{"id":18039,"date":"2015-10-07T14:47:35","date_gmt":"2015-10-07T18:47:35","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/10\/churchill-downs-transition-to-ownership-of-casino-and-gideon-putnam-moves-ahead.html"},"modified":"2015-10-07T14:47:35","modified_gmt":"2015-10-07T18:47:35","slug":"churchill-downs-transition-to-ownership-of-casino-and-gideon-putnam-moves-ahead","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/10\/churchill-downs-transition-to-ownership-of-casino-and-gideon-putnam-moves-ahead\/","title":{"rendered":"Churchill Downs&#8217; Transition To Ownership Of Casino And Gideon Putnam Moves Ahead"},"content":{"rendered":"<p> The first phase of the partnership between<br \/>\nSaratoga Harness Racing Inc. and Churchill<br \/>\nDowns Inc.&#8217;, in Louisville, Ky., is complete.<br \/>\nThe acquisition of a 25 percent stake in<br \/>\nSaratoga Casino Holdings LLC was first announced<br \/>\nlast fall. It was said to be a $30 million<br \/>\ndeal at the time, but is now listed at of $24.8<br \/>\nmillion.<\/p>\n<p>Churchill Downs is the site of the annual<br \/>\nKentucky Derby.<\/p>\n<p>Saratoga Casino Black Hawk in Black Hawk,<br \/>\nColo., Saratoga Casino and Raceway in Saratoga<br \/>\nSprings, and a 50 percent interest in a joint<br \/>\nventure to manage the Gideon Putnam Hotel<br \/>\nand Resort in Saratoga Springs by Delaware<br \/>\nNorth Companies, are included in newly formed<br \/>\nSaratoga Casino Holdings.<\/p>\n<p>&#8220;The purchase price remains subject to final<br \/>\nadjustments for SCH&#8217;s working capital related to<br \/>\nthe transferred New York operations,&#8221; as obtained<br \/>\nfrom Louisville Business First. Due to the transfer<br \/>\nof interest expected to take several more months, the deal will be split into two separate transactions,<br \/>\n&#8220;Upon receipt of applicable approvals from<br \/>\nthe Colorado Division of Gaming, (Saratoga<br \/>\nHarness Racing) will contribute its controlling<br \/>\ninterest in Saratoga Casino Black Hawk in Black<br \/>\nHawk, Colo., to (Saratoga Casino Holdings),&#8221; said<br \/>\na news release.<\/p>\n<p>&#8220;At such time, CDI will pay the remainder of<br \/>\nthe purchase price to SHRI of approximately<br \/>\n$6.4 million for CDI&#8217;s pro-rata ownership of<br \/>\nColorado operations, subject to adjustments for<br \/>\nworking capital,&#8221; according to the agreement<br \/>\nreached between Saratoga Harness and Churchill<br \/>\nDowns Inc.<\/p>\n<p>The $40 million hotel expansion under construction<br \/>\nand expected to open in the spring is<br \/>\nincluded in Saratoga Casino and Raceway.<\/p>\n<p>A five-year management contract signed last<br \/>\nyear between the two companies stipulated that<br \/>\nSaratoga Casino and Raceway and Saratoga Casino<br \/>\nBlack Hawk would be managed by Churchill<br \/>\nDowns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> The first phase of the partnership between Saratoga Harness Racing Inc. and Churchill Downs Inc.&#8217;, in Louisville, Ky., is complete. The acquisition of a 25 percent stake in Saratoga Casino Holdings LLC was first announced last fall. It was&#8230;<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[57],"class_list":["post-18039","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Churchill Downs&#039; Transition To Ownership Of Casino And Gideon Putnam Moves Ahead - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/10\/churchill-downs-transition-to-ownership-of-casino-and-gideon-putnam-moves-ahead\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Churchill Downs&#039; Transition To Ownership Of Casino And Gideon Putnam Moves Ahead - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"The first phase of the partnership between Saratoga Harness Racing Inc. and Churchill Downs Inc.&#039;, in Louisville, Ky., is complete. The acquisition of a 25 percent stake in Saratoga Casino Holdings LLC was first announced last fall. 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