Churchill Downs acquires “crown jewel of Illinois gaming” in latest acquisition deal within the US land-based casino space
Gambling company Churchill Downs Incorporated announced on Wednesday that it has reached an agreement to buy a majority stake in Rivers Casino Des Plaines in Des Plaines, Illinois. The transaction involves Churchill Downs’ acquisition of “certain of the ownership interests” of Midwest Gaming Holdings, parent company of the gaming venue.
Rivers Casino Des Plaines first opened doors in 2011. The property is located two miles from O’Hare International Airport, and is thus able to benefit from domestic and international passenger traffic at one of the busiest US airports. The casino features a 44,000-square-foot gaming floor with nearly 1,000 slot machines and 58 table games as well as multiple food and beverage facilities and an event center.
Under the terms of the deal, Churchill Downs will assume ownership of at least 50.1% of Midwest Gaming and will pay no more than $500 million in cash to complete the transaction. Churchill Downs has thus agreed to buy 100% of the ownership stake in the Des Plaines-based casino’s parent company from Clairvest Group affiliates and co-investors for $291 million and additional units of Midwest Gaming currently owned by High Plaines Gaming, an affiliate of major gambling group Rush Street Gaming, which will result in a cash consideration of no less than $326 million.
It has also become known that Rush Street will keep managing the day-to-day operations of the Des Plaines casino. Once the transaction is complete, the company expects to hold approximately the same stake in the gambling venue as it currently owns.
The deal is subject to approval from the Illinois Gaming Board and other customary closing conditions and is expected to be finalized in the first half of 2019.
Crown Jewel of Illinois Gaming
Commenting on the deal, Churchill Downs CEO Bill Carstanjen said that it came as part of his company’s strategy to invest in gaming properties with “stable, predictable cash flows in diverse markets.” the executive further pointed out that the Des Plaines casino is the “crown jewel of Illinois gaming” and one of the nation’s premier casinos.
The acquisition of Rivers Casino Des Plaines is not the first time Churchill Downs and Rush Street have engaged in a deal of this kind. In 2012, the former company bought Riverwalk Casino and Hotel in Vicksburg, Mississippi from Rush Street.
Greg Carlin, CEO of Midwest Gaming, commented on the recently announced transaction, praising Churchill Downs for creating significant shareholder value over the years and expressing optimism that Rivers Casino will continue to be one of North America’s most successful gambling destinations under the Churchill Downs and Rush Street stewardship.
The recently announced transaction comes as another manifestation of a growing trend of major US land-based gambling companies merging or acquiring properties in a bid to cement their positions in a highly competitive environment.
Follow us on Facebook and Twitter to stay up to date on the day’s top casino news stories.
The post Churchill Downs Acquires Majority Stake in Rivers Casino Des Plaines appeared first on Casino News Daily.
Atlantis Casino Resort Spa Withdraws Application to Split from NV Energy
Wednesday May 01, 2019
High exit fee and concerns over price pressure on residential customers prompt Atlantis Casino Resort Spa to stay with NV Energy Atlantis Casino Resort Spa in Reno, Nevada has withdrawn its application to leave NV Energy and purchase electricity from
Prediksi Manchester City FC vs Shakhtar Donestsk 8 November 2018
Friday November 02, 2018
Prediksi Skor Manchester City FC vs Shakhtar Donestsk 8 November 2018 | Pasaran Pertandingan Bola Manchester City FC vs Shakhtar Donestsk | Prediksi Manchester City FC vs Shakhtar Donestsk Liga Divisi Champions Eropa | Agen Bola Online – Pada lanjutan pertandingan Liga Divisi Champions Eropa
The post Prediksi Manchester City FC vs Shakhtar Donestsk 8 November 2018 appeared first on W88love.
Ukraine’s Illegal Gambling Market Thrives as Government Fails to Set Regulations
Friday October 26, 2018
The lack of solid regulation in the Ukrainian gambling and betting industry has resulted in a booming underground gambling business while millions of dollars are going down the drain. According to local media reports, hundreds of gambling facilities disguised as
The post Ukraine’s Illegal Gambling Market Thrives as Government Fails to Set Regulations appeared first on W88love.
The post Atlantis Casino Resort Spa Withdraws Application to Split from NV Energy appeared first on W88love.