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Churchill Downs Inc (NASDAQ: CHDN) has signed a definitive agreement to acquire Ellis Park Racing & Gaming in Henderson, Kentucky, from Enchantment Holdings LLC for $79 million in cash.
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The company will also assume Ellis Park's opportunity to construct a track extension facility in Owensboro, Kentucky.
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Ellis Park, located north of the Ohio River and just south of Evansville, Indiana, celebrated 100 years of racing this year.
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In addition to being known as the home of summer Thoroughbred racing in Kentucky, Ellis Park also features a gaming facility venue with about 300 historical racing machines.
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Churchill will acquire all of the outstanding equity of Ellis Entertainment, LLC, the parent company of Ellis Park.
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"This is an exciting announcement for the horse racing industry, the cities of Henderson and Owensboro, and the entire Commonwealth of Kentucky," said Kentucky governor Andy Beshear.
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The transaction's closing is contingent upon approval by the Kentucky Horse Racing Commission.
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The company held $1.9 billion in cash and equivalents as of June 30, 2022.
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Price Action: CHDN shares closed lower by 0.87% at $199.65 on Thursday.
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Photo Via Company
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