Delaware Mungo Park will presently make a new proprietor for the first off clip in 38 years.
The storied purebred horse racetrack and casino, situated inwards Wilmington, is existence sold to Canadian River private equity unfluctuating Clairvest Group and Rubico Gaming LLC. Rubico is a gaming entity controlled by Thomas Benninger, the founding father of Global Leveraged Washington Advisors and a former room fellow member of Caesars Entertainment.
Delaware Park is existence sold by the Rickman family, whose tardily paterfamilias William Rickman Sr. bought the racecourse inwards 1983. No purchase damage was revealed. But a liberate from the mired entities said the cut-rate sale is expected to close-fitting before the last of the year. The purchase does non include the casino’s Stanford White Clay County Club, which testament remain below Rickman house ownership.
[The family] felt this was the right time to sell,” said Diamond State Mungo Park President Bill Fasy, speaking to Delaware Online.
Rickman Sr. died in 2005. His son, William Rickman Jr., has overseen the cassino and racetrack’s trading operations since 1993. But at present inward his mid-70s, the jr. Rickman is ready to passing play the racino on to young owners. The Rickmans also previously owned Ocean Downs inwards Maryland, but sold the Eastern Shore gambling casino inwards 2017 to First Duke of Marlborough Downs.
Delaware’s prominent Du Pont family DE Mungo Park inwards 1937. It fared good during its too soon decades, but drop on financial hardship inward the 1970s due to increased competition. Rickman Sr. managed to turn the cart track profitable after taking it over, and Rickman Jr. brought gambling casino gaming to the holding in 1995, followers country approval.
Today, the 100,000-square-foot DE Park Casino features to a greater extent than 2,000 expansion slot machines, 40 tabulate games, a salamander room, and a sportsbook.
Clairvest Gaming Expansion
Clairvest Group owns an undisclosed situation inwards the Meadowlands Racing & Entertainment draw rein racecourse and FanDuel sportsbook. The Ontario-based truehearted to boot has investments inwards Chilean Gaming Holdings and the Lady Jane Grey Eagle Resort & Casino inward Alberta.
Clairvest’s purchase of a stakes in Delaware Park shows that the private equity mathematical group is bullish on the US gaming industry. But Clairvest has a great deal grander gaming ambitions.
Clairvest is seeking to build a $4.3 billion integrated holiday resort in Japan’s Wakayama. The prefecture selected Clairvest as its IR developing partner during the summer.
In September, Clairvest announced that Caesars Entertainment was connection its Wakayama consortium. If Japan’s exchange administration issues Wakayama one of the trine IR permits, Clairvest says Caesars testament assist plan and operate the monolithic resort hotel coordination compound at one time complete.
Rubico Buying Spree
Thomas Benninger has long ties to the US gaming industry. In gain to serving on the Caesars board, the entrepreneur and leveraged working capital specialist has served on the boards of the former Tropicana Entertainment and Affinity Gaming.
Benninger assisted billionaire Carl Icahn in greatly overhauling the gambling casino business organisation landscape painting inward recent years. He helped conduct Eldorado Resorts’ $1.85 1000000000 takeover of Tropicana Entertainment in 2018, and so Caesars Entertainment’s reverse gear takeover of Eldorado the followers year. The $17.3 1000000000000 merger of Caesars and Eldorado was completed inwards 2020.
Benninger, through and through Rubico, is embarking on his have ownership strategy of gaming assets. In improver to investment in the Clairvest purchase of DE Park, Rubico lately completed its $22 million acquisition of Harrah’s Pelican State Downs racecourse and casino.
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