The two major racing entities will buy the racetrack and casino but long-time owner William Rickman Jr. will stay on as senior advisor.
“This was a great opportunity to continue what we have started and turn Ocean Downs over to two organizations with worldwide reputations for excellence in gaming and horse racing,” Rickman said. “We feel very confident that the future of Ocean Downs couldn’t be in better hands. I will be working with them closely over the coming years to make sure this is a success.”
Churchill Downs Incorporated (CDI) and Saratoga Casino Holdings (SCH) announced their joint venture to purchase Ocean Enterprise 589 LLC, Ocean Downs LLC and Racing Services LLC — the companies that operate the casino and racetrack — on Tuesday. The two groups formed a new company, Old Bay Gaming and Racing, of which they each own 50 percent, to execute the sale.
“By virtue of its twenty five percent ownership of SCH, CDI will indirectly own an additional twelve and one-half percent of Buyer for a total interest in Buyer of sixty-two and one-half percent,” the release states. “The economic terms of the transaction are confidential.”
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4 comments:
Sooooooo
Who pays back the TAXPAYER for the state funds that went into the casino
11:39am.....how does FREE air conditioning for everyone sound?
What state funds went into the casino? We remember the state received funds from the operator in order to be awarded the license. Then every month the casino pays MD, Worcester County, Ocean City, Berlin and Ocean Pines royalty monies based on the casino income. The casino has paid government hundreds of thousands of dollars so far. With the big boys (Churchhill Downs & Saratoga Raceway) buying Ocean Downs those royalty payments will increase due to an expanded facility. Also, the casino pays thousands of dollars in employment taxes, real estate taxes, hires hundreds of employees and many contractors.
Elaborate more into detail Mr. Insider.
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