Churchill Downs Incorporated sells over 115 acres of land near its Calder Casino
The $291m generated from this sale will fund retail development in its Peninsula Pacific Gaming acquisition strategy.
Churchill Downs Incorporated (CDI) announced that it has finalized the sale of 115.7 acres of excess land near Calder Casino for $291m to Link Logistics, an owner of logistics real estate assets.
Following the sale, CDI will still own approximately 54 acres where Calder Casino sits in Lake Lucerne, Miami, Florida. Some experts predict they may sell up to 15-20 acres of land along NW 27th Avenue in the Miami Gardens area in order to fund future retail development.
CDI intends to use proceeds from this lucrative sale to purchase property as part of their Peninsula Pacific Gaming acquisition strategy. They will invest in replacement properties that qualify under Internal Revenue Code 1031 transaction, which allows for avoidance of capital gains tax under certain conditions.
CDI is a prominent company in the industry of racing, online wagering and gaming entertainment. They are best known for their flagship event, the Kentucky Derby, with Churchill Downs Racetrack hosting the inaugural race in 1875. The event has since become the pinnacle of horseracing betting within the US.
It owns and operates three gaming entertainment venues with approximately 3,050 historical racing machines in Kentucky and also operate TwinSpires, one of the largest and most profitable online wagering platforms for horse racing in the US. They have eight brick-and-mortar casino gaming properties in eight states with approximately 11,000 slot machines and video lottery terminals and 200 table games
Calder Casino has been owned by Churchill Downs since 1999 and is famous for its horseracing operations, operating the Gulfstream Park racetrack since 2014. Their track is famous for the “Florida Million” and “Summit of Speed” racing events. This sale of excess land by Churchill Downs will not have any impact on the Calder Casino’s racetrack or any other gambling operations.
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