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Churchill Downs Bets Big On This 100-Year Old Kentucky Racing Firm

Shivani Kumaresan
·1 分鐘文章

  • Churchill Downs Inc (NASDAQ: CHDN) has signed a definitive agreement to acquire Ellis Park Racing & Gaming in Henderson, Kentucky, from Enchantment Holdings LLC for $79 million in cash.

  • The company will also assume Ellis Park's opportunity to construct a track extension facility in Owensboro, Kentucky.

  • Ellis Park, located north of the Ohio River and just south of Evansville, Indiana, celebrated 100 years of racing this year.

  • In addition to being known as the home of summer Thoroughbred racing in Kentucky, Ellis Park also features a gaming facility venue with about 300 historical racing machines.

  • Churchill will acquire all of the outstanding equity of Ellis Entertainment, LLC, the parent company of Ellis Park.

  • "This is an exciting announcement for the horse racing industry, the cities of Henderson and Owensboro, and the entire Commonwealth of Kentucky," said Kentucky governor Andy Beshear.

  • The transaction's closing is contingent upon approval by the Kentucky Horse Racing Commission.

  • The company held $1.9 billion in cash and equivalents as of June 30, 2022.

  • Price Action: CHDN shares closed lower by 0.87% at $199.65 on Thursday.

  • Photo Via Company

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