Churchill puts Presque Isle Downs, other casinos up for sale

By Ed DeRosa
Photo: Presque Isle Downs

Churchill Downs Inc. is exploring the sale of Presque Isle Downs and Casino, along with eight other wholly owned regional gaming properties, the Louisville-based company disclosed Wednesday in a filing with the Securities and Exchange Commission after the market close.

The potential divestiture of the Erie, Pa., racino, which is currently conducting its 2026 Thoroughbred race meeting, headlines a sweeping portfolio review that touches two racinos plus seven casinos in eight states.

In the Form 8-K, Churchill said it has completed "a comprehensive review of the company's operational portfolio and long-term capital allocation priorities" and is exploring options to sell the following properties:

Presque Isle opened in 2007, and Churchill acquired it in 2019. The other racino on the list is Ocean Downs in Maryland, which conducts standardbred racing under full CDI ownership through the company's acquisition of Saratoga Casino Holdings' interests.

Any sale would not necessarily mean the end of racing at either facility, as live racing obligations in Pennsylvania and Maryland are tied to gaming licenses and state statutes. Prospective buyers would inherit those considerations, though the company did not address racing operations in the filing.

Churchill cautioned that the review comes with no guarantees. The company said it "can provide no assurances" the process will result in a transaction, has not set a timetable for completing it, and does not intend to provide updates unless disclosure becomes appropriate or required by law.

The move marks a potential strategic pivot for a company that spent much of the past decade aggressively acquiring regional gaming assets, including the 2022 purchase of Peninsula Pacific Entertainment, which brought del Lago and the Sioux City, Iowa, Hard Rock into the fold, and the 2024 opening of the Terre Haute Casino Resort.

A wholesale exit from those markets could sharpen the company's focus on its flagship track, which annually hosts the Kentucky Derby, as well as its TwinSpires account wagering platform and its growing portfolio of historical horse racing venues in Kentucky and Virginia.

Notably absent from the list are the company's other racing properties, including Churchill, Turfway Park, Ellis Park in Kentucky, Fair Grounds Race Course in New Orleans and Colonial Downs in Virginia.

Read More

Head to head: Heavy hitters line up for the Whitney Stakes
Eight of the best older horses in training will enter the starting gate Saturday for the Grade 1,...
Division rankings: Loaded Whitney checks every box
This week's spotlight was an easy choice. The Grade 1 Whitney at Saratoga has assembled one of the...
Racing reacts to Preakness moving to 22 days after Derby
Maryland officials announced Tuesday that the 2027 Preakness Stakes will move to Sunday, May 23 : eight days later...
King's Plate: 13 probables for 1st leg of Canadian Triple Crown
Woodbine released the probable field for the 167th King’s Plate on Aug. 15, listing 13 probable runners for...
Baffert has favorites in 3 stakes on Ellis Park Derby card
Final preparations are underway for Sunday's Ellis Park Derby day card as many of the afternoon's leading contenders...