CVG is putting $165M into the $546M deal to buy the MGM Northfield park racino in Ohio from MGM, partnering with Closing is expected next year. The facility consists of a half-mile harness racing track, video lottery terminals, food and beverage venues and an entertainment hall. Clairvest already has substantial gaming experience through prior deals. Full financial metrics were not disclosed but it was at a 6.6X EBITDA valuation multiple. With about 70% of CVG shares tightly held and no analyst coverage, it remains a sleeper stock. Valuation is low based on historical numbers (no forecasts). This deal we think is good, but a bit riskier. It will depend what CVG and partners do with the harness racing side of things. Harness racing is not a huge growth sector right now and not the draw into casinos it has been in the past. CVG is an interesting and non-correlated stock. But we would not give it a huge endorsement today. About 10% of its portfolio is impacted by a recent ban on online gambling in India, where it has a fairly large investment in the sector.