Churchill Downs to buy Hollywood Park

LOUISVILLE, Ky. -- Churchill Downs, based here, agreed to buy the Hollywood Park Race Track, the Hollywood Park Casino and the surrounding 240 acres located in Inglewood, Calif., for $140 million cash.

According to an agreement between Churchill Downs and Hollywood Park, Churchill Downs will grant Hollywood Park a long-term lease on the casino, a California card club located at the racetrack, for $3 million per year with a renewal option.

The deal, which is subject to the approval of the California Horse Racing Board and other regulatory agencies, is expected to close in the third quarter of this year.

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