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GREENVILLE, MS-Churchill Downs Inc. has acquired Harlow’s Casino Resort & Hotel for about $138 million. The acquisition of the casino property follows its licensure by the Mississippi State Gaming Commission.

The Louisville, KY-based company, which owns the racetrack that hosts the Kentucky Derby, bought the property from Levine Leichtman Capital Partners. The Los Angeles-based investor provided a structured equity investment through its Levine Leichtman Capital Partners III, a $500 million fund that has yielded a 29% IRR and a 2.3x cash-on-cash return.

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