Churchill Downs Incorporated has announced the signing of an agreement that will see 115.7 acres of land, located near Calder Casino, sold for over $290m. The deal will see the land sold to the Blackstone-owned Link Logistics.
The agreement is worth $291m, or $2.5m per acre, and sees the land used in continuing property developments for the area.
This deal remains subject to the satisfaction of a number of closing conditions; however, it is expected to be completed in the first half of 2022. The operator intends to use the profit gained by the sale of the land to purchase or invest in replacement land that qualifies as an Internal Revenue Code §1031 transaction.
Moreover, Churchill Downs is set to retain ownership of around 54 acres of Calder Casino land, including the area where the actual casino property sits.
Lastly, in its statement, the company confirmed that it reserves the right to sell “15-20 acres of land along NW 27th Ave. in the Miami Gardens area in the future for retail development.”
Churchill Downs, which is well known for its flagship event, the Kentucky Derby, owns and operates three pari-mutuel gaming venues with 3,050 historical racing machines in the region.
Last week the company was awarded a casino owner's license by the Indiana Gaming Commission, securing the operator's right to begin the construction of a property in Vigo County, Indiana.
“We are thrilled for this opportunity and honored for the trust that the Indiana Gaming Commission has placed in CDI and our plan to bring a true destination casino resort to West Central Indiana,” said Bill Carstanjen, Chief Executive Officer of CDI.
