Churchill Downs closes on Oxford Casino buy
Churchill Downs Inc., the Louisville-based owner of the Kentucky Derby, has completed its purchase of the Oxford Casino, which opened last year.
The Associated Press reported the company announced Wednesday closure of the deal, valued at about $160 million. In March, when the company announced the move, Churchill estimated that the $160 million price will be approximately 7.5 times the casino's year-end earnings before interest, taxes, depreciation and amortization. Since then, the company had been waiting for approval from the Maine Gambling Control Board.
The casino has a gambling floor of approximately 25,000-square-feet with 793 slot machines, 22 table games and a restaurant.
Early last month, Casalinova Development Group announced its plans to build a hotel across from the casino, which brought in around $65 million in its first year.
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