{"id":262,"date":"2024-06-27T11:36:41","date_gmt":"2024-06-27T08:36:41","guid":{"rendered":"https:\/\/bebidashve.com\/2024\/06\/27\/churchill-downs-acquires-peninsula-pacific-entertainment-for-2-75-billion\/"},"modified":"2024-06-27T11:36:41","modified_gmt":"2024-06-27T08:36:41","slug":"churchill-downs-acquires-peninsula-pacific-entertainment-for-2-75-billion","status":"publish","type":"post","link":"https:\/\/bebidashve.com\/2024\/06\/27\/churchill-downs-acquires-peninsula-pacific-entertainment-for-2-75-billion\/","title":{"rendered":"Churchill Downs Acquires Peninsula Pacific Entertainment for $2.75 Billion"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/PiyxT6OL6l8\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Churchill Downs Incorporated (CDI) has successfully finalized the purchase of nearly all of Peninsula Pacific Entertainment&#8217;s (P2E) holdings for a total cost of $2.75 billion (2.39 billion pounds\/2.78 billion euros).<\/p>\n<p>Bill Carstanjen, the head of CDI, stated: &#8220;This day marks a significant milestone in the history of Churchill Downs Incorporated. This transaction expands our presence into Iowa, New York, and Virginia, adding a truly distinctive collection of assets and promising organic growth opportunities to our company.<\/p>\n<p>The acquisition was agreed upon in February of this year and encompasses all of P2E&#8217;s assets and operations in Virginia, New York, and Sioux City, Iowa.<\/p>\n<p>The completion of the acquisition follows the receipt of standard approvals from the Virginia Racing Commission, the New York Gaming Commission, and the Iowa Racing and Gaming Commission.<\/p>\n<p>&#8220;We are thrilled to welcome the teams from these highly regarded properties to Churchill Downs Incorporated.&#8221;<\/p>\n<p>CDI will now own Colonial Downs Racetrack in Virginia, along with the state&#8217;s six Rosie&#8217;s Gaming Emporium historical racing machine (HRM) locations, including Collinsville, Dumfries, Hampton, New Kent, Richmond, and Vinton. <\/p>\n<p>Within the bustling metropolis of New York City, CDI will assume control of Del Lago Resort and Casino. This expansive gambling establishment encompasses a sizable 96,000 square feet, boasting an impressive array of approximately 1,700 slot machines and 80 table games.  The facility also features a dedicated sports betting area, a comfortable 205-room hotel, a diverse selection of nine restaurants and bars, ample indoor parking with 758 spaces, a spacious 2,400-seat entertainment venue, and an inviting outdoor event space.<\/p>\n<p>The agreement extends to the Hard Rock Hotel and Casino situated in Sioux City, Iowa. This casino, spanning 45,000 square feet, houses 639 slot machines and 20 table games, along with a Hard Rock-branded sports betting zone.  The property also includes a 54-room hotel, 1,511 parking spaces, and two live entertainment venues.<\/p>\n<p>The P2E acquisition encompasses certain development rights, granting CDI the opportunity to establish up to five new HRM entertainment venues in the state of Virginia. These ventures are projected to add approximately 2,300 additional HRMs to the existing portfolio.<\/p>\n<p>CDI is also poised to construct a new HRM entertainment venue in Dumfries, Virginia, with a capacity of up to 1,800 HRMs. The initial phase of this project is anticipated to commence operations in 2023.  Furthermore, CDI will secure the right to develop a new HRM entertainment venue in Emporia, Virginia, accommodating up to 150 HRMs. The inaugural phase of this development is scheduled to open its doors next year.<\/p>\n<p>In a strategic partnership with Urban One, CDI will assume responsibility for P2E&#8217;s ongoing endeavors to develop ONE Casino + Resort. This ambitious project, valued at $565 million, aims to create a premier destination casino in Richmond, Virginia.<\/p>\n<p>This acquisition follows CDI&#8217;s recent announcement of record adjusted EBITDA for the third quarter.  EBITDA for this period reached $163.2 million, representing a 4% increase. <\/p>\n<p>The firms earnings increased by 6% in comparison to the prior year. <\/p>\n<p>However, income declined by 2.5% annually, hitting $383.1 million.  Net profit was $57 million, a drop of 7.2% from the preceding year.<\/p>\n<p>Subscribe to the iGaming News Newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Churchill Downs Incorporated (CDI) has successfully finalized the purchase of nearly all of Peninsula Pacific Entertainment&#8217;s (P2E) holdings for a total cost of $2.75 billion (2.39 billion pounds\/2.78 billion euros). Bill Carstanjen, the head of CDI, stated: &#8220;This day marks a significant milestone in the history of Churchill Downs Incorporated. This transaction expands our presence [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Churchill Downs Acquires Peninsula Pacific for $2.75 Billion<\/title>\n<meta name=\"description\" content=\"Churchill Downs Incorporated expands its reach with the acquisition of Peninsula Pacific Entertainment, adding new markets and assets.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bebidashve.com\/2024\/06\/27\/churchill-downs-acquires-peninsula-pacific-entertainment-for-2-75-billion\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta 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