Dec 16, 2010
/PRNewswire/ -- Levine Leichtman Capital Partners (LLCP) announced today the closing of the sale of Harlow's Casino Resort & Hotel to Churchill Downs Incorporated ("CDI"), (Nasdaq: CHDN) for approximately
. This structured equity investment was completed out of Levine Leichtman Capital Partners III, a
fund and has yielded a 29% IRR and a 2.3x cash-on-cash return.
Harlow's was constructed in 2006 and 2007 and opened in
. The casino resort is adjacent to the Mississippi River at the base of the new U.S. Highway 82 Bridge that opened in
. Harlow's features a 33,000 square foot gaming floor with approximately 841 slot machines, 23 table games and a poker room. Harlow's has a five-story, 105-room hotel, a 2,600-seat entertainment center, and three separate dining areas. Further information about Harlow's can be found at
, CEO of LLCP, commented: "The Harlow's investment has been very successful for our partners, our management team and all of the Company's stakeholders. We are proud of this first-class gaming facility, which has exceeded all expectations of growth and popularity since it opened its doors."
advised Harlow's Casino Resort & Hotel on the sale.
Levine Leichtman Capital Partners makes structured equity investments in middle-market companies. LLCP manages approximately
of institutional capital on behalf of itself and its worldwide network of investors. Our investment strategy is to provide capital to industry leading companies that are owned and managed by entrepreneurs. Please see our website at
for additional information about our investment philosophy and our portfolio companies.
SOURCE Levine Leichtman Capital Partners