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ST. LOUIS — A Chicago-based betting company said it has agreed to buy Fairmount Park, the 99-year-old horse-racing track in Collinsville, from two Post Holding executives in a deal valued at $35 million.
The company, Accel Entertainment, said its plans include the establishment of a casino at the track, a possibility officials have discussed for years, and a longtime goal of a former president and general manager of the track, who died last year.
“This move is a testament to the vitality and potential of Collinsville,” Mayor Jeff Stehman said in a statement. “It will undoubtedly spur economic development along the Collinsville road corridor, creating jobs and bolstering our local economy. We look forward to the positive impact this acquisition will have on our city.”
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Post Holdings CEO Robert Vitale and former Post CEO William Stiritz are co-owners of Fairmount Holdings, the company that owns the race track, according to Accel. Stiritz has had ownership in the track since 2000.
In 2020, the track agreed to a naming agreement with the online sports betting firm FanDuel Group, a deal expected to help revitalize the aging track. It began publicly calling the track “FanDuel Sportsbook and Horse Racing,” though its legal name remained “Fairmount Park.”
The sale price includes 3.45 million shares of Accel stock. The company said it plans to invest between $85 million and $95 million in track improvements and casino construction.
The company said it expects to open a temporary casino in the existing grandstand building in the second quarter of 2025, with 200 slot machines and up to six tables. A permanent site will open in 2027, with 500 slot machines and 24 tables.
Accel was founded in 2009, and went public in 2019 by combining with a special-purpose acquisition company.
Mark Phelan, Accel’s president of U.S. Gaming, told investors during a conference call Tuesday afternoon that he believes the casino can generate between $20 million and $25 million in earnings before interest, taxes, depreciation and amortization, once it is running at full scale.
The deal is expected to close in the fourth quarter of this year. It requires approval from the Illinois Racing Board and Illinois Gaming Board.
FanDuel Sportsbook and Horse Racing opens its live horse racing season on Tuesday, April 27, 2021 with a limited in person attendance. Along with in-person attendance the park debuted a live bugler rather than their normal recording. Fans were also able to use the new sportsbook betting room to bet on other sporting events. Fairmount Park changed its name as part of a partnership with FanDuel to re-energize and upgrade the aging facility. Video by: Colter Peterson, cpeterson@post-dispatch.com
Photos: Fans enjoy 2024 opening day of horse racing at FanDuel at Fairmount Park
Sarah Marsden, left, and Maddie Galla, cheer as horses make their way to to the gates for the fourth race on opening day of the horse racing season at FanDuel at Fairmount Park on Tuesday, April 16, 2024, in Collinsville. Photo by Laurie Skrivan, lskrivan@post-dispatch.com
Sarah Marsden, left, and Maddie Galla wait for buglers Leonard Dozier, left, and Trevor Zipprich to play before the fourth race on Tuesday, April 16, at FanDuel Sportsbook and Horse Racing (Fairmount Park) in Collinsville. It was opening day of the season.
Jockey Corey Orm riding Too Much Tuesday edges out Napabit, ridden by Victor Bailon, to win the second race on opening day of the horse racing season at FanDuel at Fairmount Park on Tuesday, April 16, 2024, in Collinsville. Photo by Laurie Skrivan, lskrivan@post-dispatch.com
General manager Melissa Helton congratulates jockey Emmanuel Giles on winning the first race of the season riding on Lichita on opening day of the horse racing season at FanDuel at Fairmount Park on Tuesday, April 16, 2024, in Collinsville. Photo by Laurie Skrivan, lskrivan@post-dispatch.com
Eric Grimme of St. Louis checks out the horses in the paddock before placing his bets on the second race on opening day of the horse racing season at FanDuel at Fairmount Park on Tuesday, April 16, 2024, in Collinsville. Photo by Laurie Skrivan, lskrivan@post-dispatch.com
Jockeys lead their horses to the gate for the third race on opening day of the horse racing season at FanDuel at Fairmount Park on Tuesday, April 16, 2024, in Collinsville. Photo by Laurie Skrivan, lskrivan@post-dispatch.com
Oliver Slone, 13, of Collinsville, looks for his horse while watching the fifth race alongside his mother Amber Buxton on opening day of the horse racing season at FanDuel at Fairmount Park on Tuesday, April 16, 2024, in Collinsville. Photo by Laurie Skrivan, lskrivan@post-dispatch.com
Fans celebrate jockey winning the fifth race on opening day of the horse racing season at FanDuel at Fairmount Park on Tuesday, April 16, 2024, in Collinsville. Photo by Laurie Skrivan, lskrivan@post-dispatch.com
Jockey Alexander Bendezu weighs on after winning the sixth race riding Comiskey Park on opening day of the horse racing season at FanDuel at Fairmount Park on Tuesday, April 16, 2024, in Collinsville. Photo by Laurie Skrivan, lskrivan@post-dispatch.com
Nicole Cook of Granite City checks out the horses in the paddock before placing his bets on the second race on opening day of the horse racing season at FanDuel at Fairmount Park on Tuesday, April 16, 2024, in Collinsville.
“You are winning,” shouts Steve Phaff, left, who gives up thumbs up to birthday girl Barbara Bultman, right, who celebrated her birthday with friends including Marianna Avila, center, on opening day of the horse racing season at FanDuel at Fairmount Park on Tuesday, April 16, 2024, in Collinsville. Photo by Laurie Skrivan, lskrivan@post-dispatch.com
“This is my 40th season,” Paulette Lovelace, who works the information booth at FanDuel Sportsbook and Horse Racing (Fairmount Park), said on Tuesday, April 16, 2024. That was opening day of the thoroughbred meet at the track in Collinsville.
Jockey Victor Bailon riding Xpressir wins the third race on opening day of the horse racing season at FanDuel at Fairmount Park on Tuesday, April 16, 2024, in Collinsville. Photo by Laurie Skrivan, lskrivan@post-dispatch.com
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