Churchill Downs plans to fund acquisition with new debt, cash

By Rebecca Melvin

Concord, N.H., Feb. 22 – Churchill Downs Inc. will fund its $2,485,000,000 acquisition of Peninsula Pacific Entertainment LLC with a combination of new debt and cash on hand, including proceeds from the pending sale of land near Calder Casino, according to an 8-K filed with the Securities and Exchange Commission and a company press release.

The transaction is expected to close by the end of 2022.

If the company does not secure the financing required to fund the purchase agreement and the transaction is canceled, the company may have to pay a termination fee of up to $330 million.

The racetracks and casinos company is based in Louisville, KY.

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