LOUISVILLE, Kentucky -- (PRESS RELEASE) -- Churchill Downs Incorporated ("CDI") announced today that its joint venture with Delaware North Companies Gaming & Entertainment is removing the closing condition requiring the resolution of any gaming-based litigation in its purchase agreement for Lebanon Raceway. The joint venture, Miami Valley Gaming & Racing, LLC, is pursuing the development of a new video lottery terminal and harness track in southwest Ohio.
The sale is still contingent upon the approval of the venture's applications to the Ohio Lottery Commission and the Ohio State Racing Commission, submitted in July of this year and still under review, as well as other customary closing conditions. Miami Valley Gaming & Racing, LLC hopes to begin construction of the new facility this year, with completion scheduled for the first half of 2014.
Miami Valley Gaming & Racing, LLC entered into an asset purchase agreement in March of this year, through which it intends to acquire the harness racing licenses and certain assets held by Lebanon Trotting Club Inc. (controlled by the Carlo family) and Miami Valley Trotting Inc. (controlled by the Nixon family). These two entities currently conduct harness racing at Lebanon Raceway at the Warren County Fairgrounds. Miami Valley Gaming & Racing, LLC intends to acquire these assets for an aggregate purchase price of $60 million--$10 million paid in cash with a $50 million promissory note delivered at closing. An additional $10 million could be paid to the sellers if certain conditions are met with respect to the performance of the VLT facility over time.
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