And They're Off! Churchill Downs Buys Harlow's Casino (CHDN)

Down the stretch they come!!!! Churchill Downs Inc.

, operator of the Kentucky Derby, announced this morning it'll pay $138 million in cash to buy Harlow's Casino Resort & Hotel in Greenville, Miss. This is done to expand the company's business from traditional horse racing, video poker, and slot machines. Churchill Downs expects the deal to close relatively soon, sometime within the next three-to-six months. Harlow's is currently owned by Levine Leichtman Capital Partners, Inc. and Oak Hill Advisors, L.P., and private investor, Jess M. Ravich. Churchill Downs Incorporated owns and operates pari-mutuel wagering properties and businesses in the United States. It offers gaming products through its slot and video poker operations in Louisiana and Florida. Churchill Downs is currently up 37 cents on the day to $35.74, a gain of 1%.