Eldorado Resorts of Reno, Nevada, says it won’t sell Lady Luck Casino in Vicksburg to Churchill Downs of Louisville, Kentucky.
The sale was supposed to be a package deal in which the Kentucky company is also buying Presque Isle Downs & Casino in Erie, Pennsylvania.
Churchill Downs already owns Vicksburg’s Riverwalk Casino Hotel. It was going to pay $51 million for Lady Luck, one of four Vicksburg casinos.
Churchill will go through with $179 million Presque Isle purchase, but instead will seek to take over the Lady Luck Casino Nemacolin in Farmington, Pennsylvania, for $100,000. Churchill is also paying Eldorado a $5 million termination fee.
Eldorado says the Nemacolin transfer will provide tax benefits.
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