US casino and racetrack operator Churchill Downs Incorporated (CDI) has finalised a deal to assume management of Lady Luck Casino Nemacolin in Farmington, Pennsylvania, from Eldorado Resorts.
The agreement, which was first announced in August of last year, is worth a cash consideration of $100,000 (£76,700/€88,700) and also includes the acquisition of certain assets related to the management of the casino.
The Pennsylvania Gaming Control Board state regulatory body has approved the deal, allowing the transaction to go through.
Opened in 2013, Lady Luck Casino Nemacolin is located close to the Nemacolin Woodlands Resort in Farmington. The facility operates approximately 600 slot machines and 27 table games.
However, Lady Luck Casino Nemacolin does not currently have sports wagering services available to customers. Pennsylvania is one of several states to have legalised sports betting in the wake of last year’s Supreme Court ruling on PASPA.
The deal comes after CDI last week also finalised its acquisition of certain ownership interests of Midwest Gaming Holdings, the parent company of Rivers Casino Des Plaines in Illinois. CDI will pay approximately $407m (£309.9m/€360.0m) for the assets.
The agreements follow CDI reporting a positive performance in 2018, during which revenue increased 14.3% year-on-year to $1.01bn. CDI noted its casino division had performed well during the year, with revenue up 17.3% to $411.2m.