ECL Entertainment (ECL) announced Monday that, alongside its joint venture partner, Clairvest Group Inc. (collectively, the “Buyers”), it has entered into an agreement to purchase Wyoming Downs. ECL will operate Wyoming Downs’ racetrack in Evanston as well as Wyoming Downs’ historic racing locations across the Cowboy State.
The Buyers anticipate finalizing the sale in the second quarter of 2024, pending all necessary and required regulatory approvals and standard closing conditions.
“We are very excited to continue the growth of Wyoming Downs’ racing and historic racing businesses and look forward to investing in the great state of Wyoming,” said Marc Falcone, co- founder of ECL.
The loyal patrons and fans of Wyoming Downs can look forward to ECL Entertainment maintaining the legacy and thrill that Wyoming Downs is known for, with its upcoming race season kicking off June 8th in Evanston.
“Given our company’s deep roots in horseracing, the purchase of Wyoming Downs is a natural extension of our business,” said Ron Winchell, co-founder of ECL. “We look forward to working with all of the Wyoming Downs stakeholders,” said Winchell.
“We are excited to partner with ECL for our second joint investment in horse racing in the United States,” said Michael Wagman, President and Managing Director of Clairvest. “We look forward to continuing to build the business in Wyoming.”
Wyoming Downs has been owned for the last ten years by a partnership led by Wyoming Equity Investors, LLC, and Eric Nelson. In addition to its horse racing track in Evanston, Wyoming Downs also operates 18 off-track betting (OTB) locations throughout the state in Evanston, Casper, Cheyenne, Evansville, Gillette, Green River, Laramie, Mills, Sheridan, Rock Springs, and Thermopolis. Wyoming Downs employs 163 people across the state.
Nelson, a principal of Wyoming Downs and familiar face in the Cowboy State, said his time at Wyoming Downs has been marked by the tremendous relationships forged in the horse racing industry, as well as with clients of the Wyoming Downs locations.
"This is a huge win for the State of Wyoming. ECL is the right operator at the right time for Wyoming Downs and will make the state proud," said Nelson.
Valtus Capital Group, an investment bank specializing in the gaming and real estate industry, is advising Wyoming Downs on the transaction.
About the Buyers
ECL, based in Las Vegas, operates live horseracing and four historic horseracing locations in Kentucky, including the Mint Gaming Hall at Kentucky Downs as well as charitable gaming locations in New Hampshire that also operate historic horseracing machines.
Clairvest, based in Toronto, is a top performing private equity firm with over US$3 billion of assets under management. This transaction would represent Clairvest’s 16th investment in the gaming space, building on Clairvest’s 24-year successful track record in the gaming industry.
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