LOUISVILLE, Ky. – Greenville’s premier gaming establishment, Harlow’s Casino Resort and Hotel, has been sold to the holding company of the internationally known Kentucky Derby in a multi-million dollar deal. Churchill Downs Incorporated (CDI) has entered into a definitive purchase agreement to acquire the casino for $138 million, Churchill Downs officials said.
CDI is a nearly a half billion dollar market cap company committed to delivering racing, gaming and entertainment onsite and online.
Harlow’s, which was constructed in 2006 on approximately 69 acres of land adjacent to the Mississippi River, was a $70 million project featuring a 1930s themed facility, a 33,000 square foot casino with 841 Class II slot machines, 23 table games and a poker room. The facility also has a five-story 105-room attached hotel, a 2,600 seat entertainment center and three separate dining areas.
Harlow’s generated $50.4 million in revenue for the year ending July 31, 2010, and currently has about 400 employees which CDI said they would keep after the acquisition.
Under the terms of their agreement, CDI will pay the purchase price in cash, which is expected to be funded from available cash on hand and CDI’s revolving credit facility. Both sides expect the deal to be finalized within the next three to six months.
CDI had its start in 1873 when Col. M. Lewis Clark envisioned a world-class racetrack in Kentucky after visiting several European racecourses. Clark leased 80 acres of land from his uncles and sold membership subscriptions to fund the construction of Churchill Downs. Clark opened the Louisville track in 1875 for its first meet and the first running of the Kentucky Derby.
Churchill Downs was first organized as a Kentucky corporation in 1928 and officially became Churchill Downs Incorporated in 1942.
CDI headquartered in Louisville, Ky., owns and operates four world renowned Thoroughbred racing facilities: Arlington Park in Illinois, Calder Casino and Race Course in Florida, Churchill Downs Race Track in Kentucky and Fair Grounds Race Course & Slots in Louisiana.
They also operate slot and gaming operations in Louisiana and Florida.
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