Churchill Downs Inc. and Saratoga Casino and Raceway, Inc. completed the acquisition of Ocean Enterprise 589 LLC, Ocean Downs LLC and Racing Services LLC from a private ownership group led by William M. Rickman, Jr.
January 02, 2017
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Churchill Downs Inc. (NasdaqGS:CHDN) and Saratoga Casino and Raceway, Inc. entered into definitive agreement to acquire Ocean Enterprise 589 LLC, Ocean Downs LLC and Racing Services LLC from a private ownership group led by William M. Rickman, Jr. on August 2, 2016. William M. Rickman, Jr. has agreed to remain as a senior advisor to the new owners in his capacity as Executive Vice President of Maryland Gaming LLC. Government Relations Director, Denise Hill and General Manager, Joseph Cavilla will also continue in their respective roles post-closing.
The deal is subject to the satisfaction or waiver of specified closing conditions, including, without limitation, the approval of all relevant governmental authorities, including the Maryland Lottery and Gaming Control Agency and Maryland Racing Commission, and receipt of all necessary licenses and permits for Buyer to operate the Companies. The transaction is expected to close later in 2016.
Churchill Downs Inc. (NasdaqGS:CHDN) and Saratoga Casino and Raceway, Inc. completed the acquisition of Ocean Enterprise 589 LLC, Ocean Downs LLC and Racing Services LLC from a private ownership group led by William M. Rickman, Jr. on January 3, 2017.
Churchill Downs Incorporated is a racing, online wagering and gaming entertainment company, which is anchored by its flagship event, the Kentucky Derby. The Company owns and operates 14 live and historical racing entertainment venues in three states and nine casino gaming properties in eight states and 13 retail sportsbooks. It also operates an online horse racing wagering platform in the United States. Its segments include Live and Historical Racing, TwinSpires, and Gaming. Live and Historical Racing segment includes live and historical pari-mutuel racing at Churchill Downs Racetrack and its historical racing properties in Kentucky, Virginia and New Hampshire. The TwinSpires segment includes the TwinSpires Horse Racing, the TwinSpires Sports and Casino and the United Tote businesses. It also provides technology to support historical horse racing operations in Kentucky, Wyoming and New Hampshire. Gaming segment is engaged in the casino properties and associated racetrack facilities.
Churchill Downs Inc. and Saratoga Casino and Raceway, Inc. completed the acquisition of Ocean Enterprise 589 LLC, Ocean Downs LLC and Racing Services LLC from a private ownership group led by William M. Rickman, Jr.