The sale, averaging out to $2.5m per acre, is subject to closing conditions and CDI expect it to be completed in the first half of 2022.
The land is situated near CDI’s Calder Casino in Florida, which was re-opened in September 2020 after being closed for five month due to the novel coronavirus (Covid-19) pandemic.
CDI plan to use the proceeds from the sale to to purchase or invest in replacement property. The company will retain ownership of approximately 54 acres of the current 170-acre area of land upon which Calder Casino resides.
It also retains the right to sell up to 20 acres of land in the Miami area for any property developments in the future. CDI recently had a proposal accepted to develop and operate a new land-based casino in the state of Indiana.
The sale comes after CDI recorded record profits and revenue for the third quarter of 2021, owed to growth across its gaming and horse racing operations. It becomes the company’s latest property sale this year after reaching a similar agreement for Arlington Race Course with NFL side Chicago Bears back in September.