If everything goes as planned Rosie’s Gaming Emporiums across Virginia will have a new owner before the end of 2022.
Churchill Downs Incorporated announced on Tuesday that it is acquiring substantially all of the assets of Peninsula Pacific Entertainment LLC for $2.485 billion.
P2E owns all six Rosie’s locations across Virginia in Vinton, Collinsville, New Kent, Richmond, Hampton and Dumfries.
Those six locations have a combined 2,687 historical racing machines (HRMs) with 500 in Vinton and 37 in Collinsville.
In the acquisition announcement, CDI said that adding Rosie’s to its portfolio “significantly expands the geographic diversity of CDI’s live and historical racing entertainment venues and reinforces CDI’s role as a national leader in historical horse racing.”
As part of this deal, CDI will have the opportunity to develop up to five additional historical racing entertainment venues in Virginia with up to about 2,300 total new HRMs.
Also, CDI will own the rights to build a large gaming resort (the “Dumfries Project”), with up to 1,800 HRMs in Northern Virginia.
P2E previously announced plans to invest up to $400 million to build the initial phase of the Dumfries Project, which is scheduled to open next year.
On the eastern side of Virginia, CDI will acquire the rights to develop Rosie’s Gaming Emporium in Emporia, the seventh historical racing entertainment venue under P2E’s Colonial Downs license.
Once built, that location will have 150 HRMs. It’s also expected to open in 2023.
CDI’s acquisition of P2E is expected to be finalized before the end of the year.