Churchill Downs Incorporated (CDI) has received unanimous approval from the Iowa Racing and Gaming Commission for its $2.75 billion acquisition of Hard Rock Hotel & Casino Sioux City. The 45,000-square-foot venue, owned by Peninsula Pacific Entertainment (P2E), offers an array of gaming options, including slot machines, gaming tables, and a sportsbook, as well as live entertainment venues and restaurants. CDI plans to uphold P2E’s existing agreement with Missouri River Historic Development (MRDH), the local nonprofit that holds the casino’s state gaming license. Additionally, CDI has entered into an agreement to sell a 49% stake in United Tote Company to NYRA Content Management Solutions, a subsidiary of the New York Racing Association (NYRA).
Churchill Downs’ Acquisition of Hard Rock Hotel & Casino Sioux City:
The Iowa Racing and Gaming Commission has given its unanimous approval for Churchill Downs Incorporated (CDI) to acquire Hard Rock Hotel & Casino Sioux City. The $2.75 billion acquisition of the 45,000-square-foot venue owned by Peninsula Pacific Entertainment (P2E) includes the casino’s gaming facilities, hotel, sportsbook, live entertainment venues, and restaurants. CDI plans to honor P2E’s existing agreement with Missouri River Historic Development (MRDH), a local nonprofit that holds the casino’s state gaming license and receives a portion of the revenues. The funds received by MRDH are distributed to charities, civic groups, and local government in Woodbury and the surrounding area. CDI has expressed its commitment to the existing team at Hard Rock Sioux City and intends to build upon the casino’s success.
Sale of United Tote Company Stake to NYRA:
Churchill Downs Incorporated (CDI) has reached an agreement to sell a 49% stake in United Tote Company to NYRA Content Management Solutions, a subsidiary of the New York Racing Association (NYRA). The transaction, expected to be finalized by the end of 2022, is subject to customary closing conditions and regulatory approvals. The sale will exclude the United Tote pari-mutuel settlements business, which will remain under CDI’s ownership. This strategic move allows CDI to focus on its core operations while partnering with NYRA to further develop and enhance the United Tote business. The collaboration between CDI and NYRA underscores their shared commitment to the growth and innovation of the pari-mutuel wagering industry.
The approval of Churchill Downs Incorporated’s acquisition of Hard Rock Hotel & Casino Sioux City represents a significant milestone in CDI’s expansion efforts. With the Iowa Racing and Gaming Commission’s unanimous endorsement, CDI is set to integrate the popular venue into its portfolio, upholding the existing agreements and ensuring a seamless transition. Simultaneously, CDI’s decision to sell a stake in United Tote Company to NYRA Content Management Solutions demonstrates its strategic focus on optimizing its operations and forging partnerships to drive innovation in the pari-mutuel wagering sector. As CDI continues to expand its footprint in the gaming industry, these developments position the company for further growth and success in the market.