Churchill Downs Buys Maine Casino For $160 MillionGambling Company Expands In New State |
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Kentucky-based Churchill Downs Inc. announced late last week that it will acquire Oxford Casino in Oxford, Maine for about $160 million in cash.
The deal depends on the firm receiving a state gaming license.
“The acquisition of Oxford continues our focus on investing capital in gaming-friendly states, in newer properties, in what we believe are competitively defensible markets, and at valuations that we believe will result in significant future free cash flow generation at rates of return attractive to our shareholders,” Churchill Downs CEO Robert Evans said in a statement. “The Oxford team of over 400 employees has done an exceptional job and we look forward to welcoming them into the Churchill Downs family.”
Churchill Downs has gaming interests all over the eastern half of the United States.
According to a press release:
“Oxford [Casino] opened in June 2012 and underwent an expansion completed in October 2012, is located on 100-acres about 40 minutes northwest of Portland in the heart of southern Maine. The property includes a 25,000-square-foot single-level gaming floor.”
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