Business
Churchill Downs Announces End of Management Agreement Related to Lady Luck Nemacolin in Pennsylvania
LOUISVILLE, Ky., June 28, 2023 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) announced today that the Company has not renewed the
About this update from Churchill Downs, Incorporated
[{"type":"text","content":"LOUISVILLE, Ky., June 28, 2023 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) announced today that the Company has not renewed the management agreement for Lady Luck Casino Nemacolin (“Lady Luck Nemacolin”) in Farmington, Pennsylvania and has completed the sale of substantially all of its assets at Lady Luck Nemacolin to Woodlands Fayette, LLC for an immaterial sum. Woodlands Fayette, LLC manages Nemacolin Resort and will manage Lady Luck Nemacolin effective immediately. All of the employees of Lady Luck Nemacolin were offered positions by Woodlands Fayette, LLC. About Churchill Downs Incorporated Churchill Downs Incorporated (“CDI”, NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. More information is available at http://www.churchilldownsincorporated.com. This news 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 typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions). Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, among others, that may materially affect actual results or outcomes include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; additional or increased taxes and fees; the impact of the novel coronavirus (COVID-19) pan...