Sioux City, Iowa — The company that owns the historic site of the Kentucky Derby has announced a deal to purchase the assets of the company that owns the Hard Rock Casino in Sioux City.
Churchill Downs Incorporated says it has entered an agreement to buy the assets of Peninsula Pacific Entertainment for $2.48 billion. Iowa Racing and Gaming Administrator, Brian Ohorilko, says his office was notified of the deal Tuesday morning.
Under terms of the deal announced by Churchill Downs, they would sell the property associated with Hard Rock Sioux City to a third party and then lease it back to run the casino. If the company can’t reach an agreement on a lease — Churchill Downs would then buy the Hard Rock Casino itself. Ohorilko hasn’t had the chance to learn more yet beyond what the company announced.
Ohorilko says there are other properties and states involved and Churchill Downs has to get approvals from all of them — as well as going through all the background checks here in Iowa.
He says things could be completed by this summer or fall. Peninsula Pacific Entertainment was in at the start of the Hard Rock when the Sioux City casino was moved from a riverboat to the land.
Peninsula is one group that is putting together a plan for a potential casino in Linn County. The company issued a release saying the sale of its assets will not impact their plans for trying to get a license for a Cedar Rapids casino.
