The first phase of the partnership between
\nSaratoga Harness Racing Inc. and Churchill
\nDowns Inc.’, in Louisville, Ky., is complete.
\nThe acquisition of a 25 percent stake in
\nSaratoga Casino Holdings LLC was first announced
\nlast fall. It was said to be a $30 million
\ndeal at the time, but is now listed at of $24.8
\nmillion.<\/p>\n
Churchill Downs is the site of the annual
\nKentucky Derby.<\/p>\n
Saratoga Casino Black Hawk in Black Hawk,
\nColo., Saratoga Casino and Raceway in Saratoga
\nSprings, and a 50 percent interest in a joint
\nventure to manage the Gideon Putnam Hotel
\nand Resort in Saratoga Springs by Delaware
\nNorth Companies, are included in newly formed
\nSaratoga Casino Holdings.<\/p>\n
“The purchase price remains subject to final
\nadjustments for SCH’s working capital related to
\nthe transferred New York operations,” as obtained
\nfrom Louisville Business First. Due to the transfer
\nof interest expected to take several more months, the deal will be split into two separate transactions,
\n“Upon receipt of applicable approvals from
\nthe Colorado Division of Gaming, (Saratoga
\nHarness Racing) will contribute its controlling
\ninterest in Saratoga Casino Black Hawk in Black
\nHawk, Colo., to (Saratoga Casino Holdings),” said
\na news release.<\/p>\n
“At such time, CDI will pay the remainder of
\nthe purchase price to SHRI of approximately
\n$6.4 million for CDI’s pro-rata ownership of
\nColorado operations, subject to adjustments for
\nworking capital,” according to the agreement
\nreached between Saratoga Harness and Churchill
\nDowns Inc.<\/p>\n
The $40 million hotel expansion under construction
\nand expected to open in the spring is
\nincluded in Saratoga Casino and Raceway.<\/p>\n
A five-year management contract signed last
\nyear between the two companies stipulated that
\nSaratoga Casino and Raceway and Saratoga Casino
\nBlack Hawk would be managed by Churchill
\nDowns.<\/p>\n","protected":false},"excerpt":{"rendered":"
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…<\/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],"class_list":["post-18039","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news"],"yoast_head":"\r\n