LOUISVILLE, Kentucky, June 17, 2022 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (“CDI” or “Company”) (Nasdaq: CHDN) today announced that it has completed the sale of 115.7 acres of surplus land near the Calder Casino for $291 million (or about $2.5 million per acre) to Link Logistics, a leading owner of logistics real estate assets, established in 2019 by Blackstone.
CDI plans to use a portion of the proceeds from the sale to purchase property as part of the previously announced acquisition of Peninsula Pacific Gaming and to invest in other replacement properties that are considered Internal transactions. Revenue Code §1031.
CDI now retains ownership of approximately 54 acres of land on which the Calder Casino is located, wholly owned by the Company. Company may sell 15-20 acres of land along NW 27e Ave. in the Miami Gardens neighborhood for future retail development.
About Churchill Downs Incorporated
Churchill Downs Incorporated is a leading racing, online betting and gaming entertainment company rooted in our iconic flagship event, the Kentucky Derby. We own and operate three gaming entertainment venues with approximately 3,050 historic racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online horse racing betting platforms in the United States and we have nine retail sportsbooks. We are also a leader in physical casino gaming in eight states with approximately 11,000 slot machines and video lottery terminals and 200 table games. Additional information about Churchill Downs Incorporated is available online at www.churchilldownsincorporated.com.
This press release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by the use of terms such as “anticipate”, ” believe”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “predict”, “project”, “seek”, “must”, “will”, ” and similar words or similar expressions (or negative versions of these words or expressions).
Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot guarantee that these expectations will prove to be correct. Important factors, among others, that could materially affect actual results or results include the following: the receipt of regulatory approvals on desired or anticipated terms, unforeseen transaction difficulties or expenses proposed, including, without limitation, difficulties that result in failure to realize the synergies, efficiencies and cost savings expected from the proposed transaction within the expected time frame (if any), our ability to obtain financing on the terms and schedule anticipated, disruptions to our current plans, operations and relationships with customers or those of P2E and suppliers caused by the announcement and expectation of the proposed transaction, our ability and that of P2E to complete a sale-leaseback transaction regarding the Hard Rock Sioux City on desired or anticipated terms, the impact of the novel coronavirus (COVI D-19), including the emergence of variant strains and related economic issues on our opera results, financial conditions and outlook; the occurrence of extraordinary events, such as terrorist attacks, threats to public health, civil unrest and severe weather; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit; additional or increased taxes and fees; the impact of significant competition and the expectation of increased levels of competition; changes in consumer preferences, footfall, betting and referrals; loss of key or highly qualified personnel; lack of confidence in the integrity of our core businesses or any damage to our reputation; risks associated with equity investments, strategic alliances and other agreements with third parties; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and HRM manufacturing and other technological conditions that could impose additional costs; the inability to negotiate agreements with industry constituents, including riders and other racetracks; inability to succeed focus on market access and retail operations for our TwinSpires Sports and Casino businesses and compete effectively with us; failure to identify and/or complete acquisitions, divestitures, development of new sites or expansions of existing facilities on time, within budget or as planned; general risks relating to real estate ownership and significant expenditures, including fluctuations in market values and environmental regulations; reliance on our technology services and catastrophic events and system failures disrupting our operations; online security risks, including cybersecurity breaches, or the loss or misuse of our stored information as a result of a breach, including customers’ personal information, could result in enforcement action. law by government or other litigation; personal injury litigation relating to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or applicable money laundering regulations; payment risks, such as the risk associated with fraudulent use of credit and debit cards; work stoppages and labor issues; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions on our credit facilities limiting our flexibility to operate our business; non-compliance with financial ratios and other covenants of our credit facilities and other indebtedness; and the increase in our insurance costs, or obtaining similar insurance coverage in the future, and the inability to recover under our insurance policies damages incurred to our properties in the event of inclement weather and accidents.
We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.