The first phase of the partnership between
Saratoga Harness Racing Inc. and Churchill
Downs Inc.’, in Louisville, Ky., is complete.
The acquisition of a 25 percent stake in
Saratoga Casino Holdings LLC was first announced
last fall. It was said to be a $30 million
deal at the time, but is now listed at of $24.8
million.
Churchill Downs is the site of the annual
Kentucky Derby.
Saratoga Casino Black Hawk in Black Hawk,
Colo., Saratoga Casino and Raceway in Saratoga
Springs, and a 50 percent interest in a joint
venture to manage the Gideon Putnam Hotel
and Resort in Saratoga Springs by Delaware
North Companies, are included in newly formed
Saratoga Casino Holdings.
“The purchase price remains subject to final
adjustments for SCH’s working capital related to
the transferred New York operations,” as obtained
from Louisville Business First. Due to the transfer
of interest expected to take several more months, the deal will be split into two separate transactions,
“Upon receipt of applicable approvals from
the Colorado Division of Gaming, (Saratoga
Harness Racing) will contribute its controlling
interest in Saratoga Casino Black Hawk in Black
Hawk, Colo., to (Saratoga Casino Holdings),” said
a news release.
“At such time, CDI will pay the remainder of
the purchase price to SHRI of approximately
$6.4 million for CDI’s pro-rata ownership of
Colorado operations, subject to adjustments for
working capital,” according to the agreement
reached between Saratoga Harness and Churchill
Downs Inc.
The $40 million hotel expansion under construction
and expected to open in the spring is
included in Saratoga Casino and Raceway.
A five-year management contract signed last
year between the two companies stipulated that
Saratoga Casino and Raceway and Saratoga Casino
Black Hawk would be managed by Churchill
Downs.