Chicago Bears buying Arlington Intercontinental Racecourse

In the American point out of Illinois and Churchill Downs Integrated has announced the signing of an definitive arrangement that is to see the Chicago Bears franchise of the National Football League (NFL) purchase its Arlington Worldwide Racecourse facility.

The Louisville-headquartered racing-turned-gambling business made use of an official Wednesday press release to declare that the $197.2 million deal remains ‘subject to the gratification of various closing conditions’ but will probably be accomplished inside the future 6 months. The company also stated that it intends to use any proceeds from the coming transaction ‘to invest in or devote in replacement property’ that would not stifle level of competition for its close by Rivers On line casino Des Plaines location.

Evolving atmosphere:

Churchill Downs Integrated put the now-shuttered Arlington Intercontinental Racecourse on the marketplace in February following previously revealing that it would not be implementing for permission to change the 326-acre residence into just one of the Midwestern state’s new racinos. The advancement located in the northern Chicago suburb of Arlington Heights had been internet hosting horseracing functions considering the fact that 1927 but just lately saw its revenues tumble sufferer to shifting tastes and the development of land-based and iGaming solutions.

Rigid struggle:

Invoice Carstanjen serves as the Chief Government Officer for Churchill Downs Included and he proclaimed that the Chicago Bears bested 30 other runners in ‘an terribly aggressive bid procedure’ that lasted as a result of four rounds. The 53-year-outdated also praised the NFL franchise’s lengthy-held a dedication to making ‘an exciting eyesight’ for alone and its admirers prior to disclosing that the crew will now have extra space ought to it at any time make your mind up to assemble a substitute for its present-day 61,500-seat Soldier Area home.

Read a statement from Carstanjen…

“Congratulations to the Chicago Bears for its professionalism and perseverance. We desire the Chicago Bears the best achievements and are psyched for the chance this provides to the village of Arlington Heights and the potential financial enhancement of this special house. I could not be more excited about the information that the Chicago Bears has signed a buy and sale arrangement to invest in Arlington Intercontinental Racecourse.”

Relocation reference:

For its section and the Chicago Bears, which would be obliged to shell out a price of $84 million really should it determine to up sticks prior to the stop of the 2033 NFL period, utilised its have press launch to acknowledge the signing of the arrangement and hint at the probability of a transfer. The President and Main Government Officer for the 101-12 months-aged company, Ted Philips, thanked Churchill Downs Integrated for its ‘efforts to attain this stage’ in progress of describing the alliance as ‘the important upcoming move in continuing our exploration of the home and its opportunity’.

Philips’ assertion read…

Our goal is to chart a route ahead that enables our workforce to thrive on the area, Chicagoland to prosper from this endeavor and the Chicago Bears corporation to be ensured a sturdy potential. We will in no way halt operating toward providing enthusiasts of the Chicago Bears with the extremely greatest expertise and we will continue to supply updates on our progress at the correct occasions.”