GREENVILLE, MS-Churchill Downs Inc. has acquired Harlow's CasinoResort & Hotel for about $138 million. The acquisition of thecasino property follows its licensure by the Mississippi StateGaming Commission.
The Louisville, KY-based company, which owns the racetrack thathosts the Kentucky Derby, bought the property from Levine LeichtmanCapital Partners. The Los Angeles-based investor provided astructured equity investment through its Levine Leichtman CapitalPartners III, a $500 million fund that has yielded a 29% IRR and a2.3x cash-on-cash return.
"The Harlow's investment has been very successful for ourpartners, our management team and all of the Company'sstakeholders,” says Lauren Leichtman, CEO of Levine Leichtman. “Weare proud of this first-class gaming facility, which has exceededall expectations of growth and popularity since it opened itsdoors."
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