Churchill Downs, Saratoga close to management deal

AP News
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Posted: Jul 30, 2014 11:23 AM

SARATOGA SPRINGS, N.Y. (AP) — Churchill Downs Inc. says it's finalizing a deal with the operators of the Saratoga Casino and Raceway in upstate New York to manage it and another gambling facility in Colorado.

Churchill Downs and Saratoga Harness Racing Inc. announced jointly Wednesday that they are finalizing a five-year management contract for the Saratoga Springs gambling operation and the Saratoga Casino Black Hawk in Black Hawk, Colorado.

The deal would require regulatory approval in New York and Colorado.

The two companies also are negotiating a stock purchase in which Churchill Downs would buy 25 percent of economic and voting interests in Saratoga Harness.

Saratoga Harness and Churchill Downs have already proposed a full casino with table games near Albany. New York officials are expected to grant four casino licenses this fall.