Churchill Downs to Buy HHR Company Exacta Systems for $250 Million
Churchill Downs announced late Mon that it plans to gain Exacta Systems, a Florida-based provider of historical gymnastic horse racing (HHR) systems and gaming machines.
In the deal, announced after markets closed Monday afternoon, the Louisville-based gaming and racing fellowship said it would buy all of Exacta’s remaining equity interests for $250 million.
Exacta works with a keep down of leading gaming engineering companies, such as AGS, IGT, Light & Wonder, Everi, Konami, and Incredible Technologies, and integrates their games into Exacta’s HHR platform. It currently workings with HHR operators inwards Kentucky, New Hampshire, Virginia, and Wyoming.
For nearly a decade, Exacta has been a originative drive supporting the development of historical gymnastic horse racing inwards the US,” CDI CEO Bill Carstanjen said. “We looking forward to expanding Exacta’s subject step and farther diversifying the game offerings usable to players at HRM facilities around the country.”
The business deal is expected to tight sometime in 2023, according to the CDI release.
Churchill Downs is ane of the country’s leading HHR operators. In Bluegrass State alone, it has to a greater extent than 4,000 machines at fin locations, and work is underway to establish ii to a greater extent in the state. The troupe also acquired sixer HHR venues inward Old Dominion State through and through its acquisition of several Peninsula Pacific Ocean Entertainment (P2E) properties earlier this year, and in that location are plans for two to a greater extent facilities in that state as well.
In addition, CDI latterly closed in(p) on the purchase of Chasers Poker Room inward New Hampshire, which accompany officials say holds potency for both HHR and tabularize biz growth.
HHR Fast Growing Game
HHR is a expansion slot machine-like game. However, instead of a random figure author to learn whether a wager wins, HHR uses the outcomes of previously flow races to check winning wagers. In addition, HHR wagers are considered pari-mutuel wagers.
It’s non simply growing in KY and Virginia, either. Several other states, including Kansas River and Louisiana, have got sanctioned the gaming machines for their markets.
The machines make been inward Bluegrass State for more than a decade. Churchill Downs was a late adopter in the state, as the company’s Derby City Gaming did non unfastened until September 2018. However, in the years since, CDI has grown its HHR business sector sharply through a admixture of new developments and acquisitions. The to the highest degree recent purchase was Ellis Park in Sept for $79 million.
Churchill Downs now controls near 60% of the HHR machines that control inwards the state.
Now, inward add-on to operating thousands of machines, John Churchill Downs testament shortly possess a tonality provider to other tracks and entities that bid HHR machines at their venues.
Busy Year for John Churchill Downs
Monday’s transaction potential caps what has been a engaged twelvemonth for Sir Winston Leonard Spenser Churchill Downs. In addition to buying Ellis Mungo Park and most of P2E, the fellowship also sold a 49% wager in its United Tote naval division to NYRA as the 2 racing powers looking to acquaint pari-mutuel gymnastic horse racing to bettors using fixed-odds sports wagering apps. In that vein, Sir Winston Leonard Spenser Churchill Downs also signed agreements with FanDuel and DraftKings.
CDI also skint run aground in June on a new gambling casino it will run inwards Terre Haute, Ind. That $290 1000000 developing is expected to unresolved inward ahead of time 2024.
Churchill Downs is also investing millions inward its namesake rails inwards Louisville. While on that point are no more electric current plans for HHR machines at the historical site, the troupe is