Churchill Downs Inc. and Saratoga Casino Holdings LLC announced in August a joint venture to purchase Ocean Downs harness track and casino near Ocean City, Md., for an undisclosed price.
The groups–owners of Saratoga Casino Hotel in Saratoga Springs–bought all of the equity interests of Ocean Enterprise 589 LLC, Ocean Downs LLC and Racing Services LLC, the entities that own and operate the casiano at Ocean Downs and Ocean Downs Racetrack.
The purchase was made from a private ownership group led by William M. Rickman Jr.
Churchill Downs Inc. and Saratoga Casino Holdings LLC formed a new company to execute the definitive agreement to acquire these equity interests, Old Bay Gaming & Racing, LLC, which is 50 percent owned by Churchill Downs Inc. and 50 percent owned by Saratoga Casino Holdings LLC.
By virtue of its 25 percent ownership of Saratoga Casino Holdings LLC, Churchill Downs Inc. will indirectly own an additional 12.5 percent of the new properties for a total interest of 62.5 percent.
The economic terms of the transaction are confidential, officials said.
Rickman remains a senior advisor to the new owners in his capacity as executive vice president of Maryland Gaming LLC.
Long-term government relations director Denise Hill and general manager, Joseph Cavilla also continue in their respective roles post-closing.
The casino and harness racetrack are located in Berlin, Md., and encompass approximately 168 acres of land. Rickman first purchased the property in 2000 and later built the casino in 2010, which now hosts 800 video lottery terminals and electronic table games, as well as live seasonal harness racing.
The transaction is expected to close later this year.
Churchill Downs Incorporated, headquartered in Louisville, Ky., is a racing, gaming and online entertainment company anchored by the iconic event, the Kentucky Derby. Additional information can be found online at www.churchilldownsincorporated.com.
Saratoga Casino Holdings LLC in Saratoga Springs, offers 1,700 slot machines, electronic table games, live harness racing, simulcast wagering, live entertainment and a hotel.