GLOBE NEWSWIRE – Saratoga Harness Racing, Inc. (SHRI) and Churchill Downs Incorporated (CDI) (Nasdaq:CHDN) announced they have executed a binding term sheet and are close to finalizing a five-year management contract wherein CDI will manage Saratoga Casino and Raceway in Saratoga Springs, NY and Saratoga Casino Black Hawk in Black Hawk, CO. Once finalized, the management contract will become effective as soon as CDI obtains necessary licenses and approvals in New York and Colorado.
Should CDI and SHRI be successful in their joint bid to build Capital View Casino & Resort, a proposed world class destination resort casino in East Greenbush, NY, CDI will also manage that facility. A binding term sheet for such management agreement was included with CDI and SHRI’s New York casino license application that was submitted on June 30.
SHRI and CDI have also signed a binding term sheet and begun negotiations on a stock purchase agreement wherein CDI will purchase 25 percent of economic and voting interests of SHRI. In addition to its flagship Saratoga Casino and Raceway in Saratoga Springs, NY, SHRI owns a controlling interest in Saratoga Casino Black Hawk in Black Hawk, CO; a 50% interest in a joint venture with Delaware North Companies to manage the Gideon Putnam Hotel and Resort in Saratoga Springs, NY and a minority interest in Ellis Park, a thoroughbred racing and instant racing machine facility in Henderson, KY. SHRI, together with its partner Rush Street Gaming, filed a second application for a New York casino in Newburgh, NY in the Hudson Valley-Catskills Region.
“We are very excited about the expansion of our relationship with Churchill Downs,” said James D. Featherstonhaugh, Secretary & Chief Legal Officer of SHRI. “We look forward to a long and successful partnership between two iconic names in the racing and gaming world.”
“We are proud to take an ownership interest in Saratoga Harness Racing Inc., which shares with us a passion for offering premier racing and gaming entertainment,” said Bill Carstanjen, President and Chief Operating Officer of Churchill Downs Incorporated. “We are excited to expand our operations into New York and Colorado and hope to become more involved in the Capitol Region if we are fortunate enough to be awarded a license to build and operate Capital View Casino & Resort.”
About Churchill Downs Incorporated
Churchill Downs Incorporated (CDI) (Nasdaq:CHDN), headquartered in Louisville, Ky., owns and operates the world-renowned Churchill Downs Racetrack, home of the Kentucky Derby and Kentucky Oaks, as well as racetrack and casino operations in Miami Gardens, Fla.; racetrack, casino and video poker operations in New Orleans, La.; racetrack operations in Arlington Heights, Ill.; a casino resort in Greenville, Miss.; a casino hotel in Vicksburg, Miss.; a casino in Oxford, Maine; and a 50 percent owned joint venture, Miami Valley Gaming and Racing LLC, in Lebanon, Ohio. CDI also owns the country’s premier online wagering company, TwinSpires.com; the totalisator company, United Tote; Luckity.com, offering real-money Bingo online for a chance to win cash prizes; Bluff Media, an Atlanta-based multimedia poker company; and a collection of racing-related telecommunications and data companies. Additional information about CDI can be found online at www.churchilldownsincorporated.com.
About Saratoga Harness Racing Inc.
Saratoga Harness Racing, Inc. is the Northeast’s premier racing and gaming company, and one of the Capital Region’s largest employers, boasting a $15 million annual payroll and 630 employees at its Saratoga Springs facility. SHRI traces its history to June 1941 with the start of harness racing at the nation’s third oldest harness track. Today, Saratoga Harness Racing, Inc. operates gaming, racing and entertainment venues in three states, including Saratoga Casino Black Hawk in Colorado, Ellis Park in Kentucky and the Gideon Putnam Hotel and Resort in Saratoga Springs, N.Y.