CDI, Delaware North close on Lebanon assets
December 21, 2012
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On Friday, Dec. 21, Miami Valley Gaming & Racing, a joint venture of Delaware North Companies Gaming & Entertainment and Churchill Downs Incorporated (CDI), completed its purchase of the harness racing licenses and certain assets held by Lebanon Trotting Club Inc. and Miami Valley Trotting Inc
The closing on the purchase and recent state and local approvals pave the way for construction to begin on a new gaming and racing facility located near exit 29 off of Interstate 75 between Cincinnati and Dayton. The new facility is expected to open in the first quarter of 2014.
"We are pleased to be moving forward with this significant economic development project that is expected to add $24 million a year to the local economy and create 1,000 construction jobs and 700 permanent jobs in southwestern Ohio,” William Bissett, President of Delaware North Companies Gaming & Entertainment, said.
Bill Carstanjen,CDI's president and chief operating officer, added, "We appreciate the hard work of everyone involved, including the Ohio State Racing Commission and the Ohio Lottery Commission, to complete the necessary steps for us to build this new, world-class gaming and racing facility that we expect will be another great entertainment destination in Ohio.”
When construction of the new venue is completed, harness racing and simulcast operations will move from the current location at the Warren County Fairgrounds to the new gaming and racing complex on the northeast corner of Union Road and State Route 63 inTurtle Creek Township in Warren County.
The joint venture finalized the acquisition of this land with the Ohio Department of Administrative Services on Dec. 20, 2012. The new facility will include a five-eighths mile harness racing track and a 186,000 square-foot gaming facility, featuring up to 2,500 video lottery terminals (VLTs), on the 120-acre site. The Warren County Board of Commissioners approved the planned use development for the new facility in October.
Miami ValleyGaming & Racing will invest approximately $215 million, including the $50 million license fee payable to the Ohio Lottery Commission.
The purchase was contingent upon the approval of the partnership's respective applications to the Ohio Lottery Commission and the Ohio State Racing Commission. The Ohio State Racing Commission approved the joint venture's racing license and application to relocate the Raceway on Dec. 13, 2012. The Ohio Lottery Commission conditionally approved Miami Valley Gaming & Racing's application for its video lottery sales agent license on Dec. 19, 2012.
Racing and simulcasting will continue at the Warren County Fairgrounds facility until construction of the new facility is complete. (Miami Valley Gaming & Racing)