Churchill Downs Inc. said Aug. 13 that it entered an asset purchase agreement to take over the management of Lady Luck Casino Nemacolin in Farmington, Pa. from Eldorado Resorts Inc.

The transfer of operations is part of the terms of the sale of Eldorado's Presque Isle Downs & Casino and substantially all of the assets and properties of the Lady Luck Casino to Churchill Downs.

Under the agreement, Churchill Downs will pay Eldorado $100,000 in cash for the rights and obligations to operate the casino. Churchill Downs had also previously agreed to pay Eldorado a termination fee of $5 million for canceling a deal to acquire the Lady Luck Casino in Vicksburg, Miss.

The Presque Isle Downs & Casino and Lady Luck Casino Nemacolin transactions are expected to close in the fourth quarter, subject to customary closing conditions.