Racing, gaming and online entertainment company Churchill Downs has signed an asset purchase agreement to assume management of Lady Luck Casino Nemacolin in Farmington, the US state of Pennsylvania, for a cash consideration of $100,000.
The location operates approximately 600 slot machines and 27 table games.
CDI’s closing of its previously announced acquisition of Presque Isle Downs and Casino in Erie, Pennsylvania from ERI was conditioned on, among other things, the signing of the Asset Purchase Agreement and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
On August 3, 2018, CDI and ERI received an early termination notice from the Federal Trade Commission for the Presque Isle and Lady Luck Nemacolin transactions pursuant to the HSR Act.
Subject to receipt of gaming licences from the Pennsylvania Gaming Control Board and a racing licence from the Pennsylvania State Horse Racing Commission, and other usual and customary closing conditions, CDI expects the Presque Isle and Lady Luck Nemacolin transactions to close in the fourth quarter of 2018.
