The Illinois Racing Board (IRB) has approved the acquisition of FanDuel Sportsbook and Horse Racing, the former Fairmount Park, by Accel Entertainment, with executives of that firm outlining plans to have a temporary casino operating on-site before the 2025 Kentucky Derby.
Accel is a gaming company making its first foray into the Thoroughbred industry and has promised improvements and upgrades in all areas at the track, reported BloodHorse.com. The facility is located in Collinsville, across the Mississippi River from St. Louis.
“We didn’t know much about racing before we started doing our research,” Accel General Counsel Derek Harmer told the IRB on Thursday. “Now we’re thrilled beyond what we originally expected and the opportunity to be part of this industry and to partner with the state of Illinois is very exciting to us.”
Accel president of US Gaming Mark Phelan stated that his firm’s approximate $35 million acquisition cost will be backed up with $85-$95 million in construction of the temporary casino and a permanent facility as well as “modest track improvements.” The latter, he said in his formal presentation, will include “deferred maintenance, infrastructure improvements, and enhancements to security and surveillance.”
He said the temporary casino, pending further regulatory approvals, likely will be in the existing facility and include about 200 slot machines and four to six table games. A permanent casino would be larger.
“We are seeking to improve the overall quality of racing for owners, trainers, and fans in support of the Illinois horse industry and to comply with state legislation,” he said, also pledging a 2025 purse guarantee of $5 million. “I think what gets lost in mainstream thought about sports in general is that horse racing is fundamentally a sport that has amazing athletes, both human and nonhuman, and it’s a very exciting sport. We look at this as an opportunity to grow that.”
The track was rebranded from its Fairmount Park name when it was acquired by the current owners. Phelan said Accel has not decided yet what name it will use for the facility.
The IRB’s approval is the first step in a process that also requires approval by the Illinois Gaming Board for a casino license for Accel. The firm currently holds a license from the IGB as a video gaming terminal operator.
According to the report, while the IRB and horsemen welcomed the advancement of Fairmount Park casino, they seemed to be losing patience with a lack of progress at Hawthorne Race Course. Hawthorne started demolition of its grandstand shortly after racinos were authorized by the state in 2019 but construction has been on hold since then pending financing.
Hawthorne President Tim Carey said the family-owned track is now in the “final stages” of negotiations but that he is prohibited from divulging details.
“We are in the very advanced phases to finalize our financial transaction for the construction of the casino,” Carey said. “What I will say is that we remain steadfast in our efforts to completely redevelop Hawthorne and to revitalize Illinois horse racing.
“I know how people are eager for the casino. I know that there is urgency. I am truly empathetic with that. But the process is the process and the circumstances are what they are. I am confident that Illinois horse racing will hold together until a Hawthorne casino is up and running.”
Original article: https://www.yogonet.com/international/noticias/2024/09/21/79352-illinois-accel-to-acquire-fanduel-sportsbook-and-horse-racing-track-shares-temporary-casino-plans
