Kirkland Advises High Plaines Gaming, Affiliate of Rush Street Gaming, in Churchill Downs’ Acquisition of an Ownership Stake in Rivers Casino Des Plaines
Kirkland & Ellis LLP advised High Plaines Gaming, LLC, an affiliate of Rush Street Gaming, LLC, in Churchill Downs Incorporated’s definitive purchase agreement to acquire certain of the ownership interests of Midwest Gaming Holdings, LLC, the parent company of Rivers Casino Des Plaines in Des Plaines, Illinois. The sale will be comprised of (i) CDI’s purchase of 100% of the ownership stake in Midwest Gaming held by affiliates and co-investors of Clairvest Group Inc. for approximately $291 million and (ii) CDI’s offer to purchase, on the same terms, additional units of Midwest Gaming held by High Plaines Gaming and Casino Investors, LLC, resulting in aggregate cash consideration of at least $326 million. Following the closing of the sale transaction, the parties expect to enter into a recapitalization transaction and Midwest Gaming will commit approximately $300 million in proceeds from new credit facilities to redeem, on a pro rata basis, additional Midwest Gaming units held by certain existing investors of Midwest Gaming.
Read more at the company press release.
The Kirkland team was led by corporate partners Maggie Flores and Richard Campbell; tax partners Mike Carew and Jeffrey Ekeberg, and associate Christine Lehman; and technology & IP transactions partner Matthew Lovell.
