Foundation Gaming Group Announces the Successful Completion of its Management and Advisory Role at Harlow's Casino Resort

Foundation Gaming Group today announced the successful completion of its management engagement at the Harlow's Casino Resort with the acquisition of the property by Churchill Downs, Inc. (NASDAQ: CHDN).

Foundation Gaming Group has been managing Harlow's, located in Greenville, MS, since May 2009. The sale of Harlow's for $138 Million to Churchill Downs, Inc. signifies the successful completion of this engagement.

Joe Billhimer, a principal in Foundation Gaming stated, “The sale of Harlow's marks a significant accomplishment for our company, in that we took an asset that was under performing, and controlled by the original lenders, and turned it into an attractive acquisition for a strategic buyer. Our team was able to increase Harlow's market share significantly and substantially improved the financial performance of the operation in all measurable areas.” Continued Billhimer, “We thank the owners of the casino for their confidence and support, and we thank the Harlow's property team for their hard work, and wish them the best as they become part of the Churchill Downs organization. It is a very successful outcome for everyone.”

Commenting on the sale, Jess Ravich, Chairman of the Board and one of the former owners of Harlow's, stated “The Foundation Gaming team provided professional management oversight of the casino which led to tremendous value creation for the owners of the property. We thank the Foundation team for its hard work and diligence in making Harlow's the market-leading property that it is today.”

Arthur Levine, Founding Principal of Levine Leichtman Capital Partners, also a former owner of the casino, added, “The Foundation team met or exceeded our expectations in every measurable way and was instrumental in enhancing the value of our investment in the property.”

At the Mississippi Gaming Commission meeting during which the sale of the property was approved, gaming commission member John Hairston stated, “We love to see a good story, and this has been a very good story.”

About the Company

Foundation Gaming Group is a full service gaming management, development and consulting company that services and supports developers, owners, and operators of gaming entertainment facilities in US and international markets. For more information regarding the company, please visit our website at: http://www.foundationgaminggroup.com