Churchill Downs Expands by Acquiring Oxford Casino
Several states in the USA are about to widen their gambling market by legalising online gambling. Around ten states are expected to allow online gaming and casinos to operate within state borders which led to an unusual quickening of the online gaming market in the US.
One of the largest companies expected to cash in on the new legislation is well known horse racing giant, Churchill Downs. The company’s expansion plan started a few years ago when they acquired Bluff Media, a poker publishing firm in Atlanta.
Churchill Downs’ most recent move is the purchase of Maine-based Oxford Casino for close to $160 million, to be finalised upon receiving a gaming license from the Maine Gaming Control Board.
Churchill Downs CEO Robert Evans remarked “The acquisition of Oxford Casino continues our focus on investing capital in gaming-friendly states, in newer properties, in what we believe are competitively defensible markets and at valuations that we believe will result in significant future free cash flow generation at rates of return attractive to our shareholders… we look forward to welcoming [the Oxford Casino team] into the Churchill Downs family”.