World News: 21:10 GMT Friday 11th January 2019. [Churchill Downs Incorporated via Globe Newswire via SPi World News]
LOUISVILLE, Ky., Jan. 11, 2019 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) today announced that it has completed the previously announced purchase of Presque Isle Downs & Casino (“Presque Isle”) in Erie, Pennsylvania from Eldorado Resorts, Inc. (“ERI”) (Nasdaq: ERI) 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 Gaming Control Board and 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.”
Contact: Nick Zangari(502) 394-1157
Globe Newswire: 21:10 GMT Friday 11th January 2019
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