Of the $71m invested to gain a majority stake in Delaware Park, $19m came from Clairvest Group with the rest coming from its Clairvest Equity Partners fund.
Delaware Park has been in operation since 1937 and is the first ‘racino’ established in the state. The venue offers traditional gaming stations such as slot machines and table games, in addition to retail sports betting, igaming and live thoroughbred racing.
Delaware recently recorded its largest sports betting handle since December 2019 as customers wagered $12.2m during October.
Delaware Park represents Clairvest’s 57th platform investment and 14th investment in the gaming space.
“The Clairvest team is excited by the growth prospects at Delaware Park,” Clairvest Group president and managing director Michael Wagman said. “We look forward to partnering with Thomas Benninger, an experienced gaming investor, to continue the stewardship of this unique property.”
The private equity giant is also preparing to expand into Japan. In August it signed an agreement to manage an integrated resort in Japan’s Wakayama prefecture.
Although it originally partnered with Groupe Partouche for the project, Caesars Entertainment has since replaced the French casino operator in the consortium.