Milbank LLP advised Eldorado Resorts, Inc. (NASDAQ: ERI) in the sale of substantially all of the assets and liabilities of Presque Isle Downs & Casino in Erie, Pennsylvania and Lady Luck Casino Vicksburg in Vicksburg, Mississippi to Churchill Downs Incorporated (NASDAQ: CHDN). The consideration for Presque Isle Downs is approximately $178.9 million in cash and the consideration for Lady Luck Casino Vicksburg is approximately $50.6 million in cash, in each case subject to a customary working capital adjustment.
Both transactions are subject to receipt of required regulatory approvals, termination of the waiting period under the Hart-Scott-Rodino Act and other customary closing conditions. The closing of the sale of Presque Isle Downs & Casino is contingent upon the prior closing of the sale of the Lady Luck Casino Vicksburg.
The Milbank team was led by Corporate partner Deborah Conrad with associates Jason Anderson and Chris West, and Executive Compensation partner Mike Shah with associate Nicholas DeLuca.
The Lady Luck Casino Vicksburg transaction is expected to close in the second quarter of 2018 and the Presque Isle Downs & Casino transaction is expected to close in late 2018.
