In Feb 2022, Winston S. Churchill Downs Inc. in agreement(p) to purchase to the highest degree of Peninsula Pacific Entertainment’s (P2E) casinos and holiday resort assets. The nearly $2.5 1000000000 acquisition also delivered the Kentucky-based casino and Equus caballus track radical the possible opportunity to make a new, from-the-ground-up gambling casino resort inward the Old Dominion State chapiter of Richmond.

During Churchill’s first-quarter call up Th morning, CEO Bill Carstanjen revealed that the company’s earnings easy outpaced analyst expectations. Earnings per percentage were $1.96, whacking the consensus sound projection by 21 cents.

The financial disclosure, paired with Sir Winston Leonard Spenser Churchill planning to split its inventory next month, sent shares skyrocketing on Thursday. Sir Winston Leonard Spenser Churchill shares were up most 14%, or $35 per share, to $287 inwards afternoon trading.

Companies often stock split their caudex inward purchase order to pretend it more reachable to a broader sphere of item-by-item investors. The go is elevating interestingness inward the accompany that’s best known for owning its storeyed namesake racetrack, Churchill Downs, home of next weekend’s KY Derby.

Richmond Project

P2E, when it was acquired by Winston S. Churchill Downs, was partnered with Black-focused media conglomerate Urban One on a more than $500 trillion gambling casino propose inwards Virginia’s majuscule city. Richmond was I of five cities in the commonwealth that qualified through and through 2020 legislation to mull a gaming development inwards prescribe to provide an economic spark.

During the 2021 election, Richmonders narrowly rejected the Urban One and P2E presentation, which beat up come out several other cassino pitches through a militant summons outgrowth conducted by the Richmond City Council’s Casino Evaluation Panel. The Urban One/P2E externalize was called ONE Casino + Resort and would get been reinforced side by side(p) to the Philip Robert Morris tobacco plant set S of the urban center along Interstate 95.

Local leaders go for to re-ask voters nigh a cassino through and through another referendum this fall. The thinking among metropolis authorities officials is that a to a greater extent concrete subject matter nearly the economical benefits such a resort hotel would fetch to the working capital tube testament termination inwards a different outcome.

Speaking with analysts and investors, Carstanjen said it’s the company’s desire the casino question goes before voters this November. Legislative efforts from tell lawmakers who don’t want a cassino inwards Richmond, or who are trying to relocate the city’s gaming permission S to nearby Petersburg, were unsuccessful during the state’s 2023 legislative session.

We are workings through and through the required approvals to lead a referendum this pin to obtain the authorization necessary to go with the grammatical construction of this project, which would include a casino, hotel, and events center,” Carstanjen said.

The Sir Winston Leonard Spenser Churchill boss added that “everything is going well” inward recounting to the referendum. The end is to take hold a successful casino referendum this strike and commence building next year.

Divisive Topic

Richmond’s 2021 gaming referendum was disappointed 51%-49%, with the city’s to a greater extent moneyed neighborhoods compass north of the Saint James River more opposed to the gambling casino question. Some residents also questioned wherefore Urban One, a media keep company with no experience inward the gaming or hospitality industries, managed to win come out over more recognisable gaming operators such as Bally’s, The Cordish Companies, and Golden Nugget.

Urban One sought-after(a) to tranquillise such concerns past bringing on P2E, a fellowship with a long caterpillar tread track record in gaming. Despite its operational history inward Louisiana and Iowa, P2E didn’t have got a great deal brand recognition inward Virginia.

Churchill Downs is a different story, as the fellowship is a familiar identify thanks to its KY Derby roots. Will Richmonders be more inclined to livelihood ONE Casino + Resort at present that Winston Churchill is involved? A referendum inwards November could provide that answer.

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