Churchill completes Saratoga Harness acquisition
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Churchill Downs Incorporated and Saratoga Harness Racing, Inc. (SHRI) have completed the previously announced transaction whereby CDI has acquired a 25 percent membership interest in Saratoga Casino Holdings LLC (SCH) for approximately $24.8 million.
SCH is a newly-formed entity that includes Saratoga Casino and Raceway in Saratoga Springs, N.Y. and a 50 percent interest in a joint venture with Delaware North Companies to manage the Gideon Putnam Hotel and Resort in Saratoga Springs, NY. Saratoga Casino and Raceway includes the $40 million hotel expansion under construction and scheduled to open late spring 2016. The purchase price remains subject to final adjustments for SCH's working capital related to the transferred New York operations.