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Churchill Downs, home of the Kentucky Derby, has acquired the rights to Colonial Downs’ racetrack and gaming emporiums along with development rights for The Rose resort in Dumfries.
The Virginia properties are part of a nearly $$2.5 billion agreement between Churchill Downs Inc. and Peninsula Pacific Entertainment LLC, parent company to Colonial Downs. The deal also includes properties in New York and Iowa.
In Virginia, CDI will acquire the Colonial Downs Racetrack in New Kent and Rosie’s Gaming Emporiums in Dumfries, Collinsville, Hampton, New Kent, Richmond and Vinton.
The deal includes the right to build The Rose, a nearly $400 million gaming resort in Dumfries expected to open in 2023. The resort will include a 50,000-square-foot gaming space, a 250-seat sports bar, eight other bars and restaurants, 7,000 square feet of event space, 200 hotel rooms and a 1,500-seat theater.
Under state law, CDI will also have the opportunity to develop up to five additional historical racing entertainment venues like Rosie’s emporiums in Virginia.
