Churchill Downs has entered into a purchase agreement to acquire Harlow’s Casino Resort and Hotel in Mississippi, US.

The transaction, valued at $138m, is expected to be closed in the next three to six months and is subject to receipt of all required regulatory approvals.

The hotel is owned by affiliates of Levine Leichtman Capital Partners, Oak Hill Advisors and private investor Jess M Ravich.

The casino resort and hotel features a 33,000ft² gaming floor with 841 slot machines, 23 table games and a poker room, a five-story 105-room hotel, a 2,600-seat entertainment centre and three separate dining areas.

US-based Churchill Downs owns and operates four thoroughbred racing facilities.