(Cincinnati, Oh.) - Casino operator Pinnacle Entertainment is buying River Downs Racetrack near Cincinnati.
Horse racing at River Downs Race Track.
Pinnacle is reported to be paying $45 million for the racetrack where the horses run.
“The proposed acquisition of River Downs Racetrack is consistent with our strategy to thoughtfully deploy our solid balance sheet for return-focused growth opportunities,” said Anthony Sanfilippo, Pinnacle’s chief executive officer.
The acquisition includes 155 acres of land, of which 35 acres remain undeveloped.
Pinnacle company officials say the purchase fits nicely with its nearby Belterra Casino Resort in Switzerland County, Indiana.
Pinnacle is betting on state lawmakers approving video lottery terminals at Ohio racetracks.
“If VLTs are allowed in Ohio, Pinnacle will revitalize River Downs as a unique gaming entertainment destination in Cincinnati, which will drive the creation of new full-time jobs while generating new tax revenue for the state and local community,” the CEO said.