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Churchill Downs completes purchase of Presque Isle Downs & Casino

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Churchill Downs completes purchase of Presque Isle Downs & Casino

Churchill Downs Inc. said Jan. 11 that it completed the acquisition of Presque Isle Downs & Casino in Erie, Pa., from Eldorado Resorts Inc., following the approval of the Pennsylvania Gaming Control Board and the Pennsylvania State Horse Racing Commission.

The Kentucky-based company bought the casino for a cash consideration of $178.9 million, funded with cash on hand and through Churchill Downs' existing credit facility.

In August 2018, Churchill Down said it will take over the management of Eldorado's Lady Luck Casino Nemacolin in Farmington, Pa., as part of its acquisition of Presque Isle.