Clairvest Group has announced that Rivers Casino and its shareholders have entered into agreements whereby Clairvest’s interests in the casino will be acquired by Churchill Downs.

Clairvest made its investment into the greenfield development of Rivers Casino in partnership with Rush Street Gaming and statutory minority investors in 2010. The business opened in July 2011 and has become the leading casino in the US state of Illinois.

The proposed transaction is subject to regulatory approvals and is anticipated to close during 2019. Neil Bluhm, principal of Rush Street Gaming, said: “Clairvest has been a great partner. They made the decision to invest in Rivers Casino in the depths of the financial crisis and it has been a very successful investment.”

Jeff Parr, Clairvest’s vice chairman, said: “Clairvest has enjoyed an excellent partnership with Neil Bluhm and the entire Rush Street and Rivers Casino management teams. We look forward to working together on other gaming projects in the future.”