Supplier News
US – Churchill Downs and Saratoga Casino complete Ocean Downs purchase
By Phil - 9 January 2017
Churchill Downs Incorporated and Saratoga Casino Holdings LLC have completed their previously announced purchase of the Casino at Ocean Downs and Ocean Downs Racetrack from a private ownership group led by William Rickman, Jr.
The Casino at Ocean Downs and Ocean Downs Racetrack are located in Berlin, Maryland, about 5 minutes from the coastal resort community of Ocean City, Maryland. The Casino at Ocean Downs, which opened in 2010, hosts 800 video lottery terminals and electronic table games. Ocean Downs Racetrack, which opened in 1949, offers live seasonal harness racing as well as a year-round simulcast facility.
The purchase of the property by Old Bay Gaming & Racing, LLC, a new 50/50 joint venture formed by CDI and SCH, follows the approval of the transaction by the Maryland Lottery and Gaming Control Agency and the Maryland Racing Commission.
Churchill Downs stated: “By virtue of its 25 per cent ownership of Saratoga Casino Holdings, Churchill Downs Incorporated will indirectly own an additional 12.5 per cent of [Old Bay Gaming And Racing] for a total interest in [Old Bay Gaming And Racing] of 62.5 per cent.”
Just before the turn of the year, Churchill Downs, Saratoga Harness Racing and Saratoga Casino Holdings completed their previously-announced transaction whereby CDI has acquired 25 per cent ownership of SHRI’s controlling interest in Saratoga Casino Black Hawk in Black Hawk, Colorado.
