Clairvest Group, along with Clairvest Equity Partners VI, has completed its acquisition of the Delaware Park casino and racetrack.
The takeover of the racino saw Clairvest invest £71m for a majority interest with CVG’s portion of the investment totalling $19m.
Michael Wagman, president and a managing director of Clairvest Group, noted: “The Clairvest team is excited by the growth prospects at Delaware Park. We look forward to partnering with Thomas Benninger, an experienced gaming investor, to continue the stewardship of this unique property.”
Located in Wilmington, the racino serves in the Delaware, Maryland, New Jersey and Pennsylvania markets. Originally opened in 1937, Delaware Park became the first racino established in the state.
The property offers traditional gaming positions including slot machines, tables games and poker tables, along with retail sports betting, igaming and live thoroughbred racing.
Delaware Park is Clairvest’s 57th platform investment and 14th investment in the gaming space. The Clairvest/CEP VI co-investment pool is capitalised at $850m and focuses on equity investments in growth companies.
The purchase of Delaware Park casino and racetrack follows on from Clairvest naming Caesars Entertainment as the casino operator in Clairvest Neem Ventures’ Wakayama Marina City-based integrated resorts proposal.
The operator noted that it has joined the consortium “in full compliance with Japanese law and with no capital commitment,” amid the pursuit of one of three licensed to be granted next year.
