Delaware North Companies Gaming & Entertainment and Churchill Downs Incorporated have announced a joint venture to acquire Lebanon Raceway, which is presently located in Lebanon, Ohio. Lebanon Raceway is currently owned by the Lebanon Trotting Club Inc. and Miami Valley Trotting Inc., who will remain consultants to the new owners. The sale price is $60 million. The Lottery Commission and Racing Commission must approve the change in ownership.
Lebanon Raceway is also attempting to move its location from Lebanon to Monroe, Ohio, to be closer to I-75 and reach more customers based in Cincinnati and Dayton. The current owners had stated an intention to invest $175 million in the new facility, beyond the $50 million license to offer VLTs. That facility could open as soon as fall 2013. Penn has agreed to pay $75 million relocation fee for moving its two tracks, Beulah Park and Toledo Raceway. Lebanon Raceway’s relocation fee, if any, has not been determined.