This was due to the fact that most of the female and minority investors agreed to sell their holding to Churchill Downs. The company purchasing a majority stake in the property’s owner resulted in female and minority ownership interests dropping from 17% prior the sale to under 3%. However, the gaming regulator told Churchill Downs that it had 90 days to bring in more female and minority investors as an important condition for the company to be able to seal the transaction. Board members voted overwhelmingly in support of the $326 million deal that saw Churchill Downs acquire a nearly 62% stake in Rivers Casino’s owner Midwest Gaming Holdings.
The state gaming regulator gave the green light to the transaction on March 1. finalized earlier this month the acquisition of a majority stake in Rivers Casino Des Plaines near Chicago, even though it seems it has failed to fulfill an important condition of the Illinois Gaming Board.
Casino and racetrack operator Churchill Downs Inc.