HoP deal worth $8.2 million

In documents filed with the Indiana Horse Racing Commission, Centaur, Inc. will pay an aggregate cost of $8.2 million to become sole owner of Hoosier Park. Centaur and Churchill Downs Incorporated announced Dec. 13 that an agreement had been reached wherein CDI’s 62 percent majority stake would be sold to the Indianapolis-based company, but financial terms were not disclosed.

The sale agreement also includes a provision for legalized casino style gaming. In the event that slot machines or other electronic gaming devices are approved for use at Indiana racetracks or satellite wagering facilities within seven years of the close of sale, Centaur would pay Churchill Downs Management Company up to $15 million. The sale is pending approval by the Indiana Horse Racing Commission and the City of Anderson Department of Parks and Recreation.

Centaur currently holds a 38 percent interest in Hoosier Park. The gaming company held a 13 percent interest in the Anderson racetrack when it first opened in 1994. In December 2001 Centaur purchased a 15 percent stake from CDI for $4.5 million while adding a 10 percent interest held by Conseco, Inc.

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