Churchill Downs continues its buying streak of casino properties with its latest acquisition, Oxford Casino in Maine. The purchase reiterates the strategy of Churchill to enter the casino industry in small steps that will equal a big move over time.
Last month the company paid $160 million in cash for the Oxford property, as Churchill Downs moves to transform itself from a pure racing company into a regional gaming operator. Over the past few years, Churchill Downs has acquired several casinos, including Calder Casino and Race Course in South Florida as well as Riverwalk Casino and Harlow’s Casino Resort & Spa, both in Mississippi.
Churchill Downs, which runs the Kentucky Derby and other thoroughbred races at tracks it owns in Kentucky, California and Florida, said the Oxford deal is expected to close in the fourth quarter of this year, pending approval of a gaming license from the Maine Gaming Control Board.