CDI and Youbet.com extend the outside date for termination of their merger agreement, though merger still expected to close in second quarter of 2010
The defection of Churchill Downs Inc. from the National Thoroughbred Racing Association won't impact Churchill Downs' hosting of this year's Breeders' Cup World Championships.
- By Tom LaMarra
Churchill Downs Inc., operator of four major racetracks in the United States, has informed the National Thoroughbred Racing Association via letter it won't renew its membership for 2010.
- By Tom LaMarra
Youbet.com reported a small loss for the first three months of 2010, noting there would have been a similar gain if not for $1 million in expenses tied to its impending merger with Churchill Downs Inc.
A day after Churchill Downs Inc. issued a revenue report from the first quarter of 2010 officials analyzed the information and talked about what's in store for the future of the company.
Churchill Downs Inc. reported that revenue from the newly opened Calder Casino and revenue growth at TwinSpires.com boosted net revenues from continuing operations to a record total of $75.1 million for 2010's first quarter.
A lawsuit between Churchill Downs Inc. and a horsemen's group and some individuals over alleged antitrust violations has been settled between the parties.
Youbet.com shareholders voted to approve a merger agreement with Churchill Downs Inc., the company announced April 6.
Churchill Downs Inc. chief operating officer Bill Carstanjen took part in the TV show Undercover Boss. The episode, filmed at Arlington Park and Calder Race Course last year, will air March 14.
During the first full month of operation, slot machines at Calder Casino & Race Course placed third in pre-tax revenue among the five pari-mutuel casinos in southeast Florida.
Churchill Downs Inc. reported a decline in net income for 2009, as well as a fourth-quarter loss for the year.
- By Tom LaMarra
Churchill Downs Inc., which announced Nov. 11 plans to purchase Youbet.com and its United Tote subsidiary for about $126.8 million, is on the lookout for other prospective purchases in the area of Internet wagering.
- By Tom LaMarra
TVG has reached an agreement with TrackNet Media Group that allows it to offer wagering on racing from Churchill Downs and Fair Grounds Race Course & Slots.
The president of Churchill Downs Inc. said he believes recent developments with the makeup of the Kentucky General Assembly are positive and could help lead to legalization of video lottery terminals at racetracks in the state.
Fair Grounds Race Course & Slots will offer high definition (HD) simulcasts of all of its races when the New Orleans track opens its 2009-10 Thoroughbred meet Nov. 6.
Churchill Downs and Kentucky horsemen have reached a three-year agreement that sets purse payments, establishes purse supplements and ends a legal dispute that began in the spring of 2008.
Based on a review of its experimental three night racing cards during the spring meet, Churchill Downs Inc. announced Sept. 28 it will install permanent lights at its flagship racetrack in Louisville.
Elizabeth Harris, executive director of Thoroughbred Charities of America since 2004, has been named vice president of communications for Churchill Downs Inc. Harris will assume her new role Aug. 20.
While Churchill Downs Incorporated will continue to focus on racing as its primary business, its ability to expand into more profitable ventures such as alternative gaming and concerts will be key to future growth.
The meet at Fair Grounds Race Course & Slots got a little bit longer calendar-wise in 2008-09, and it will get even longer in 2009-10.
Churchill Downs Inc. has announced several changes to its organizational structure that will include the recruitment of a new president for its signature racetrack.
Churchill Downs Inc. is reviewing its membership in the National Thoroughbred Racing Association, racing industry officials said Dec. 9.
Churchill Downs, for the second time, has cut purses for its fall meet. Among the casualties is the grade II Clark Handicap scheduled for Nov. 28.
Churchill Downs Inc., has implemented a new horseshoe policy at its four racetracks that bans the use of toe grabs greater than two millimeters. The new policy is effective immediately.
Churchill Downs Inc. and the Florida Thoroughbred Breeders and Owners Association announced Sept. 10 that they have reached an agreement on a contract for future slot machine revenue at CDI-owned Calder Race Course.
- By Jim Freer
Churchill Downs Inc. and the Florida Thoroughbred Breeders and Owners Association announced on Sept. 10 that they have reached an agreement on a contract for future slot machine revenue at CDI-owned Calder Race Course.
Blaming a decline in purse money earned earned from wagering sources during its 2008 spring meet, Churchill Downs Racetrack has slashed its stakes program for the upcoming fall meet by $975,000 through purse reductions in 11 stakes races and the elimination of two others.
Magna Entertainment Corp., in a statement issued the evening of Aug. 28, acknowledged it is having discussions with the Thoroughbred Horsemen's Group on what company chairman Frank Stronach called "a new framework" for pari-mutuel economics.
Churchill Downs Inc. announced Aug. 14 that Randall Soth, who since September 2004 has served as president of Fair Grounds Race Course & Slots in New Orleans, is leaving CDI to pursue other career interests.
Churchill Downs Inc. has appointed Ted Nicholson to oversee operations at Calder Race Course on an interim basis, one day after CDI implemented a company-wide personnel overhaul.
The Florida Horsemen's Benevolent and Protective Association issued a statement July 8 thanking Calder horsemen who "took the full brunt" of purse cuts during a 2 1/2-month dispute with track owner Churchill Downs Inc.
Calder Race Course posted entries July 7 for its July 12 Summit of Speed, a card with a quartet of six-furlong graded stakes that has become the highlight of the year at the South Florida track.
Churchill Downs Inc. announced July 7 that it has signed contracts with the Florida Horsemen's Benevolent and Protective Association on 2008 purses and on potential future slot machine revenue at CDI-owned Calder Race Course.
With two weeks left before Calder Race Course's July 12 Summit of Speed, Churchill Downs Inc. and the Florida Horsemen's Benevolent and Protective Association remain deadlocked in contract talks for the Miami Gardens, Fla., track.
Seth W. Hancock has resigned from the Churchill Downs Inc. board of directors, the company announced June 24.
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.
The Florida Horsemen's Benevolent and Protective Association's general counsel said June 10 his organization could sign agreements "in the very near future" on 2008 purses and future slot-machine revenue at Calder Race Course.
Churchill Downs will begin testing a new wagering format with on-track customers June 11 that allows patrons to bundle win, exacta, and trifecta plays at a lower price per bet.
The Florida Horsemen's Benevolent and Protective Association and Churchill Downs Inc. are planning to meet June 9 to discuss contracts for CDI-owned Calder Race Course, where the financial impacts of a dispute are worsening each week.
Eight Belles, who finished second in the Kentucky Derby Presented by Yum! Brands (gr. I) but suffered a catastrophic injury moments after the race, will be honored by Churchill Downs Inc. through a series of charitable contributions and initiatives, including the interment of her remains at the Kentucky Derby Museum.
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.
Churchill Downs Inc. said May 15 it reached an agreement with Maryland horsemen that will permit Calder Race Course to take Pimlico Race Course's signal May 16-17, including the Preakness Stakes (gr. I).
Calder Race Course on May 9 announced it will cut purses for eight upcoming stakes, including six on its July 12 Summit of Speed card.
Calder Race Course announced May 9 that it will cut purses for eight upcoming stakes races, including the July 12 Summit of Speed card, blaming a continuing dispute with the Florida horsemen's association.
A Churchill Downs Inc. official said May 7 purses at Churchill Downs in Louisville, Ky., could be cut the week of May 11, while Calder Race Course in South Florida could face another reduction in purses.
Churchill Downs Inc. posted net earnings of about $800,000 in the first quarter of 2008, compared with a net loss of $8.4 million for the same period a year ago, the company announced May 6.
Churchill Downs Inc. has invested $100 million in advance deposit wagering for a reason: The company believes it's the major growth channel for pari-mutuel wagering, as well as a means to drive traffic to the racetrack, CDI president and chief executive officer Bob Evans said.
Florida horsemen and officials at Calder Race Course and parent company Churchill Downs Inc. met April 14 but did not agree on contracts for the Calder meet that begins April 21.
International has been named the official truck of Churchill Downs and the Kentucky Derby, officials said April 8. Churchill Downs Inc. and Navistar International Corp. have agreed to a two-year deal.
C. Kenneth Dunn, who since April 1999 has served as senior vice president of Florida operations for Churchill Downs Inc. and has spent 18 years at Calder Race Course, is stepping down, the company announced April 9. Dunn will continue to serve as an adviser for Calder through Aug. 1.
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