Churchill Downs Inc. to Acquire Casino and Hotel in Mississippi
According to Business First Louisville, Churchill Downs Inc. announced late Friday that it intends to acquire Riverwalk Casino and Hotel in Vicksburg, Miss., for about $141 million.
The company plans to pay for the acquisition with cash, and the transaction is expected to close by the end of the year, according to a news release from Churchill Downs Inc. (NASDAQ: CHDN), a Louisville-based Thoroughbred racing and gaming company.
The deal is contingent upon Churchill receiving a gaming license from the Mississippi Gaming Commission as well as other customary closing considerations, which the company did not disclose.
The release did say that if some of those closing conditions are not met, Churchill Downs Inc. could have to pay a $7 million termination fee.
Churchill Downs Inc. expects Riverwalk to generate about $55 million in revenue, based on its recent performance, according to the release. Read the full spread here.
