Churchill Downs Buys Most P2E Gaming Properties, Projects for Nearly $2.5B

Churchill Downs Inc. (CDI) made a relocation Tues to significantly expand the size of it of the Louisville-based gaming company. It announced it would expend nearly $2.5 billion to win nearly all of the assets from Peninsula Pacific Ocean Entertainment (P2E).

The dealing includes a commixture of gymnastic horse racing, historical gymnastic horse racing, and cassino properties and projects in Iowa, New York, and Virginia.

Once the transaction closes, the accompany will have or operate 12 casinos or racinos, and to a greater extent than duplicate the identification number of historical Equus caballus racing (HHR) parlors. John Churchill Downs officials look this to go on past the destruction of the year. The company’s eight-horse and harness racing tracks are included among the casinos, racinos, and HHR facilities.

For $2.49 billion, John Churchill Downs testament acquire Colonial Downs Racetrack, a pureblood rails inwards New Kent, Va., which is placed 'tween capital of Virginia and the Hampton Roads region; the del Lago Resort and Casino in Waterloo, NY, which is placed betwixt siege of Syracuse and Rochester; and the Hard John Rock Hotel and Casino inward Siouan City, Iowa.

Eyes on Virginia

Churchill Downs testament also gain rights to substantially spread out upon the 2,700 HHR machines it acquired inwards Virginia. The business deal would permit them to establish quint to a greater extent parlors that would add together 2,300 machines inwards the state. Beyond that, CDI also acquired rights to make grow a $400 gazillion 1,800-HHR machine holiday resort in Dumfries, Va., which is near 30 miles southward of Washington, DC. That’s set to opened inwards 2023.

Lastly, Churchill Downs also acquired the rights to establish a cassino in capital of Virginia with Urban One. Voters rejected that $565 one thousand thousand cast inward the 2021 election, but proponents experience vowed to keep the projection alive.

This unique lot of assets expands our geographical footprint and provides additional scale,” said Bill Carstanjen, CEO of CDI. “P2E has through an exceptional job developing and managing this accumulation of assets, which we are rattling excited to gain and programme to strategically develop in the years ahead.”

Not included in the cut-rate sale was P2E’s gaming licence in Louisiana, where it owns the shuttered DiamondJacks Casino inward Bossier City. P2E’s rights to evolve a gambling casino inwards Cedar Rapids, Ioway are also not portion of the deal.

Organic Growth Underway

But First Duke of Marlborough Downs isn’t just now growing through acquisitions.

It also is expanding through and through new developments and growth at its properties. Winston Churchill Downs has nearly 2,900 HHR machines in Kentucky, and plans to supply hundreds more inward the state, as substantially as inwards Louisiana.

In addition, the companion plans to establish a hotel at its Derby City Gaming HHR parlor as piece of a $76 million expanding upon that will also supply machines to the facility. It plans to drop $90 jillion at its namesake running to supply new premium seating area on with the number 1 turn.

There are also plans to spend $80 trillion and establish a young upscale HHR parlour inward downtown Louisville.

Up the route inwards Northern Kentucky, work on is underway on a young covered stand readiness at Turfway Park that also includes installing hundreds of HHR machines.

CDI’s footprint also expanded inwards November when the IN Gaming Commission approved Winston S. Churchill Downs’ $240 zillion plan to establish a new gambling casino and hotel inwards Terre Haute. The society testament lead before leaders inward the west-central Indiana urban center next calendar week with a proposed zoning registration for property it intends to acquire for the land-based casino.

The ongoing projects, as considerably as its recent acquisitions and sales, maybe topics of discussion when Winston Churchill Downs Inc. holds its fourth-quarter financials call with investment analysts on Thursday.