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Benzinga
Benzinga
Business
Shivani Kumaresan

Churchill Downs Agrees To Acquire Peninsula Pacific Entertainment Assets For ~$2.5B

Churchill Downs CHDN Churchill Downs Inc New York Sioux City Virginia
  • Churchill Downs Inc (NASDAQ:CHDN) has agreed to acquire substantially all of the assets of Peninsula Pacific Entertainment LLC (P2E) for $2.485 billion.
  • The acquisition will include all of P2E's assets in Virginia and New York and the operations of its Sioux City casino property.
  • The transaction is expected to close by the end of 2022.
  • "This unique set of assets expands our geographic footprint and provides additional scale," said CEO Bill Carstanjen.
  • The company expects the transaction to be immediately accretive to its free cash flow and EPS.
  • Churchill Downs plans to fund the P2E Transaction with a combination of new debt and cash on hand, including pending proceeds from the sale of land near Calder Casino. It held $386.3 million in cash and equivalents as of September 30, 2021.
  • Price Action: CHDN shares closed lower by 2.58% at $217.52 on Friday.
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