Churchill Downs completed the acquisition of Presque Isle Downs and Casino from Eldorado Resorts on Friday.

It was purchased for a cash consideration of $178.9 million.

The Pennsylvania Gaming Control Board and the Pennsylvania State Horse Racing Commission have both approved the sale.

“Presque Isle will give us a foothold in Pennsylvania and the opportunity to participate in the sports betting and online gaming market throughout the state," said Bill Carstanjen, CEO of Churchill Downs Incorporated. "This acquisition is projected to be immediately accretive to our shareholders. We are excited about welcoming Presque Isle and its employees to the Churchill family.”

Presque Isle Downs and Casino opened in February 2007. It operates approximately 1,600 slots, 32 table games and a poker room. Presque Isle also runs live thoroughbred racing.

Churchill Downs, which is headquartered in Louisville, Ky., is a racing, gaming and online entertainment company best known for its flagship event - The Kentucky Derby.