Presque Isle Downs & Casino among those to be sold by Churchill Downs
Churchill Downs Inc. plans to sell Presque Isle Downs & Casino and eight other properties to focus on its flagship racetrack.Summary
Churchill Downs Inc. has announced plans to sell Presque Isle Downs & Casino along with eight other gaming properties. This strategic move aims to refocus the company's operations on its flagship Churchill Downs Racetrack and the Kentucky Derby. The CEO, Bill Carstanjen, indicated that properties may be sold individually or in small groups to maximize shareholder value.
The sale includes various locations across Florida, Indiana, Iowa, Maine, Maryland, Mississippi, New York, and Pennsylvania. While Presque Isle Downs & Casino has seen a decline in slot and table games revenue, it has experienced significant growth in sports wagering and iGames revenue.
Proceeds from these asset sales are intended to reduce company debt, reinvest in core high-return properties, and fund stock repurchases.
(Source：Ellwood City Ledger)