03/29/2013 2:48PM

Churchill Downs Inc. buying casino in Maine


Churchill Downs Inc. has reached an agreement to buy a casino that opened less than a year ago in Oxford, Maine, for $160 million, the company announced on Friday.

If the deal closes, the casino will become the third stand-alone casino property purchased by Churchill within the past three years. The company has also bought two casinos in Mississippi, in addition to the two casinos it operates at its Calder Race Course in Miami and Fair Grounds race track in New Orleans.

The Oxford Casino is one of two casinos located in Maine. Owned by Black Bear Realty Co., the casino opened in June 2012 and has a 25,000-square-foot gambling floor with nearly 800 slot machines and 22 table games. It is located approximately 35 miles northwest of Portland.

In a release, Churchill said it expected the casino to generate $12.5 million in “free cash flow” annually. The acquisition will be funded by Churchill’s existing line of credit, the company said.

For 2012, Churchill had total revenue from its non-parimutuel gambling operations of $223.1 million, out of total revenue of $708.5 million, according to financial statements.