THE COMPANY WHICH OWNS THE HISTORIC SITE OF THE KENTUCKY DERBY HAS ANNOUNCED A DEAL TO PURCHASE THE ASSETS OF THE COMPANY WHICH OWNS SIOUX CITY’S HARD ROCK CASINO.
CHURCHILL DOWNS INCORPORATED HAS ENTERED AN AGREEMENT TO BUY THE ASSETS OF PENINSULA PACIFIC ENTERTAINMENT FOR TWO-POINT-FOUR-EIGHT BILLION DOLLARS.
IOWA RACING AND GAMING ADMINISTRATOR, BRIAN OHORILKO (O-RILL-KO) SAYS HIS OFFICE WAS NOTIFIED OF THE DEAL THIS (TUESDAY) MORNING.
SOLD1 OC……….HARD ROCK” :14
UNDER TERMS OF THE DEAL, C-D-I WOULD SELL THE PROPERTY ASSOCIATED WITH HARD ROCK SIOUX CITY TO A THIRD PARTY AND THEN LEASE IT BACK TO RUN THE CASINO.
IF THE COMPANY CAN’T REACH AN AGREEMENT ON A LEASE — C-D-I WOULD THEN BUY THE HARD ROCK CASINO ITSELF.
OHORILKO HASN’T HAD THE CHANCE TO LEARN MORE BEYOND WHAT THE COMPANY ANNOUNCED:
SOLD2 OC…….NEXT FEW DAYS” :08
THERE ARE OTHER PROPERTIES AND STATES INVOLVED IN NEW YORK AND VIRGINIA, AND OHORILKO SAYS CHURCHILL DOWNS HAS TO GET APPROVALS FROM ALL OF THEM — AS WELL AS GOING THROUGH ALL THE BACKGROUND CHECKS HERE IN IOWA.
SOLD3 OC…….BACKGROUNDS CONDUCTED” :20
PENINSULA PACIFIC ENTERTAINMENT WAS IN AT THE START OF THE HARD ROCK WHEN THE SIOUX CITY CASINO WAS MOVED FROM A RIVERBOAT TO THE LAND.
SOLD4 OC……..SEPARATE TRANSACTION” :20
THE SALE IS EXPECTED TO BE FINALIZED BY THE FALL OF THIS YEAR.
UPDATED 2PM 2/22/22 Dar Danielson contributed to this story
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SIOUX CITY’S HARD ROCK HOTEL AND CASINO HAS BEEN SOLD.
THE CASINO IS BEING ACQUIRED BY CHURCHILL DOWNS INCORPORATED, WHICH IS BUYING MOST OF THE ASSETS OF THE CURRENT OWNER, PENINSULA PACIFIC ENTERTAINMENT FOR $2.485 BILLION DOLLARS.
CHURCHILL DOWNS WILL PURCHASE ALL OF PENINSULA PACIFIC ENTERTAINMENT’S ASSETS IN VIRGINIA AND NEW YORK, AS WELL AS THE SIOUX CITY HARD ROCK CASINO PROPERTY.
THE TRANSACTION IS PENDING THE APPROVAL OF THE IOWA RACING AND GAMING COMMISSION, AS WELL AS THE VIRGINIA AND NEW YORK RACING COMMISSIONS.
THE TRANSACTION IS EXPECTED TO BE FINALIZED BY THE END OF THIS YEAR.
