The $ 87 million expansion of the Rivers Casino Des Plaines includes a restaurant, expanded gaming area, and SF 10,000 ballroom.
The initial expansion plan for SF 78,000 will add 260 table game positions and 439 slot game positions.
LOUISVILLE, Ky., February 17, 2021 (GLOBE NEWSWIRE) – Churchill Downs Incorporated ("CDI" or "Company") (Nasdaq: CHDN) announced today that Rivers Casino Des Plaines ("Rivers") has submitted plans for expansion to Das City of Des Plaines and the Illinois Gaming Board which will allow the casino to add approximately 725 gaming positions if approved. This makes it the first to have the state's maximum number of 2,000 positions. The proposed two-story extension will house a poker room, additional gaming areas, a ballroom for events and a new restaurant. Rivers is jointly owned by Rush Street Gaming and Churchill Downs Incorporated.
The $ 87 million 78,000 square foot extension is being built between the existing casino building and the recently enlarged parking garage on the north side of the property. A new restaurant and an extended gaming floor for slot machines and table games will be located on the first floor of the extension. There will be a poker room with 24 tables on the second floor. A 10,000 square foot ballroom for private functions and live entertainment, and a gaming area for slot machines.
"With this planned expansion, we can offer our guests more entertainment and dining, additional gaming options and a long-awaited poker room," said CEO Greg Carlin, co-founder of Rush Street Gaming. “We have always offered our guests a first-class experience. With the economy reopening, we are excited to raise the bar and bring you an even better experience. "
"Rivers is Illinois' most popular casino destination. With this expansion, we continue to focus on our guests to earn their loyalty," said Corey Wise, senior vice president and general manager of Rivers Casino. “We were the first casino to be set up on land to expand our gaming floor. BetRivers was the state's first sportsbook to open, and we brought the state's first mobile sportsbook option to fans. When we're done, we'll be the first casino in Illinois to offer our guests 2,000 slots. "
The expansion plan initially includes the addition of 260 table game positions (an increase of 70 percent) and the addition of 439 slot game positions (an increase of 48 percent). According to the current plan, the property will have 26 additional play positions in the future. Rivers will pay the state of Illinois $ 24 million in gaming position royalties in June 2021.
The plan is subject to regulatory approval by the Illinois Gaming Board. The city of Des Plaines must also approve the addition and representatives from Rivers will begin this formal zoning process in late February.
If approved, construction can begin this spring and be completed by spring 2022.
About Churchill Downs Incorporated
Churchill Downs Incorporated is an industry leader in racing, online betting and gaming entertainment, anchored by our iconic flagship event, the Kentucky Derby. We own and operate three equivalent gaming entertainment venues with approximately 3,050 historic racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online horse racing, sports and iGaming betting platforms in the United States, and we have seven retail bets. With around 11,000 slot machines, video lottery terminals and 200 table games, we are the leader in stationary casino gaming in eight states. For more information on CDI, please visit www.churchilldownsincorporated.com.
About Rush Street Gaming
Rush Street Gaming and its subsidiaries were founded by Neil Bluhm and Greg Carlin and have developed and operated successful casinos in Pittsburgh, Philadelphia, Des Plaines, IL (Chicago area) and Schenectady, NY. Rush Street Gaming values superior design and great customer service and has grown into one of the leading casino developers in the United States. Existing casinos generate annual gaming revenues of over $ 1 billion. All Rush Street Gaming casinos have been named “Best Place to Work” or “Top Workplace” by their team members.
About Rivers Casino Des Plaines
Rivers Casino Des Plaines is Illinois' most successful casino and is jointly owned by Rush Street Gaming and Churchill Downs Incorporated ("CDI") (Nasdaq: CHDN).
Certain statements in this press release contain various "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by the use of terms such as "anticipate," "believe," "may" "estimate", "expect", "intend", "can", "could", "plan", "predict", "project", "seek", "should" "will" and similar words or expressions (or negative versions of such words or phrases).
While we believe that the expectations contained in such forward-looking statements are reasonable, we cannot guarantee that these expectations will prove to be correct. Important factors that could affect actual results or results include: the impact of the novel coronavirus (COVID-19) pandemic and related economic problems on our results of operations, financial position and prospects; the impact of economic conditions on our consumer confidence and discretion or on our access to credit; additional or increased taxes and fees; public perception or lack of confidence in the integrity of our business or a deterioration in our reputation; Loss of key or highly qualified personnel; Restrictions in our credit facilities that limit our flexibility in running our business; general risks associated with real estate ownership, including fluctuations in market values and environmental regulations; catastrophic events and system failures that disrupt our operations; Online security risk, including cybersecurity breaches; Inability, under our insurance policies, to compensate for damage caused by bad weather and accidents on our properties; Increase in insurance costs and inability to obtain similar insurance coverage in the future; Inability to identify and complete acquisition, expansion or disposal projects in a timely manner, on budget, or as planned; Difficulty integrating recent or future acquisitions into our business; Costs and uncertainties associated with developing new venues and expanding existing facilities; Risks associated with participations, strategic alliances and other agreements with third parties; Inability to respond to rapid technological changes in a timely manner; accidental infringement of the intellectual property of others; Inability to protect our own intellectual property rights; Payment risks, such as B. Risks related to the fraudulent use of credit cards and debit cards; Comply with the Foreign Corrupt Practices Act or applicable money laundering regulations; Risks associated with pending or future legal proceedings and other actions; Inability to negotiate agreements with representatives of the industry including equestrians and other racetracks; Work stoppages and work problems; Changes in consumer preferences, participation, betting and sponsorship in relation to the Churchill Downs Racetrack and Kentucky Derby; Personal injury disputes related to injuries on our race tracks; Weather and other conditions that affect our ability to conduct live racing; the occurrence of exceptional events such as terrorist attacks and public health threats; Changes in the regulatory environment of our racing operations; increased competition in horse racing; Difficulty attracting sufficient numbers of horses and trainers for full-field horse racing; our inability to use and provide totalizer services; Changes in the regulatory environment of our online horse betting business; A reduction in the number of people betting on live horse racing; Increase in competition in our online horse racing betting business; Uncertainty and changes in the legal landscape regarding our online horse racing betting business; Continuing the legalization of online sports betting and iGaming in the US and our ability to predict and capitalize on such legalization; Inability to expand our sports betting and compete effectively; Failure to manage the risks associated with sports betting; Failure to comply with laws requiring us to block access to certain people can result in penalties or impairments in relation to our mobile and online betting products. increased competition in our casino business; Changes in the regulatory environment of our casino business; Concentration and development of the manufacture of gaming machines and other technological conditions that could generate additional costs; and inability to collect gaming claims from customers to whom we extend credits.
We are under no obligation to update or revise any forward-looking statements as a result of new information, future events or for any other reason, unless required by law.
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