Churchill Downs Incorporated Finalized its Deal with Pennsylvania

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Churchill Downs Incorporated finalized its deal with Pennsylvania

Churchill Downs Incorporated, US casino and racetrack operator, announced the finalization of its full control takeover deal with Pennsylvania’s Lady Luck Casino Nemacolin.

Churchill Downs first announced the agreement deal last year with a cash consideration of $100,000 and the acquisition of certain assets related to the casino. Both, Eldorado Resorts, the owner of Lady Luck, and Churchill Downs were waiting on approval from the Pennsylvania Gaming Control Board before the transaction could complete.

Lady Luck Casino Nemacolin was first opened back in 2013. The casino resort operates more than 27 table games and 600 slot machines. The Farmington, Pennsylvania based casino resort offers a full casino with the exception of sports wagering services. Pennsylvania is one of the states that legalized sports betting activities after last year’s PASPA ruling by the Supreme Court.

Last week, Churchill Downs finalized its ownership deal with Midwest Gaming Holdings, the parent company of the Des Plaines, Illinois Rivers Casino. Both deals allow for Churchill to expand on its positive performance and enter into newly regulated markets across the US. Churchill reported a 14.3% year-on-year increase last year and noted that its casino sector performed extremely well with a 17.3% revenue growth.

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