Churchill Downs Incorporated has finalised the previously announced deal to purchase a stake in Midwest Gaming Holdings, the parent company of Rivers Casino Des Plaines, for approximately $407m.
The deal will see Churchill Downs receive a controlling stake in the company of 50.1%.
Opened in 2011, Rivers Casino Des Plaines is located two miles from the O’Hare International Airport and 15 miles from downtown Chicago.
It features a 44,000 square foot single–level gaming floor with 983 slot machines, 58 table games, seven dining and entertainment options and a multi-functional event centre.
Churchill Downs has evolved from one racetrack in Louisville, Kentucky, to a multi-state, multi-product operator.
In February, as the deal edged closer to completion, Greg Carlin, CEO of Midwest Gaming, said: "We are thrilled to have Churchill Downs become our partner in Des Plaines, because it shares our vision for the future of Rivers Casino and our commitment to our team members, community and guests.
"It has a tremendous record of success and innovation. With their representation on our board of managers, we're confident Rivers will remain one of the most successful casino destinations in North America."