The decision triggered a provision in the agreement that increased the purchase price by $225 million, from $2.485 billion to $2.75 billion. The agreement originally stipulated that Churchill Downs would sell the Hard Rock property to an undisclosed third party and then lease back the property to operate.īut Churchill Downs later opted to own and manage the casino property. The deal was subject to regulatory approval, including state gaming commissions in Iowa, Virginia and New York. In February, Churchill Downs, which is publicly traded, announced the purchase of P2E's gaming properties, which also included seven horse racetracks in Virginia and a casino in New York. In 2020, P2E obtained full ownership of the Sioux City property after buying Warner’s share. In 2013, Stevens formed a 50-50 partnership Bill Warner, owner of Las Vegas-based Warner Gaming, to develop the Hard Rock casino in Sioux City, which opened a year later. The casino property also features a sportsbook, live entertainment venues, restaurants and a music memorabilia collection.īased in Los Angeles, P2E is a gaming and entertainment company that was formed in 1999 by Iowa native M. The Hard Rock is a 45,000-square-foot casino with 639 slot machines, 20 gaming tables, and a 54-room hotel. You will begin to receive our Daily On Iowa Politics updates.

Hard Rock General Manager Doug Fischer said the acquisition process was fairly easy, and he looks forward to continuing operations as usual. It’s handed out more than $40 million to area nonprofits and governmental bodies since 1994, according to its website. Under an agreement with the Hard Rock, MRDH receives 4.25 percent of the casino’s revenues, which it distributes to charities, civic groups and local governments in Woodbury and adjacent counties. It’s very apparent the senior team there had assembled a great team, and we’re working forward to continuing what already exists there today.'Ĭhurchill Downs also will maintain P2E's agreement with Missouri River Historic Development, the local nonprofit that holds the casino's state gaming license. We’ve been quite impressed with our visits to that property.

“First and foremost, we’re committed to the team members at Hard Rock Sioux City,” he said.

Tim Bryant, vice president of gaming operations at Churchill Downs, told commissioners the company was planning on maintaining the Hard Rock brand and keeping the casino’s 350 staff members on board after the purchase is finalized. Representatives from both Churchill Downs and the Hard Rock Casino said they were excited about the purchase agreement, and that operations at the casino would remain largely the same after the purchase.

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