Lebanon Raceway in a $60M deal has been “sold to operators who plan to add 2,500 video slot machines and move the popular harness track to a new location,” according to Alexander Coolidge of the CINCINNATI ENQUIRER. New Owner Miami Valley Gaming, a “joint venture” of Delaware North Cos. and Churchill Downs Inc., said that the deal “will create 700 new jobs.” The new operators said that they “plan to begin construction of their new ‘racino’ -- combination racetrack and slot parlor -- this year at a site yet to be determined.” They “expect it to be completed in fall 2013.” Miami Valley Gaming will pay former Owners the Carlo and Nixon families “$10 million in cash with a $50 million promissory note delivered at closing” (CINCINNATI ENQUIRER, 3/3). In Buffalo, Samantha Maziarz Christmann reported Miami Valley Gaming “plans to invest $225 million in the project.” Delaware North and CDI “will each have a 50 percent interest in the new company and will have equal board representation.” The Lebanon Raceway deal is “contingent upon that legislation being resolved in such a way that Miami Valley Gaming is able to install gambling terminals at its track” (BUFFALO NEWS, 3/3).
