Saratoga Harness Racing Inc. and Churchill
\nDowns Inc., operators of Saratoga Casino and
\nRaceway, signed a definitive purchase agreement
\nwherein the latter will purchase a 25
\npercent membership interest in Saratoga Casino
\nHoldings LLC (SCH) for approximately $30.6
\nmillion, to be paid in cash.<\/p>\n
Negotiations for the pact were announced
\nin August. The signing pushes things closer to
\nfinalization. Both the purchase and management
\ncontracts will become effective as soon as CDI
\nand SHRI obtain necessary licenses and approvals
\nin New York and Colorado. The parties anticipate
\napproval in the second-quarter of 2015.<\/p>\n
SCH is a newly formed entity which will include
\nthe following assets: Saratoga Casino and
\nRaceway in Saratoga Springs, N.Y.; SHRI’s controlling
\ninterest in Saratoga Casino Black Hawk
\nin Black Hawk, Colo.; its 50 percent interest in
\na joint venture with Delaware North Companies
\nto manage the Gideon Putnam Hotel and Resort in Saratoga Springs; its interest in the proposed
\nCapital View Casino & Resort in East Greenbush;
\nand SHRI’s interest in a joint venture with Rush
\nStreet Gaming to build the proposed Hudson
\nValley Casino & Resort in Newburgh.<\/p>\n
The purchase price remains subject to adjustments
\nfor SCH’s working capital and debt at the
\ntime of closing.<\/p>\n
SHRI and CDI also signed a definitive fiveyear
\nmanagement contract wherein CDI will
\nmanage Saratoga Casino and Raceway and
\nSaratoga Casino Black Hawk. Should CDI and
\nSHRI be successful in their joint bid to build
\nCapital View Casino & Resort — among the
\nproposed sites for new casinos in New York state
\n— CDI will also manage that facility.<\/p>\n
A binding term sheet for such management
\nagreement was included with the New York
\ncasino license application for Capital View
\nCasino & Resort, submitted by CDI and SHRI
\non June 30.<\/p>\n","protected":false},"excerpt":{"rendered":"
Saratoga Harness Racing Inc. and Churchill Downs Inc., operators of Saratoga Casino and Raceway, signed a definitive purchase agreement wherein the latter will purchase a 25 percent membership interest in Saratoga Casino Holdings LLC (SCH) for approximately $30.6 million,…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[57,107,115],"class_list":["post-15877","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news","tag-racing","tag-saratoga-springs"],"yoast_head":"\r\n