Levine Leichtman Capital Partners Announces The Sale Of Harlow's Casino Resort & Hotel Producing A 29% IRR And 2.3x Cash-on-Cash Return
LOS ANGELES, 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 $138 million. This structured equity investment was completed out of Levine Leichtman Capital Partners III, a $500 million 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 November 2007. The casino resort is adjacent to the Mississippi River at the base of the new U.S. Highway 82 Bridge that opened in August 2010. 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 www.harlowscasino.com.
Lauren Leichtman, 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."
Houlihan Lokey advised Harlow's Casino Resort & Hotel on the sale.Levine Leichtman Capital Partners makes structured equity investments in middle-market companies. LLCP manages approximately $5.0 billion 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 www.llcp.com for additional information about our investment philosophy and our portfolio companies. SOURCE Levine Leichtman Capital Partners
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV