In related news, CDI’s plans to build an Ohio racino has been given the green light by state legislators. In March, CDI announced it was partnering with Delaware North Cos. Gaming and Entertainment on a plan to buy the Lebanon Raceway in Warren County, then move the operation to a 120-acre site that was formerly used as a state prison. The state is to receive $5m for the land purchase. The joint venture, which operates under the banner of Miami Valley Gaming & Racing, plans to incorporate a 188k-square-foot casino featuring 2,500 video lottery terminals alongside the racetrack and grandstand. On Tuesday, Warren County commissioners approved special tax breaks that will allow the project to go forward.
Finally, CDI has also agreed to pay $141m to acquire the Riverwalk Casino and Hotel in Vicksburg, Mississippi. In June, CDI CEO Robert Evans claimed his company would be ‘very active’ in seeking acquisitions thanks to what he touted as CDI’s robust balance sheet. As proof of that claim, CDI plans to pay for the Riverwalk acquisition with cash, and the purchase is expected to close before the end of the year. The deal is contingent upon receiving the Mississippi Gaming Commission’s approval, but that would appear to be a formality. CDI already operates Harlow’s Casino in Greenville, Mississippi, as well as gaming facilities in Florida, Louisiana plus racetracks in Illinois and its home state of Kentucky.