Churchill Downs Incorporated completes acquisition of Ellis Park in Henderson, Kentucky

LOUISVILLE, Ky., September 26, 2022 (GLOBE NEWSWIRE) — Churchill Downs Inc. (“CDI” or “the Company”) (Nasdaq: CHDN) today announced that the Company has completed the previously announced purchase of Ellis Park Races and Games (“Ellis Park”) in Henderson, Ky.for a cash consideration of $79 million, subject to certain working capital and other purchase price adjustments. By acquiring Ellis Park, CDI also offers itself the possibility of building a track extension facility with historic racing machines in Owensboro, Kentucky.

“Our team is already hard at work in both Henderson and Owensboro,” said Bill Carstanjen, CEO of CDI. “In the coming days, we look forward to sharing more about our plans to invest in racing infrastructure at Ellis Park and to significantly improve the stock market through the Owensboro historic racing opportunity.

The purchase of Ellis Park by CDI follows the approval of the transaction by the Kentucky Horse Racing Commission. The transaction was financed with cash on hand and through the Corporation’s existing credit facility.

About Ellis Park

Ellis Park, located north of the Ohio River and just south of Evansville, Indiana, celebrated 100 years of racing this year. In addition to being recognized as the historic home of summer Thoroughbred racing in KentuckyEllis Park also has a game room with around 300 historic racing machines.

About Churchill Downs Inc.

Churchill Downs Inc. is a leading racing, online betting and gaming entertainment company rooted in our iconic flagship event, the kentucky derby. We own and operate five gaming entertainment venues with approximately 4,200 historic racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online betting platforms for horse racing in the WE and we have eight retail sportsbooks. We are also a leader in land-based casino games in eight states with approximately 11,800 slot machines and video lottery terminals and 250 table games.

This press release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by the use of terms such as “anticipate”, ” believe”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, “predict”, “project”, “seek”, “must”, “will”, ” and similar words or similar expressions (or negative versions of these words or expressions).

Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot guarantee that these expectations will prove to be correct. Important factors, among others, that could materially affect actual results or results include the following: the receipt of regulatory approvals on desired or anticipated terms, unforeseen transaction difficulties or expenses proposed transaction, including, without limitation, difficulties that result in failure to realize the expected synergies, efficiencies and cost savings of the proposed transaction within the expected time frame (if any), our ability to obtain financing on the terms and schedule anticipated, disruptions to our or P2E’s current plans, operations and relationships with customers and suppliers caused by the announcement and expectation of the proposed transaction, our ability and that of P2E to complete a sale-leaseback transaction regarding the Hard Rock Sioux City on desired or anticipated terms, the impact of the novel coronavirus (COVID- 19), including the emergence of variant strains and related economic issues on our opera results financial conditions and outlook; the occurrence of extraordinary events, such as terrorist attacks, threats to public health, civil unrest and severe weather; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit; additional or increased taxes and fees; the impact of significant competition and the expectation of increased levels of competition; changes in consumer preferences, footfall, betting and referrals; loss of key or highly qualified personnel; lack of confidence in the integrity of our core businesses or any damage to our reputation; risks associated with equity investments, strategic alliances and other agreements with third parties; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and HRM manufacturing and other technological conditions that could impose additional costs; inability to negotiate agreements with industry constituents, including riders and other racetracks; inability to successfully focus on market access and retail operations for our Sports TwinSpires and casino operations and compete effectively; failure to identify and/or complete acquisitions, divestitures, development of new sites or expansions of existing facilities on time, within budget or as planned; general risks relating to real estate ownership and significant expenditures, including fluctuations in market values ​​and environmental regulations; reliance on our technology services and catastrophic events and system failures disrupting our operations; online security risks, including cybersecurity breaches, or the loss or misuse of our stored information as a result of a breach, including customers’ personal information, could result in enforcement action. law by government or other litigation; personal injury litigation relating to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or applicable money laundering regulations; payment risks, such as the risk associated with fraudulent use of credit and debit cards; work stoppages and labor issues; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions on our credit facilities limiting our flexibility to operate our business; non-compliance with financial ratios and other covenants of our credit facilities and other indebtedness; and the increase in our costs of insurance, or obtaining similar insurance coverage in the future, and the inability to recover under our insurance policies damage to our properties from inclement weather and of disasters.

We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor contacts: Nick Zangari Media Contact: Tonya Abeln
(502) 394-1157 (502) 386-1742
[email protected] [email protected]

main logo

Source: Churchill Downs Inc.

2022 GlobeNewswire, Inc., source Press Releases

Comments are closed.