Casino events

The new owner of the Del Lago Resort & Casino will be in place by the end of the year

Del Lago Resort & Casino in the town of Tire in Seneca County will soon be under new ownership. Churchill Downs Inc., the company that owns the Kentucky Derby, has reached an agreement to buy the Virginia-based company that operates del Lago. (ADAM ROMBEL/CNYBJ FILE PHOTO)

Ja company that operates del Lago Ressort & Casino shouldhave a new owner by the end of 2022.

Churchill Downs Inc. (CDI) (NASDAQ:CHDN) plans to acquire “substantially all” of the assets of Richmond, Va.-based Peninsula Pacific Entertainment LLC (P2E) for nearly $2.5 billion.

Del Lago is visible and located just off the New York State Highway in the town of Tyr, Seneca County.

CDI, based in Louisville, Kentucky, owns racetracks, casinos and online betting platforms. It is best known for operating the Kentucky Derby and the Churchill Downs Racecourse where the world famous horse race is held each year.

CDI will acquire all of P2E’s assets in New York and Virginia, as well as its casino operations in Sioux City, Iowa.

The P2E transaction is subject to customary and customary closing conditions, including the Company’s receipt of approvals from the New York State Gaming Commission, the Virginia Racing Commission and the Iowa Racing and Gaming Commission.

The transaction is expected to close by the end of 2022, according to a press release on CDI’s website.

“This unique set of assets expands our geographic footprint and provides additional scale,” said Bill Carstanjen, CEO of CDI. “P2E has done an exceptional job developing and managing this collection of assets, which we are very pleased to acquire and plan to strategically grow in the years to come.”

Del Lago is one of the properties that CDI will acquire as part of this transaction. It is a 96,000 square foot casino with approximately 1,700 slot machines, 80 table games, a 205 room hotel, nine restaurants/bars, 758 covered parking spaces, a 6,000 square foot sports betting area , a 2,400-seat entertainment venue, and a 7,200-square-foot outdoor event venue.