ECL Entertainment, Clairvest to Purchase Wyoming Downs

Kentucky Downs owner ECL Entertainment and joint venture partner Clairvest Group announced April 22 they have entered into an agreement to purchase Wyoming Downs. ECL will operate the Evanston, Wyo., racetrack in Evanston as well as Wyoming Downs' historic racing and off-track betting 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.

Wyoming Downs will hold its opening weekend June 8-9 and will offer live racing through Aug. 11.

"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."

Wyoming Downs has been owned for the last 10 years by a partnership led by Wyoming Equity Investors, and Eric Nelson. In addition to its racetrack in Evanston, Wyoming Downs also operates 18 off-track betting locations throughout the state that also offer historical horse racing electronic games in Evanston, Casper, Cheyenne, Evansville, Gillette, Green River, Laramie, Mills, Sheridan, Rock Springs, and Thermopolis. Wyoming legalized HHR games in 2013 and Wyoming Downs is the state's largest operator with a total handle in 2023 of more than $892 million. 

"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."

Nelson, a principal of Wyoming Downs, said his time at Wyoming Downs has been marked by the tremendous relationships forged in the horse racing industry, as well as with clients throughout the state.

"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.

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 track record in the gaming industry.