American horseracing and gaming firm Churchill Downs Incorporated has finally closed the Colorado portion of its $31.2 million deal to acquire a 25% membership stake in casino operator Saratoga Casino Holdings from Saratoga Harness Racing Incorporated.

First announced over two years ago, this part of the transaction has seen Louisville-based Churchill Downs Incorporated take a 25% interest in the Saratoga Casino Black Hawk in the city of Black Hawk some 35 miles west of Denver after receiving the necessary approvals from the Colorado Division Of Gaming.

“Following approval of the transaction by the Colorado Division Of Gaming, Saratoga Harness Racing Incorporated contributed its controlling interest in Saratoga Casino Black Hawk to Saratoga Casino Holdings, which was formed by Churchill Downs Incorporated and Saratoga Harness Racing Incorporated in conjunction with Churchill Downs Incorporated’s 2015 acquisition of a 25% interest in Saratoga Harness Racing Incorporated’s New York assets,” read a joint statement from Churchill Downs Incorporated and Saratoga Harness Racing Incorporated.

Churchill Downs Incorporated and Saratoga Harness Racing Incorporated completed the $24.8 million non-Colorado portion of the arrangement in October of 2015 to take a 25% stake in the new Saratoga Casino Holdings, which operates the Saratoga Casino And Raceway in Saratoga Springs, New York, and holds a 50% stake with Delaware North Companies in a joint venture that manages the nearby Gideon Putnam Hotel And Resort.

“Saratoga Casino And Raceway includes the $40 million hotel expansion under construction and scheduled to open [in] late-spring [of] 2016,” read a joint statement from the pair released in October of 2015. “The purchase price remains subject to final adjustments for Saratoga Casino Holding’s working capital related to the transferred New York operations.”

As part of the Colorado deal, Churchill Downs Incorporated is now set to implement a five-year deal to manage the Saratoga Casino And Raceway and Saratoga Casino Black Hawk on behalf of Saratoga Casino Holdings.