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Churchill Downs closes stake acquisition of Chicago casino

Churchill Downs Inc. said March 5 that it completed the acquisition of a stake in Midwest Gaming Holdings LLC's Chicago casino Rivers Casino Des Plaines for a cash consideration of about $407 million.

After the Illinois Gaming Board approved the deal March 1, Kentucky-based Churchill Downs used cash on hand and funds from its existing credit facility to close the transaction.

Rivers Casino Des Plaines is 15 miles from downtown Chicago and 2 miles from O'Hare International Airport and comprises a 44,000-square-foot single-level gaming floor.

In October 2018, Churchill Downs agreed to acquire a majority stake in Midwest Gaming Holdings for an enterprise value of $1.45 billion.