Churchill Downs cancels purchase of casino after antitrust questions
VICKSBURG, Miss. (AP) -- The sale of a Mississippi casino to Churchill Downs has been canceled in the face of antitrust concerns.
Eldorado Resorts of Reno, Nevada, says it won't sell Lady Luck Casino in Vicksburg to Churchill Downs.
The sale was supposed to be a package deal in which the Kentucky company is also buying Presque Isle Downs & Casino in Erie, Pennsylvania.
Churchill Downs already owns Vicksburg's Riverwalk Casino Hotel. It was going to pay $51 million for Lady Luck, one of four Vicksburg casinos.
Churchill will go through with the $179 million Presque Isle purchase, but instead will seek to take over the Lady Luck Casino Nemacolin in Farmington, Pennsylvania, for $100,000. Churchill is also paying Eldorado a $5 million termination fee.
Eldorado says the Nemacolin transfer will provide tax benefits.
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