Churchill Downs in $500 mill move to acquire majority share of Illinois land casino
News on 1 Nov 2018
News on 1 Nov 2018
Kentucky-headquartered online and land gambling group Churchill Downs Incorporated has unveiled an agreement to acquire a majority stake in Rivers Casino Des Plaines in Illinois for $500 million.
The Kentucky company has set a target of at least 50.1 percent of the shares in Rivers parent group Midwest Gaming Holdings, and if the acquisition is successful will see CDI and Rush Street Gaming in joint control Rivers Des Plaines sometime in Q1-2019 thanks to the structure of the complicated deal.
Alongside the Rivers Des Plaines deal with Rush Street et al, CDI also unveiled its Q3-2018 numbers, reporting:
* Overall revenue up 12.3 percent at $221.3 million;
* Adjusted EBITDA up 7 percent at $62 million;
* Net income up over 300 percent at $56.3 million attributed mainly to a tax benefit;
* The company’s online Twin Spires adw division delivered revenue of $72.1 million, up 9 percent – besting the land-based race betting revenues of the company by $31,1 million;
* Casino division revenue was up 20 percent at $105 million;
Notable events in the third quarter included the launch of CDI’s new BetAmerica sports betting brand at the company’s two Mississippi casinos in August.
News on 1 Nov 2018
Kentucky-headquartered online and land gambling group Churchill Downs Incorporated has unveiled an agreement to acquire a majority stake in Rivers Casino Des Plaines in Illinois for $500 million.
The Kentucky company has set a target of at least 50.1 percent of the shares in Rivers parent group Midwest Gaming Holdings, and if the acquisition is successful will see CDI and Rush Street Gaming in joint control Rivers Des Plaines sometime in Q1-2019 thanks to the structure of the complicated deal.
Alongside the Rivers Des Plaines deal with Rush Street et al, CDI also unveiled its Q3-2018 numbers, reporting:
* Overall revenue up 12.3 percent at $221.3 million;
* Adjusted EBITDA up 7 percent at $62 million;
* Net income up over 300 percent at $56.3 million attributed mainly to a tax benefit;
* The company’s online Twin Spires adw division delivered revenue of $72.1 million, up 9 percent – besting the land-based race betting revenues of the company by $31,1 million;
* Casino division revenue was up 20 percent at $105 million;
Notable events in the third quarter included the launch of CDI’s new BetAmerica sports betting brand at the company’s two Mississippi casinos in August.
