Churchill Downs Incorporated completes acquisition of Maryland casino
Churchill Downs Incorporated has announced that it has completed a deal in partnership with fellow American casino and racetrack operator Saratoga Casino Holdings to purchase the firms behind Maryland’s Casino At Ocean Downs and its associated Ocean Downs Racetrack.
Louisville-based Churchill Downs Incorporated is the company behind casinos including Maine’s Oxford Casino as well as the Riverwalk Casino Hotel in Mississippi and revealed that the new Old Bay Gaming And Racing joint venture has spent an undisclosed amount to acquire firms Ocean Enterprise 589, Ocean Downs and Racing Services from a private ownership group led by businessman William Rickman.
“By virtue of its 25% ownership of Saratoga Casino Holdings, Churchill Downs Incorporated will indirectly own an additional 12.5% of [Old Bay Gaming And Racing] for a total interest in [Old Bay Gaming And Racing] of 62.5%,” read an August statement from Churchill Downs Incorporated.
Churchill Downs Incorporated earlier stated that the deal, which has been approved by the Maryland Lottery And Gaming Control Agency and the Maryland Racing Commission, would see Rickman, who was Executive Vice-President for former operator Maryland Gaming, serve as a senior advisor to Old Bay Gaming And Racing in order to “ensure that this strategic partnership is successful”. The Kentucky firm explained that the transaction would moreover include Denise Hill, Government Relations Director for Maryland Gaming, and the firm’s General Manager, Joseph Cavilla, remaining in these roles.
Rickman purchased Casino At Ocean Downs and Ocean Downs Racetrack in 2000 before rebuilding the casino ten years later. As a result, the facility on approximately 168 acres of land in the Maryland town of Berlin about a five-minute drive from the coastal resort community of Ocean City now offers some 800 video lottery terminals and electronic gaming tables as well as a schedule of live seasonal harness racing and a year-round simulcast facility.