HARRISBURG, Pa., Aug. 15, 2018 /PRNewswire/ -- The Pennsylvania Gaming Control Board today approved the change of control of the Category 1 Slot Machine License for Presque Isle Downs & Casino in Erie County.
Under the agreement approved by the Board at its public meeting, the license, held since 2014 by Eldorado Resorts, Inc. will be transferred to Churchill Downs, Inc., a publicly traded company based in Louisville, KY.
Churchill Downs, Inc., as the new slot machine license holder, will pay the Commonwealth a change of control fee of $3.75 million.
A PowerPoint presentation provided by representatives of Churchill Downs, Inc. is available on the Board's web site as part of the August 15, 2018 information under the Meetings tab on the PGCB's web site, www.gamingcontrolboard.pa.gov.
The next meeting of the Pennsylvania Gaming Control Board is scheduled for Wednesday, September 12, 2018 in the PGCB's Public Hearing Room located on the second floor of Strawberry Square in Harrisburg.
About the Pennsylvania Gaming Control Board:
The Pennsylvania Gaming Control Board is tasked to oversee all aspects of the state's casino industry, along with oversight of new gaming initiatives created through amendments to the Race Horse Development and Gaming Act recently approved by the signing of Act 42 of 2017.
The Commonwealth's casino industry currently consists of 10 stand-alone and racetrack casinos in operation, along with the two smaller resort casinos. These facilities collectively employ 17,000 people and annually generate approximately $1.4 billion in tax revenue from slot machine and table games play. The largest portion of that money is used for property tax reduction to all Pennsylvania homeowners.
Additional information about both the PGCB's gaming regulatory efforts and Pennsylvania's gaming industry can be found at gamingcontrolboard.pa.gov. You can also follow the agency on Twitter by choosing @PAGamingControl.
Doug Harbach or Richard McGarvey
SOURCE Pennsylvania Gaming Control Board