Eldorado Resorts CEO Gary Carano said his company was still focused on growing the company\u2019s footprint across the US, despite the sale.<\/p>\n
\u201cOur agreements to divest Presque Isle and Lady Luck Vicksburg are consistent with our strategy to maximize returns from our portfolio of regional gaming assets through investments in new properties as well as opportunistic divestitures,\u201d he said. \u201cThe sale price represents an attractive multiple of these properties\u2019 trailing twelve months cash flows.<\/strong><\/p><\/blockquote>\n\u201cWe remain fully committed to expanding our platform into growth markets that we believe have the potential for high returns as well as deploying capital toward high return investments in our existing properties,\u201d he added.<\/p>\n
Route to Sports Betting for Churchill Downs \u00a0<\/strong><\/h2>\nFor Churchill Downs CEO Bill Carstanjen, the two acquisitions represented an \u201cappealing investment\u201d that fitted with the company\u2019s portfolio.<\/p>\n
He said that the acquisition of Presque Isle with give Churchill Downs a foothold in Pennsylvania, which will allow it to participate in Pennsylvania\u2019s impending online gambling market.<\/p>\n
\n
Should the US Supreme Court strike down the federal ban on sports betting, as expected, it would also offer Churchill Downs an inroad into a potentially lucrative regulated sports betting market.<\/p>\n<\/div>\n
The Lady Luck Vicksburg, meanwhile, is immediately adjacent to Churchill Downs\u2019 Riverwalk casino and will offer the company \u201coperational efficiencies in a stable region,\u201d Carstanjen said.<\/p>\n
The deal follows a failed attempt in November by Eldorado to sell its Isle of Capris Casino Lake Charles in Louisiana to New Mexico tribal operator Laguna Development. Laguna backed out of the deal when it suspected its attempt to obtain a license in Louisiana would not be successful, but it didn\u2019t say why. It forfeited a $20 million deposit to Eldorado.<\/p>\n","protected":false},"excerpt":{"rendered":"
Eldorado Resorts has announced a deal to sell two of its properties to Churchill Downs Inc, the parent company of the famous Kentucky racetrack. Churchill Downs will acquire Presque Isle Downs & Casino in Erie, Pennsylvania, and Lady Luck Casino Vicksburg in Mississippi for $178.9 million and $50.6 million, respectively. Both Eldorado and Churchill Downs […]<\/p>\n","protected":false},"author":42,"featured_media":71807,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,14577,1074],"tags":[],"acf":[],"yoast_head":"\n
Churchill Downs to Acquire Two Eldorado Resorts Casinos<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n