The private equity management firm Clairvest Group announced Nov. 5 that it, together with Clairvest Equity Partners VI and a newly formed subsidiary of Rubico Gaming, run by experienced gaming investor Thomas Benninger, has agreed to acquire the Delaware Park casino and racetrack business.
Delaware Park is a racino in Wilmington, Del., serving the Delaware market and parts of the Maryland, New Jersey, and Pennsylvania markets. The property has been owned by the Rickman family since 1983 and consists of over 100,000 square feet of gaming space with slot machines, table games, and poker tables. Thoroughbred racing is conducted at the track, which opened in 1937 and is the only Thoroughbred track in the state of Delaware. The track's signature race is the Delaware Handicap (G2), a 1 1/4-mile event for fillies and mares 3 years old and up.
The closing of the transaction is subject to, among other things, obtaining regulatory approvals. The parties expect the closing to occur by the end of the calendar year 2021.
Upon closing, this will represent the 30th casino/racino in which Clairvest has held an ownership interest and Clairvest's 14th platform investment in the gaming industry.
Increasing casino revenues in Delaware have boosted purses at Delaware Park. According to Ownerview.com, the average daily purse size there was $235,459 in 2020, with a median purse of $22,350.
