania from Eldorado Resorts, Inc. for cash consideration of $178.9 million, subject to certain working capital and other purchase price adjustments. The purchase of the property follows the approval of the transaction by the Pennsylvania State Horse Racing Commission. The transaction was funded with cash on hand and through the Company’s existing credit facility.
“Presque Isle will give us a foothold in Pennsylvania and the opportunity to participate in the sports betting and online gaming market throughout the state. This acquisition is projected to be immediately accretive to our shareholders,” said Bill Carstanjen, CEO of CDI. “We are excited about welcoming Presque Isle and its employees to the Churchill family.”

About Presque Isle Downs & Casino:
Presque Isle opened its casino in February 2007 and operates approximately 1,600 slots, 32 table games and a poker room. Presque Isle also conducts live thoroughbred racing.
About Churchill Downs Incorporated:
Churchill Downs Incorporated (“CDI”) (Nasdaq:CHDN), headquartered in Louisville, Ky., is an industry leading racing, gaming and online entertainment company anchored by our iconic flagship event – The Kentucky Derby. We are the largest legal online account wagering platform for horseracing in the U.S., through our ownership. We are also a leader in brick-and-mortar casino gaming with approximately 9,500 gaming positions in seven states. We have launched our BetAmerica Sportsbook at our two Mississippi casino properties and have announced plans to enter additional U.S. real money online gaming and sports betting markets. Derby City Gaming, the first historical racing machine (“HRM”) facility in Louisville, was opened in September 2018 with 900 HRM machines.

[darrell74]

Appreciate the article.

My opinion of both tracks are pretty low.
Churchill Downs does have the most famous race in the world in the Kentucky derby
However, outside of the derby, I never liked their payouts. Also minimums are too high

[darrell74]

Presque Isle never had good payouts.
That's the track I bet in between the nighttime and early morning tracks, if I have the uncontrollable spasms to wager every race

[JBEX]

hopefully they'll replace the polycrap and go to a dirt track.. have a hunch they're less concerned about the racing and more interested in the sports betting

[Easy-Rider 66]

hopefully they'll go back to dirt and get rid of the polycrap but have a hunch they're less concerned about the racing and more interested in the sports betting

[JBEX]

that's what churchill downs management would do if they read my comment

[Easy-Rider 66]

that's what churchill downs management would do if they read my comment

Yeah. Not a big fan of Poly or Tapeta but like playing Woodbine/Golden Gate. I just check turf breeding instead of dirt for first time runners on the surface. Glad though that Keeneland/DMR went back to dirt.

[JBEX]

Yeah. Not a big fam of Poly or Tapeta but like playing Woodbine/Golden Gate. I just check turf breeding instead of dirt for first time runners on the surface. Glad though that Keeneland/DMR went back to dirt.

just don't have as much confidence playing on those surfaces.. think they're a little more speed friendly overall but wouldn't swear to it.. I doubt these smaller markets are going to spend the money to do it even though I think it would pay for itself in higher handle over time