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Churchill Downs completes acquisition of P2E

2 Nov 2022

(PRESS RELEASE) -- Churchill Downs Incorporated announced the completion of the Company’s purchase of substantially all of the assets of Peninsula Pacific Entertainment LLC for total consideration of $2.75 billion. The Peninsula Pacific Entertainment (P2E) Acquisition includes all of Peninsula Pacific Entertainment’s assets and operations in Virginia, New York and Sioux City, Iowa, and follows receipt of customary licensing approvals from the Virginia Racing Commission, the New York State Gaming Commission and the Iowa Racing and Gaming Commission.

“Today marks a significant moment in the evolution of Churchill Downs Incorporated,” said Bill Carstanjen, Chief Executive Officer of CDI. “This transaction meaningfully expands our geographic footprint to Iowa, New York and Virginia, introducing a very unique set of assets and attractive organic growth opportunities to our company. We are excited to welcome the teams from each of these well-established properties into Churchill Downs Incorporated.”

The Peninsula Pacific Entertainment Acquisition includes:

  • Colonial Downs Racetrack in New Kent, Virginia, as well as six Rosie’s Gaming Emporium (“Rosie’s”) historical horse racing facilities across Virginia. Rosie’s locations currently include Collinsville, Dumfries, Hampton, New Kent, Richmond and Vinton, and includes approximately 2,700 historical racing machines.

  • Del Lago Resort & Casino in Waterloo, New York, a 96,000 sq. ft. casino with approximately 1,700 slot machines, 80 table games, a 205-room hotel, nine restaurants / bar areas, 758 covered parking spaces, a 6,000 sq. ft. sportsbook area, a 2,400-seat entertainment venue, and a 7,200 sq. ft. outdoor event venue.

  • Hard Rock Hotel & Casino in Sioux City, Iowa, a 45,000 sq. ft. casino with 639 slot machines, 20 table games, a 54-room hotel, 1,511 parking spaces, two live entertainment venues, a 100-piece music memorabilia collection, and a Hard Rock-branded sportsbook.

The Peninsula Pacific Entertainment Acquisition also includes other development rights:

  • The opportunity, under Virginia law, to develop up to five additional historical racing machines entertainment venues in Virginia with collectively up to approximately 2,300 additional historical racing machines.

  • The rights to build a new historical racing machines entertainment venue with up to 1,800 historical racing machines in Dumfries, Virginia. The Dumfries project is located in northern Virginia with the initial phase expected to open in 2023.

  • The rights to develop a new historical racing machines entertainment venue with up to 150 HRMs in Emporia, Virginia. The Emporia project, located along I-95 near the North Carolina border, is expected to open in 2023.

  • The rights to Peninsula Pacific Entertainment’s ongoing effort, in partnership with Urban One, to develop ONE Casino + Resort, a $565 million destination casino in Richmond, Virginia.

Macquarie Capital served as the exclusive financial advisor and Sidley Austin LLP served as legal advisor to CDI.
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