Clairvest Group (CVG), in partnership with Clairvest Equity Partners VI, has today announced the completion of its acquisition of the Delaware Park casino and Racetrack. Per the agreement, Clairvest Equity Partners has invested $71m for majority ownership of the property while CVG took on $19m of the investment.
The deal is to be represented by Clairvest Equity Partners VI’s newly formed subsidiary named Rubico Gaming LLC, a company run by the investor Thomas Benninger.
The Delaware Park racino first opened in 1937, marking the Blue Hen State’s first property of its kind. Located in Wilmington, Delaware, the property often serves patrons from Maryland, New Jersey, and Pennsylvania.
“The Clairvest team is excited by the growth prospects at Delaware Park. We look forward to partnering with Thomas Benninger, an experienced gaming investor, to continue the stewardship of this unique property,” said Michael Wagman, President and a Managing Director of Clairvest Group Inc.
While a traditional property at heart, Delaware Park also offers modern gaming options such as retail sports betting and iGaming. As a racetrack, the property also allows live betting on thoroughbred racing.
The racino, which has been owned and operated by the Rickman family since 1983, features over 100,000 square feet of gaming space, including slot machines, table games, poker tables, and a sportsbook.
This purchase continues to expand Clairvest’s growing portfolio of properties. Among its 57 investments, 14 are in the gaming space.
