Churchill Downs Incorporated has completed the previously announced purchase of Presque Isle Downs & Casino in Erie, Pennsylvania from Eldorado Resorts $178.9m.
The deal, for a full cash consideration of $178.9m, is subject to certain working capital and other purchase price adjustments. The transaction was funded with cash on hand and via CDI‘s existing credit facility.
The acquisition of the Erie property follows the approval of the transaction by the Pennsylvania Gaming Control Board and the Pennsylvania State Horse Racing Commission.
“Presque Isle will give us a foothold in Pennsylvania and the opportunity to participate in the sports betting and online gaming market throughout the state,” said Bill Carstanjen, CEO of CDI.
“This acquisition is projected to be immediately accretive to our shareholders,” he said.
“We are excited about welcoming Presque Isle and its employees to the Churchill family.”