Youbet.com has restated its earnings for 2007 due to a recalculation of an earn-out payment to the former owners of defunct subsidiary International Racing Group, increasing its annual loss for the year to $28.4 million.
A Kentucky judge denied a motion July 10 requesting a forced sale of 2007 Horse of the Year Curlin, a decision that was applauded by majority owner Stonestreet Stables, which clearly stated it has no desire to sell its part of the champion horse.
Churchill Downs' 52-day spring meet closed July 6 with steep declines in handle and purses, likely results of a well-publicized clash between track officials and horsemen over wagering revenue.
A Kentucky judge is being asked to order the sale of 2007 Horse of the Year Curlin, but attorneys representing the ownerships interests of the champion colt question the merit of the request.
The minority ownership entity of 2007 Horse of the Year Curlin has taken issue with a recent judge's order transferring its management to a court-appointed receiver, saying it would ask for the action to be reconsidered and set aside.
Management of the minority interest in reigning Horse of the Year Curlin and other horses has been transferred to the control of a court-appointed receiver, a move which majority owner Stonestreet Stables says clears the way for the champion horse to race at any venue.
Two horses in the care of Larry Jones at Delaware Park were mysteriously found turned out from their stalls on consecutive recent nights, leading to the firing of an employee of the trainer and an investigation by track officials.
Two advance deposit wagering companies operating through the hub system in Oregon recently had their annual license renewals tabled by the state's racing commission, but will be able to rectify the situation at an upcoming July 17 meeting.
The parent company of Magna Entertainment Corp. has called off a scheduled July 24 shareholder meeting to vote on a complex reorganization plan that has raised the ire of some large stakeholders.
The owner of Ellis Park said he is willing to work with horsemen on revenue-sharing plans for wagering signals, but hasn't ruled out eventually closing the Kentucky track if an equitable long-term agreement isn't reached.
A leading executive of Churchill Downs Inc. told a gathering of shareholders June 19 that he didn't know when a nasty revenue-sharing dispute with horsemen would be resolved, but promised the company would do its part in reaching a satisfactory conclusion for all.
Preliminary analysis by the Thoroughbred Racing Protective Bureau suggests nothing appears amiss with wagering on the June 7 Belmont Stakes (gr. I) won by longshot Da' Tara.
Hampered by a double-digit handle decline on its biggest race card, the May 17 Preakness Stakes (gr. I), Pimlico Race Course realized a 16.5% drop in all-sources wagering for its 31-day meet that closed June 7.
A Kentucky state judge has denied a motion from trainer Patrick Biancone to block an upcoming Kentucky Horse Racing Authority hearing set to discuss whether his suspension should be extended or not.
A federal judge June 4 heard preliminary arguments over a proposed injunction filed by Kentucky horsemen asking to reinstate a 20% purse cut imposed by Churchill Downs.
The Colonial Downs signal will be barred to at least three wagering outlets for its upcoming live meet. The Virginia racetrack joins the list of tracks whose betting options have been curtailed by disputes with horsemen's groups over revenue sharing.
MI Developments has announced a special shareholders meeting in Toronto July 24 to consider the reorganization proposal that could result in Magna Entertainment Corp. being sold to an entity controlled by founding chairman Frank Stronach.
The operator of Santa Anita Park has filed a federal lawsuit against the original supplier of its troubled synthetic racing surface, claiming it has suffered at least $8.4 million in damages from improper installation and repair.
In a flurry of responses filed recently in federal court, Kentucky horsemen claim Churchill Downs Inc. owes purse funds upwards to $3 million in unpaid fees from wagering revenues, and have asked a judge to force the racetrack company to pay out funds lost from a 20% purse cut.
A lawsuit over the movie "Ruffian" has been dismissed in a Georgia federal court, vindicating defendants The Walt Disney Co. and its television networks ABC and ESPN.
Some bettors are frustrated with the current dispute between horsemen groups, racetracks, and advance deposit wagering companies over revenue sharing. They feel they've been neglected in the process, and threaten to take their wagering dollars elsewhere.
Youbet.com announced May 21 it had regained compliance with NASDAQ trading requirements after its stock price traded above $1 for 10 consecutive business days.
Stan Fulton and Stonewall Farm Stallions are in a dispute over the 2006 sale of It's No Joke, with both sides saying the other breached conditions of a $1.1-million sale contract.
Louisiana horsemen have approved a deal allowing Youbet.com and Premier Turf Club the signal to Louisiana Downs, the first agreements reached with any advance deposit wagering companies under the auspices of negotiating with the Thoroughbred Horsemen's Group.
After four straight years of handle topping $87 million, wagering on the Preakness program declined 15.8% in a year-over-year comparison with the 2007 card.
Churchill Downs Inc. has amended its lawsuit against Florida horsemen and the Thoroughbred Horsemen's Group to include certain Kentucky horsemen associations and officers, an action in which all defendants are charged with violating federal antitrust laws.
Players involved in the fractious negotiations with Churchill Downs over revenue sharing on the evening of May 13 exhorted a gathering of more than 150 horsemen to stay the course in the standoff and support their efforts.
Advance deposit wagering through the Oregon hub system grew nearly 3% in the first quarter of 2008 despite an overall decline in national betting numbers in North America.
Presque Isle Downs is the latest track to get caught up in the battle over revenue sharing of online and telephone wagering companies as signals to many advance deposit wagering companies were cut off May 11 due to lack of agreements with the Pennsylvania Horsemen's Benevolent and Protective Association.
The most recent version of rules governing horse sales in Florida were published for public comment May 9. The regulations are being touted as a successful compromise by some of those involved in the process.
Icabad Crane, who most recently won the April 19 Frederico Tesio Stakes at Pimlico, will be entered in the Preakness Stakes (gr. I), according to the racing manager for owner Earle I. Mack.
Churchill Downs announced May 9 a 20% purse cut for its spring meet effective May 14, laying the blame on horsemen's groups for rejecting offers on signal distribution.
The new parent company of TVG reiterated in a recent conference call its plans to sell the horseracing channel, saying it hopes to do so by the end of the year.
Churchill Downs Inc. and Magna Entertainment Corp. have pulled the plug on their involvement in Racing World UK, the United Kingdom broadcast and wagering venture launched two years ago.
California bloodstock agent Brad Martin has been dismissed from Stonestreet Farm's Kentucky state lawsuit alleging fraud in the horse owner's $17.5-million purchase of the former Buckram Oak Farm in Lexington.
The head of a Kentucky horsemen's association said his group withheld approval for the Churchill Downs signal to go out to a pair of offshore rebate shops for the undercards of the Kentucky Derby Presented by Yum! Brands (gr. I) and Kentucky Oaks (gr. I), and is aggravated that the track is blaming horsemen for a decline in handle on the two programs.
Youbet.com put the memory of its association with former subsidiary International Racing Group in its rear-view mirror during a May 6 conference call where it reported a net income of $774,000 for the first quarter of 2008.
All-sources handle dropped nearly 2% on the May 3 card of the Kentucky Derby Presented by Yum! Brands (gr. I), a result a Churchill Downs official blamed on the fallout from an ongoing dispute with horsemen over signal distribution.
Intangaroo came roaring down the stretch to overtake Baroness Thatcher and Hystericalady at the wire to win a photo-finish thriller in the $300,000 Humana Distaff (gr. I) at Churchill Downs May 3.
Perhaps feeling the effects of an ongoing dispute with horsemen over signal distribution, handle on the May 2 Kentucky Oaks (gr. I) program was down about 7%, according to numbers released by the track.
American Horse Council president James J. Hickey Jr. briefed attorneys May 1 on legislative actions in Congress during the 23rd National Conference on Equine Law, but he also handicapped the immediate passage chances of a couple of them as remote.
An attorney specializing in estate planning says now is a good time for horsemen and others to establish tax-friendly programs that pass along assets to descendants -- but warned that time was of the essence in organizing such efforts.
It's difficult to gauge the immediate effect of the ongoing dispute with Kentucky horsemen on the Churchill Downs' spring meet, as handle on racing from the opening weekend at the Louisville track was down only slightly from 2007, according to one data source.
Two days after the Jockeys' Guild filed a formal plan of reorganization in its Chapter 11 bankruptcy, the U.S. Trustee overseeing the action dropped the group's former national manager Wayne Gertmenian from the unsecured creditors committee.
TrackNet Media Group said April 22 it doesn't like a proposal from horsemen that would allow advance deposit wagering companies the cards of the Kentucky Derby Presented by Yum! Brands (gr. I) and the Kentucky Oaks (gr. I), locking in place a stalemate over broader revenue sharing models.
Horsemen at odds with TrackNet Media Group over advance deposit wagering revenue sharing plans are proposing an arrangement that would allow all ADWs to carry programs of both the May 2 Kentucky Oaks (gr. I) and May 3 Kentucky Derby Presented by Yum! Brands (gr. I).
Consider this chilling scenario: Customers of several advance deposit wagering companies - and possibly some large off-shore rebate shops - won't be able to place wagers on the Kentucky Derby Presented by Yum! Brands (gr. I) through those entities.
A warrant has been issued in a California county for the arrest of jockey Patrick Valenzuela, who failed to appear at a recent hearing associated with a charge against him for driving under the influence.
A Kentucky state judge has indicated he is ready to order the sale of assets held by companies affiliated with embattled attorneys Shirley Cunningham Jr. and William Gallion, including their minority interest in 2007 Horse of the Year Curlin.
The Thoroughbred Horsemen's Group claims it wants advance deposit wagering entities to pay a fairer share into purse coffers, but those on the other side of the negotiating table claim the math simply doesn't add up.
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