Churchill Down receive a regulatory authorization to receive a majority stake in Rivers Casino Des Plaines on Friday, whereas the casino and racetrack dealers require some investors and females to complete the deal.
The casino has many partner companies that are ready for the investment. The Churchill Downs has declared its plan to buy a 50.1% stake in River Casino parent company that is Gaming Holdings. And for the lion’s share, the Kentucky operator is ready to give $326 million which is a huge amount. The gaming board has also announced the transaction in this regard. And Churchill Downs is expected to play its part in investment for about 62% of it. The Illinois Gaming Board said after hearing the news of transaction being closed that the interest of minorities and females would drop to 17% once it gets done and it is against the part of the deal.
The CEO of Churchill Downs Bill Carstanjen comments that this River Casino is one of the most successful properties in the US. The startup plan was about 50.1% stake but the racetrack owner and casino are buying a 62% stake which is more than the percentage being committed. Once the transaction is done, the CEO and Chairman of the Casino Rivers will remain there and Greg Carlin will hold his CEO role. Because doing this will result in much job termination which will be the drawback. In addition to this Churchill Downs is accumulating a full-scale casino with many gaming and non-gaming comforts. Moreover, it has also been trying to get the gaming comforts at the racetrack also but due to supervisory hurdles, it has been unable to do so. This interest is only because to legalize sports gambling and online betting.