Joe Hendrickson
Churchill Downs Incorporated (NASDAQ:CHDN) announced on Wedensday that its 50-50 partnership with Urban One entered into a Resort Casino Host Community Agreement with the City of Richmond, Virginia to be the city’s preferred casino gaming operator. The deal is subject to certification by the Virginia Lottery Department and a local referendum. The company said the planned project is a $562M world-class entertainment and gaming venue.
Richmond was selected through legislation in 2020 as one of five cities in Virginia to consider a gaming development in order to grow the economy. However, Richmond’s 2021 gaming referendum only passed by a narrow margin of 51% for to 49% against and has faced continuous local opposition.
Shares of Churchill Downs (CHDN) were up 0.52% in premarket action to $139.76. The 52-week trading range for the stock is $86.38 to $150.45.
