Churchill Downs Incorporated (CDI) recently finalized the $291 million sale of 115.7 acres of “excess land” near its Calder Casino in Florida to Link Logistics, the industrial real estate arm of investment giant Blackstone. CDI officials said the company plans to use the sale proceeds toward acquiring Peninsula Pacific Gaming for $2.5 billion.
Prior to the sale, which was announced last November, CDI owned 170 acres of land in the city of Miami Gardens, but now owns just 54 acres. Officials said CDI may also sell an additional 15-20 acres of that land for “future retail development.”
Officials said the Florida transaction “significantly expands the geographic diversity of CDI’s live and historical racing entertainment venues and reinforces CDI’s role as a national leader in historical horse racing.”
The company reported a record $364 million in net revenue for first quarter 2022. CDI also announced in April it will invest $200 million for expansion and redevelopment at its flagship racetrack in Louisville, Kentucky.
