Churchill to Acquire Riverwalk Casino, Hotel
Date Posted: 10/6/2012 3:43:17 PM
Last Updated: 10/7/2012 10:08:35 AM
Churchill Downs Incorporated has agreed to acquire Riverwalk Casino and Hotel in Vicksburg, Miss., for total consideration of approximately $141 million, to be paid in cash, the company announced Oct. 5.
The transaction, which is contingent upon CDI securing a gaming license from the Mississippi Gaming Commission and other usual and customary closing conditions, is anticipated to close by the end of the year. If certain closing conditions are not satisfied, CDI could be obligated to pay a $7 million termination fee.
CDI Chairman and CEO Robert Evans said this acquisition continues to reflect CDI’s commitment to its growth via diversification strategy.
“We are excited to have another property in the business-friendly state of Mississippi to add to our Harlow’s Casino Resort & Hotel property in Greenville, located 90 miles north of Riverwalk along the Mississippi River,” Evans said. “Riverwalk is an attractive investment for CDI as it is a newer facility with superior design, high quality amenities, and is operated by an outstanding team of over 400 employees with whom we look forward to working in the near future.
"We continue to look for opportunities to invest capital in growth opportunities, and we are hopeful that other jurisdictions, such as Kentucky and Illinois, will offer us a similar opportunity to invest and create jobs in the near future.”
Greg Carlin, CEO of Riverwalk and Rush Street Gaming, said, “We’re grateful to the entire Riverwalk team for its dedication and hard work in making Riverwalk the best casino in Vicksburg.”
Carlin added, “Operations at our remaining casinos in the U.S. and Canada are unaffected by this transaction and we continue to pursue new development opportunities.”
Riverwalk, which is located on approximately 22 acres of land in Vicksburg, Miss., on the Mississippi River less than one mile from Interstate 20, features a 25,000-square-foot single-level gaming floor with 723 Class III slot machines and 18 table games; a five-story, 80-room attached hotel; a 5,600-square-foot multi-functional event center overlooking the river; and two separate dining areas.
The property, which opened in October 2008, is operated by Magnolia Hill, LLC and is owned by High River Gaming, LLC, JB3 Corporation, and Taiman Holdings Corporation. Neil Bluhm is the largest principal in Riverwalk with an approximate 70% equity position.
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