Churchill Downs Inc. (CHDN) announced that it has entered into a definitive purchase agreement to acquire Riverwalk Casino and Hotel in Vicksburg, Miss., for total consideration of approximately $141 million, to be paid in cash.
The transaction, which is contingent upon the company securing a gaming license from the Mississippi Gaming Commission and other usual and customary closing conditions, is anticipated to close by the end of the year. If certain closing conditions are not satisfied, the company could be obligated to pay a $7 million termination fee.
The transaction is expected to be immediately accretive to earnings per share by approximately $0.31.
Based on historical performance, the company estimates that Riverwalk's annual impact is expected to be approximately $55 million in revenue (net of promotional allowances), $19 million in EBITDA, and $9.9 million in free cash flow (EBITDA minus maintenance capital, interest and taxes).
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