Business
Churchill Downs Incorporated Signs Agreement to Sell 115.7 Acres of Land by Calder Casino for $291 Million
LOUISVILLE, Ky., Nov. 22, 2021 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “Company”) (Nasdaq: CHDN) announced today that the Company has
About this update from Churchill Downs, Incorporated
[{"type":"text","content":"LOUISVILLE, Ky., Nov. 22, 2021 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “Company”) (Nasdaq: CHDN) announced today that the Company has signed an agreement to sell 115.7 acres of land near Calder Casino for $291 million or approximately $2.5 million per acre. CDI has agreed to sell the land to Link Logistics, one of the premier owners of logistics real estate assets, established in 2019 by Blackstone. The closing of the sale of the property is subject to the satisfaction of various closing conditions. The Company anticipates closing the sale of the property in the first half of 2022. CDI is planning to use certain proceeds of the sale to purchase or invest in replacement property that qualifies as an Internal Revenue Code §1031 transaction. Following the closing of this transaction, CDI will retain ownership of approximately 54 acres of the current 170-acre parcel of land on which the Company’s wholly-owned Calder Casino sits. The Company may sell 15-20 acres of land along NW 27th Ave. in the Miami Gardens area in the future for retail development. About Churchill Downs Incorporated Churchill Downs Incorporated is an industry-leading racing, online wagering and gaming entertainment company anchored by our iconic flagship event, the Kentucky Derby. We own and operate three pari-mutuel gaming entertainment venues with approximately 3,050 historical racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online wagering platforms for horse racing, sports and iGaming in the U.S. and we have seven retail sportsbooks. We are also a leader in brick-and-mortar casino gaming in eight states with approximately 11,000 slot machines and video lottery terminals and 200 table games. Additional information about CDI can be found online at 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 ex...