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- Churchill Downs has purchased Peninsula Pacific Entertainment for $2.75 B.
- The purchase contains all the assets and functions of P2E in Virginia.
- Purchase of P2E is an important step: CEO
Churchill Downs Inc, the parent company of Churchill Downs publicized on October 25 that it has purchased Peninsula Pacific Entertainment giving a total amount of $2.75 billion.
In this purchase, Churchill has acquired all the assets and functions of P2E in Virginia, New York and Sioux City in lowa. The Virginia Racing Commission, New York State Gaming Commission, and lowa Racing and Gaming Commission have given the receipt of the customary licensing approvals after which the acquisition was confirmed.
The Chief Executive Officer Bill Carstanjen revealed in a press release that the purchase of P2E is an important step in the development of Churchill Downs Incorporated. P2E offers a unique combination of assets and captivating organic growth chances for CDI.
The revelation
In February 2021, Churchill Downs Inc. revealed publicly that it is ready to acquire Peninsula Pacific Entertainment LLC’s assets for $2.485 billion. The agreement also included Colonial Downs Racetrack in New Kent Virginia and 6 rosie’s gaming emporium historical horse race features all over Virginia.
Not only this, it also includes the hard rock hotel along with a casino in Sioux City, lowa. The casino is 45,000 square feet having 639 slot machines with 20 table games and many more facilities. It also contained one more casino naming del Lago Casino in Waterloo, New York having about 1700 slot machines with 80 table games and 205-room hotel and 9 restaurants. On October 27, the del Lago Casino unknowingly approved Churchill Downs’s casino license to operate the del Lago Casino. The license of the Kentucky Derby’s owner to run hard rock hotel and casino Sioux city was accepted by lowa regulators in August 2021.
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After purchasing P2E, the company also gained the right to purchase a share in the Urban One Casino and a resort project if the Richmond city casino project will be revised and accepted by voters in the future. P2E has set its foot into a consent agreement with Urban One to operate the functions of the Richmond casino it had passed the 2021 voting.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
