On Tuesday morning, Seeking Alpha revealed that Churchill Downs, Inc. has entered an agreement to purchase the assets of Peninsula Pacific Entertainment Virginia and New York, as well as the operations of its Sioux City casino property, for a price of $2.5 billion. The sale includes the property of Colonial Downs Racetrack in New Kent, Va.
Colonial Downs completed a record-setting meet in 2021, featuring 21 race days and an average daily betting handle of $2,240,000. A total of $10.4 million in purse monies were distributed and average field size was a healthy 8.36 starters per race.
The Virginia Racing Commission approved Colonial Downs to expand from 21 days to 27 race days in 2022, with dates from July 11 through Sept. 7.
Also included in the Churchill Downs deal are six historical horse racing facilities in Virginia, the del Lago Resort & Casino in Waterloo, New York, and the operations of Hard Rock Hotel & Casino in Sioux City, Iowa.
Churchill will also acquire the rights to Peninsula Pacific Entertainment's ongoing effort in partnership with Urban One to develop a destination casino in Richmond, Va.
Read more at Seeking Alpha.
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