A federal bankruptcy judge has signed an order to convert the Chapter 11 business reorganization of ClassicStar LLC to Chapter 7 liquidation, paving the way for creditors to pursue whatever assets they can find linked to the former broodmare-lease operator.
It is clear following an April 7 public forum in Florida that published rules concerning horse sales in the state did little to quiet those on opposite sides of the arguments over disclosure and transparency.
A motion has been filed in a Kentucky federal court asking to convert the bankruptcy protection of former broodmare lease operator ClassicStar LLC from Chapter 11 business reorganization to Chapter 7 liquidation.
A South Florida entity has paid nearly $17.3 million for one of the largest farm properties located near Ocala, Fla., according to public deed records.
In an April 7 conference call where an executive announced an end to a workers' strike at its signature racino, MTR Gaming Group also claimed its 2007 financial performance was a product of a four-year business plan to diversify and strengthen the company.
MTR Gaming in its annual report said it lost $11.4 million in 2007 and announced Ted Arneault will step down as chairman and chief executive officer at the end of the year.
Wagering through the Oregon Racing Commission hub system jumped 17.4% in 2007, according to data compiled by the state regulatory agency.
Youbet.com said April 1 it had put a restructuring plan in place to recover from last year's $27.4-million loss, and is looking forward to a turnaround in 2008.
Magna Entertainment Corp. has been granted a one-month extension on a $40-million loan that was due to mature March 31, a credit agreement that is secured by the assets of the company's Golden Gate Fields and Santa Anita Park.
Youbet.com reported March 31 it lost $28.7 million in the fourth quarter of 2007 on the same day it was notified by NASDAQ it faces delisting from the stock exchange.
The parent company of Magna Entertainment Corp. has announced a proposal that would result in the sell-off of its controlling investment in the racing company to entities affiliated with company founder Frank Stronach.
Jacobs Entertainment Inc. and its affiliates have recently increased their overall stake in MTR Gaming Group, a move that follows a January announcement that the owner of Colonial Downs was shifting its focus towards facilities that feature multiple forms of gaming.
A federal bankruptcy judge recently signed an order paving the way for Churchill Downs Inc. to make a contractual payment of nearly $150,000 to the Jockeys' Guild, which will use the money to pay medical and insurance bills.
Premier Turf Club has added Keeneland content to its list of track offerings, building on a business model that has allowed the North Dakota-based advance deposit wagering entity to realize four-fold growth in handle in the last few months.
Youbet.com said March 18 it had resolved its part in a federal investigation into its former International Racing Group subsidiary, and will not be charged in return for continued cooperation with officials.
Churchill Downs Inc. is asking for patience in seeing financial rewards from what it termed an $80 million investment into the advance deposit wagering industry in 2007, and promises to act on opportunities for the company's progress in 2008.
Gulfstream Park has voluntarily dismissed a federal lawsuit that sought to block slots being installed in casinos operated by Florida Indian tribes, saying it will await the outcome of a similar Florida Supreme Court action.
The former Meadowbrook Farms, which in 2005 was sold to the principals behind Thor-Bred Stable, is back on the real estate market.
Ron Geary said he is facing a myriad of economic pressures in making Ellis Park a viable operation, but the owner of the Henderson, Ky., racetrack vows to fight the challenges with every resource before he considers closing the facility.
TVG has announced an exclusive multi-year agreement that ends an 18-month hiatus of Hawthorne Race Course from the racing network's line-up, and the Illinois track says it is all part of bigger plan to broaden its own plans for a self-run wagering entity.
The parent company of Magna Entertainment Corp. says the racing and gaming company needs to sell off assets as quickly as possible to drive down debt, and may not be able to repay loans that are set to expire in May.
A federal lawsuit between Youbet.com and several entities associated with Virginia racing has been settled, resulting in a renewed effort by the advance deposit wagering company to become licensed in the state.
With one analyst tagging the proceedings "Groundhog Day," Magna Entertainment Corp. announced Feb. 29 more losses during a short, testy conference call that discussed year-end financials for 2007.
A congressional subcommittee was told Feb. 27 that while testing for drugs in horse racing isn't perfect, the current model is both effective and ever-improving.
U.S. Rep. Ed Whitfield of Kentucky opened a Feb. 27 congressional hearing on the use of steroids in sports by claiming leaders of horse racing have repeatedly failed on promises to self-regulate medication issues.
Lonny Powell has stepped down from his executive position with Youbet.com, joining others who have left the California-based advance deposit wagering company in recent months.
Gulfstream Park has filed a federal lawsuit challenging a compact allowing tribal casinos to offer Class-III slots and banked card games in Florida, the latest attempt by the track to curb gaming competition from neighboring wagering facilities.
Just as the door closes on International Racing Group's operating presence in Oregon, the state is prepared to welcome two new players to the advance deposit wagering scene.
A Kentucky judge delayed ruling on the latest motion asking to foreclose on the company that owns a minority interest in reigning Horse of the Year Curlin Feb. 19, leaving in place, at least temporarily, the colt's clouded ownership structure.
The owner of La Dolce Vita has formally appealed the decision of Gulfstream Park stewards not to change the outcome of the Feb. 3 Suwannee River Handicap (gr. III), saying the decision challenges the integrity of horse racing.
The parent company of TVG Network reported the horse racing television channel realized a 10% increase in wagers processed for 2007, but saw overall revenues decline slightly for the year.
Share of Magna Entertainment Corp. have traded under $1 for more than 30 straight days, prompting NASDAQ to notify the racing and gaming company it was out of compliance with marketplace rules and faces delisting.
Youbet.com will close its troubled off-shore telephone wagering entity International Racing Group, according to a Feb. 13 filing with the U.S. Securities and Exchange Commission.
Churchill Downs Inc. says it is sincerely interested in hosting the Breeders' Cup World Championships, so much so that it offered what it considered an "innovative" multi-year plan for regularly staging the annual event at its signature namesake track starting in 2009.
The Thoroughbred Owners of California has given limited consent to New York's off-track betting corporations to accept wagers on California races, but is holding firm on its stance against allowing wagers from the companies'out-of-state account deposit wagering customers.
A federal judge presiding over the Jockeys' Guild bankruptcy proceedings denied a request to move the case to California Jan. 29, saying Kentucky was the right place for the group to reorganize its operations.
Youbet.com has reached an exclusive agreement with four Illinois racetracks to offer advance deposit wagering access to residents of the state, a deal that is being called the first of its kind because of its revenue sharing program.
The Florida Department of Agriculture and Consumer Services claims it doesn't have the power to regulate certain aspects of horse sales in the state, but is prepared to publish proposed rules it says are intended to prevent unfair or deceptive trade practices.
Earle I. Mack, who led the push for pending auction reform legislation in Florida, has come out in support of a strong policy statement recently released by the Thoroughbred Owners of California regarding horse sales.
The current but clouded ownership of 2007 Horse of the Year Curlin remained unchanged following a hearing in a Kentucky state court Jan. 22, with a judge overruling a motion for foreclosure on the minority interest owned by jailed attorneys Shirley Cunningham Jr. and William Gallion.
Indian Blessing was rewarded for an impressive 2007 campaign that included three victories in as many starts by winning the Eclipse Award for 2-Year-Old Filly Jan. 21 at the Beverly Wilshire Four Seasons Hotel in Beverly Hills, Calif.
Churchill Downs Inc. has asked a federal bankruptcy court to ensure funds its member tracks contribute to the Jockeys' Guild be used for their intended purposes and not for other needs the financially-troubled organization may choose.
Following the lead of other premier sporting events such as the Super Bowl, Churchill Downs Inc. has partnered up with a full-service travel agent to offer event packages for its two biggest days of racing, the Kentucky Derby (gr. I) Presented by Yum! Brands and the Kentucky Oaks (gr. I).
Overall wagering declined slightly in the United States in 2007 while purses increased, according to "Thoroughbred Racing Economic Indicators" data released Jan. 15.
An attorney representing Stonestreet Stables, the majority owner of leading Horse of the Year candidate Curlin, emphasized Jan. 8 that a foreclosure motion being considered in a Kentucky state court involves only the minority interest in the star colt.
A contentious standoff over Gulfstream Park's racing signal has brought a chilling end to any warm fuzzies felt from the recent broad distribution deals emerging out of California, New Jersey, and New York.
Eight-time Tampa Bay Downs leading trainer Don Rice was hospitalized in critical condition after he was apparently kicked in the head by a horse at his Central Florida farm.
A spokesman affiliated with Youbet.com says certain customers of subsidiary International Racing Group have received funds owed by the off-shore rebate shop, which is part of an investigation being conducted by the federal government.
- By Ryan Conley
- News, Northeast Region, Midwest Region, Southeast Region, Southwest Region, West Region
Jess Jackson's Stonestreet Stables now has an 80% ownership interest in Curlin after completing a deal to acquire former partner George Bolton's percentage of the 2007 leading Horse of the Year candidate.
The Horse Owners' Protective Association, an industry advocacy group that was formed in part by activist owner Jess Jackson, has announced a reorganization of its board and an expanded focus of its mission.
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