Horse Racing
Accel Entertainment agrees to buy FanDuel track for $35 million
Accel Entertainment agreed to acquire the parent company of FanDuel Sportsbook & Horse Racing, formerly Fairmount Park, for about $35 million in Accel shares.
According to a news release, Accel, a distributed gaming operator, will buy Fairmount Holdings and its Fairmount Park subsidiary from co-owners William Stiritz, former CEO of Post Holdings and Ralston Purina, and Robert Vitale, current CEO and chairman of Post Holdings.
Accel noted in the news release that it is acquiring the only track in the St. Louis-southern Illinois market along with an opportunity to develop a legislatively authorized casino project. It also is acquiring the master sports-betting license used in a revenue-share agreement with FanDuel.
“Accel is committed to maintaining Fairmount’s rich horse-racing history, including continuing support of the Illinois Racing Board’s mission to enhance the Illinois horse racing industry,” the company said in the release.
The Chicago-based company said it plans “to implement a capital-efficient plan to build temporary and permanent casino facilities” at the Collinsville, Ill., track. It also plans to improve the horse-racing experience for fans and to build out food and beverage amenities at the track.
“We’ve long sought strategically aligned, well capitalized and proven operators in the local gaming space to realize the full potential of this sportsbook and racetrack, and Accel is the ideal fit,” Vitale said in the release.
The deal must be approved by the Illinois Racing Board and the Illinois Gaming Board. It is expected to be completed in the fourth quarter.