Riverwalk Casino and Lady Luck Casino will not only be neighbors in Vicksburg, but will also be partners after Churchill Downs Incorporated announced they are in the process of purchasing the Lady Luck property from Eldorado Resorts.

It is one of two casino sites CDI is buying from Eldorado. The other is Presque Isle casino in Erie, Pennsylvania.

Under terms of the agreement, CDI is buying Lady Luck Vicksburg for approximately $50.6 million and Presque Isle for $178.9 million. All of which is contingent upon approval from the gaming commissions in Mississippi and Pennsylvania. The Lady Luck sale is expected to take place in the second quarter of this year, while the Presque Isle sale is expected to be complete in the fourth quarter of 2018.

“We are excited about welcoming both of these properties to the Churchill family,” CDI CEO Bill Carstanjen said in a press release. “Presque Isle will give us a foothold in Pennsylvania, which has recently passed legislation authorizing real money online gaming. The Lady Luck Vicksburg is immediately adjacent to our Riverwalk facility and offers us operational efficiencies in a stable region. Both properties fit our investment criteria and will be immediately accretive to our shareholders.”

CDI bought Riverwalk Casino in October 2012 for approximately $141 million. The property originally opened in October 2008.

Lady Luck casino, which includes a 25,000-square-foot casino and 89-room hotel, has been in Vicksburg since July 1994 and was bought by Eldorado Resorts in 2010.

“Our agreements to divest Presque Isle and Lady Luck Vicksburg are consistent with our strategy to maximize returns from our portfolio of regional gaming assets through investments in new properties as well as opportunistic divestitures,” Eldorado Chairman and CEO Gary Carano said in a press release. “The sale price represents an attractive multiple of these properties’ trailing twelve months cash flows. We remain fully committed to expanding our platform into growth markets that we believe have the potential for high returns as well as deploying capital toward high return investments in our existing properties.”