Churchill Downs acquired a 25 percent interest in Saratoga Casino Holdings for approximately .8 million.
Saratoga Casino Holdings is a newly formed entity that includes Saratoga Casino and Raceway in Saratoga Springs, New York, and a 50 percent interest in a joint venture with Delaware North Companies to manage the Gideon Putnam Hotel and Resort in Saratoga Springs.
Saratoga Casino and Raceway includes an under-construction $40 million hotel expansion scheduled to open in late spring 2016, and the purchase price remains subject to final adjustments.
Regulatory approval to transfer of SHRI’s controlling interest in Saratoga Casino Black Hawk should take several more months, Churchill Downs said.
Upon approval from the Colorado Division of Gaming, Churchill Downs will pay a remaining balance of approximately $6.4 million.
