Lady Luck Casino Nemacolin to be managed by Churchill Downs under new deal

Churchill Downs Inc., operator of the famed Kentucky Derby, will assume management of Lady Luck Casino Nemacolin in Fayette County following an agreement with Reno-based Eldorado Resorts Inc.

Under the terms of the deal, Churchill Downs will acquire certain assets related to the management of Lady Luck Nemacolin for cash consideration of $100,000. Eldorado Resorts will retain ownership of the property, which sits one mile from Nemacolin Woodlands Resort in Farmington and has 600 slot machines and 27 table games.

The Pennsylvania Gaming Control Board approved the transaction last week.

The transaction is seen as part of a larger effort by Churchill Downs to position itself as a player in the sports betting industry in Pennsylvania. Churchill Downs already owns and operates TwinSpires.com, the largest legal online horse-racing wagering platform in the United States.

In addition to transferring operations of Lady Luck Casino Nemacolin, Eldorado Resorts sold Presque Isle Downs & Casino in Erie to Churchill Downs, according to an amended deal announced in August 2018.

Eldorado owns Lady Luck Casino properties in Black Hawk, Colo., Caruthersville, Mo., and Vicksburg, Miss.

St. Louis-based Isle of Capri Casinos and Nemacolin Woodlands Resort opened Lady Luck Nemacolin in 2013. Eldorado bought Isle of Capri for $1.7 billion, in a deal announced in 2016 but finalized in 2017.

Churchill Downs Inc., or CDI, is headquartered in Louisville, Ky. In addition to the Kentucky Derby hosted each May at its namesake track, the company is involved in casinos in seven states, according to its website. It has launched its online BetAmerica Sportsbook and online casino platform in Mississippi and New Jersey, with plans to expand to other U.S. markets.