Churchill Downs Makes Move to Acquire The Oxford Casino

Published Tuesday, April 02, 2013 -

The USA is expanding its gambling scope by legalizing online gambling in certain states. It is expected that at least ten states will bring in some sort of legislation allowing online poker or casino games in the near future creating a market bonanza. Horse racing icon venue Churchill Downs decided a few years ago it would expand its horizons and purchase the assets of Atlanta-based poker publishing firm Bluff Media. Now it has entered into a definitive purchase agreement to acquire Oxford Casino in Maine for approximately $160 million in cash. The closing of the agreement is dependent on the company acquiring a gaming licence by the Maine Gaming Control Board.

Robert Evans, Chairman and Chief Executive Officer for Churchill Downs spoke on the move, “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,” Evans added, “The Oxford Casino team of over 400 employees has done an exceptional job and we look forward to welcoming them into the Churchill Downs family.” The Oxford Casino is a new entry opening only last June and expanded since which Churchill Downs finds very attractive for their needs.

The Black Bear Realty Company the owner of the facility spokesperson Bob Bahre said, “We are extremely proud of the property and, more importantly, of the incredible team that works at Oxford Casino,” Bahre continued to explain, “Although we developed the property, operating casinos is not our core business and we thought that the time was right to look for a major gaming company that could take this property to the next level. We are confident that we have found such a group in Churchill Downs and we look forward to welcoming it into the community.”

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