CDI and Chicago Bears conclude Arlington Heights property sale
The company plans to use the proceeds toward its Peninsula Pacific Gaming acquisition.
Churchill Downs Incorporated (CDI) has completed its sale of a 326-acre property in Arlington Heights, Illinois to the Chicago Bears. Per the previously announced agreement from September 2021, the final purchase total came to $197.2m.
CDI said it will “apply the proceeds of the sale to the purchase of, and improvements to, real property previously acquired in connection with the Peninsula Pacific Gaming acquisition that closed in 2022.”
CDI is a racing, online wagering and gaming entertainment company. It currently operates historical racing machines in Kentucky and was recently issued customary approving licenses by Virginia Racing Commission, the New York State Gaming Commission and the Iowa Racing and Gaming Commission.
CDI is based in Louisville, Kentucky also the host of the annual Kentucky Derby.
In addition to its land-based historical and live horseracing entertainment locations, the company has expanded its online footprint through TwinSpires and its regional casino gaming properties.
The company recently closed an acquisition for all of all Peninsula Pacific Entertainment (P2E) assets and operations in Virginia, New York and Iowa. The two completed the transaction for a price of $2.75bn.
The completed purchase added several racing locations across all three states to CDI’s list, as well as a number of HRMs.
CDI CEO Bill Carstanjen said about the purchase: “This transaction meaningfully expands our geographic footprint to Iowa, New York and Virginia.
“It introduces 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 CDI.”
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