Churchill Downs is a step closer to becoming the majority owner of Rivers Casino in Des Plaines, Illinois.

The deal, which amounts to a 50.1 per cent stake in Midwest Gaming Holdings, is expected to cost US $326 million.

The takeover is still awaiting approval from the Illinois Gaming Board, which could make a decision by the end of the week.

SEE ALSO: BEST US CASINO SITES

“We are thrilled to have Churchill Downs become our partner in Des Plaines, because they share our vision for the future of Rivers Casino and our commitment to our team members, community and guests,” said Greg Carlin, CEO of Midwest Gaming.

“They have a tremendous record of success and innovation.

“With their representation on our Board of Managers, we’re confident Rivers will remain one of the most successful casino destinations in North America.”

Churchill Downs operates four racetracks in the United States, including Arlington International – only a short drive from Des Plaines.