Benzinga | Sep 29, 2021 01:05PM EDT

Churchill Downs To Sell Arlington Heights Property For $197.2M

* Churchill Downs Inc (NASDAQ:CHDN) has signed a Purchase and Sale Agreement with the Chicago Bears.

* The company has agreed to sell the 326-acre property in Arlington Heights, Illinois, currently the home of Arlington International Racecourse, for $197.2 million.

* The company targets closing the sale of the property in late 2022 / early 2023.

* Churchill Downs plans to use the proceeds to purchase or invest in the replacement property.

* Price Action: CHDN shares are trading lower by 0.48% at $240.09 on the last check Wednesday.