Accel Entertainment has announced an agreement to purchase FanDuel Sportsbook & Horse Racing, the former Fairmount Park racetrack, with plans to continue racing and develop a long-stalled racino project.
The $35 million deal is subject to approval by the Illinois Racing Board and casino ownership, and development would need the okay of the Illinois Gaming Board. Accel, headquartered in Burr Ridge, Ill., is a major provider of equipment to non-casino gaming locations.
The track is located in Collinsville, Ill., across the Mississippi River from St. Louis, and, with Hawthorne Race Course in west suburban Chicago, is one of only two surviving horse racing facilities in Illinois. The state legislature has authorized creation of a harness track in Chicago’s south suburbs but there are no active plans for that development.
“We are excited to be a part of an almost 100-year-old Southern Illinois institution in Fairmount Park and support the Illinois agriculture and equine industries,” said Andrew Rubenstein, Accel co-founder, president, CEO, and board director.
Accel said it plans to make a significant investment at Fairmount beyond the purchase price.
“The transaction has two parts—acquisition of Fairmount, the holder of the license and owner of the underlying site assets, for approximately $35 million of equity consideration, and $85-$95 million of expected casino build-out and track investments funded from Accel’s credit facility,” Accel said in a statement.
“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,” said Rob Vitale, Fairmount co-owner with William Stiritz.
“This is an encouraging development,” said Melissa Helton, president and general manager of FanDuel/Fairmount. “Anything to get a casino in here. But right now, everything is business as usual.”
Hawthorne also is authorized to build out a racino but that project, like Fairmount’s, has been delayed repeatedly since the passage in 2019 of gaming expansion legislation as its owners work to arrange financing.
“We’re heartened by the news,” said David McCaffrey, executive director of the Illinois Thoroughbred Horsemen’s Association, referring to movement on casino financing. “Obviously, these deals are complicated. You don’t have to look any farther than Chicago to see that.
“It’s a glimmer of hope for us. If it got done at Fairmount Park, hopefully it can happen at Hawthorne, too.”
