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.
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.
As California continues to wrestle with improving advance deposit wagering, the state welcomed a new provider. TwinSpires.com was awarded an ADW license Oct. 18, making it the fourth company to offer home computer betting on horse racing in the state.
- By Tom Precious
A consortium of major horse industry companies vying for the Thoroughbred franchise in New York began falling apart Oct. 10, as Magna Entertainment Corp., Churchill Downs Inc., and Delaware North announced their withdrawal from Empire Racing Associates.
Churchill Downs Inc. has appointed William "Bill" Mudd to serve as executive vice president and chief financial officer, the Louisville-based racing company announced Oct. 4. Mudd succeeds Mike Miller, who left his role as executive vice president and CFO in January to pursue other business interests.
Fair Grounds in New Orleans, La., will open a temporary slot-machine facility Sept. 21, track president Randall Soth announced Sept. 7.
The Indiana Horse Racing Commission's ban on the import of signals from Arlington Park and Calder Race Course turned out to be short-lived.
The Indiana Horse Racing Commission voted unanimously Aug. 21 to ban the import of signals from Arlington Park and Calder Race Course at all wagering outlets in the state.
It appears the simulcast signals from Arlington Park and Calder Race Course could be pulled from other Indiana wagering outlets, this time at the urging of the Indiana Horse Racing Commission.
Indiana Downs is weighing its options in the wake of a decision by Churchill Downs Inc. to pull its racing signals from an Indiana Downs-owned off-track wagering parlor.
Churchill Downs Inc. reported net earnings of $29.3 million in the second quarter, a decrease of 12% compared with net earnings of $33.4 million over the same period last year. Those figures break down to $2.11 per share and $2.46 per share, respectively.
Churchill Downs reported an increase in net revenues and a decrease in net earnings from continuing operations at the close of the second quarter June 30.
Fair Grounds Race Course, in conjunction with the New Orleans Council on Aging, Lowe's and the City of New Orleans, announced the launch of a program to assist local senior citizens in rebuilding their homes July 18.
Churchill Downs Inc. has acquired certain assets of AmericaTAB, Bloodstock Research Information Services, and the Thoroughbred Sports Network, but officials with the Louisville, Ky.-based company said it will be business as usual at the outset.
Kentucky racetracks and horsemen's groups will have to hammer out a new agreement on source-market fees now that Churchill Downs Inc. no longer has an exclusive agreement with account wagering provider TVG.
The financial results of the two biggest racing days for Churchill Downs Inc. show the company's new revenue model for account wagering can be successful, a company official said.
Empire Racing Associates has released the names of a team of racing-operations professionals, many from Churchill Downs Inc. and Magna Entertainment Corp., that will lead its racing transition team should Empire Racing be awarded the New York Thoroughbred racing franchise.
Louisiana operations helped Churchill Downs Inc. narrow its first-quarter loss, the company reported May 8.
Youbet.com won't be offering Derby wagering this year, but its customers will have a shot at $1 million in a contest tied to the two marquee races at Churchill Downs this Friday and Saturday.
A new advance deposit wagering service, TwinSpires, is prepared to launch on May 2, accepting wagers on the 2007 spring meet at Churchill Downs racetrack in time for the 133rd renewals of the Kentucky Derby Presented by Yum! Brands (gr. I) on May 5 and the Kentucky Oaks (gr. I) a day earlier, Churchill Downs Inc., announced.
TVG has a new distribution agreement with DIRECTV that will make the network available to an additional eight million subscribers of the satellite service.
Churchill Downs' new account wagering service, TwinSpires, will not be open for business in time for the opening of the 2007 spring meet on Saturday, Churchill Downs Inc. announced April 27.
A decision by the AmericaTAB account wagering consortium to join TrackNet Media Group is a sign of support for efforts by Churchill Downs Inc. and Magna Entertainment Corp. to end exclusive contracts, an official said.
TrackNet Media Group will be a content provider for AmericaTAB under an agreement announced April 18.
An application by twinspires.com, the new Churchill Downs Inc.-owned account wagering service, was approved by the Virginia Racing Commission.
Though questions persist about TrackNet Media Group, the entity formed by Churchill Downs Inc. and Magna Entertainment Corp. to buy and sell simulcast signals, it has generated an initial positive response from one of the country's major horsemen's groups.
Churchill Downs Inc. has received approval to operate an account wagering hub in Oregon and plans to have its new betting service, twinspires.com, operational before the spring meet begins at Churchill Downs April 28.
HRTV will be broadcast on Racing World in Great Britain and Ireland five days a week beginning March 28.
Tom Aronson, one of the architects of the TVG racing network business plan in the late 1990s, has been hired as vice president of Churchill Downs Inc. to focus on development and innovation of the product.
Account wagering provider Youbet.com said it applauds the partnership between Churchill Downs Inc. and Magna Entertainment Corp. because it should assist in wagering growth.
- By Ray Paulick
By Ray Paulick -- One of the interesting things about Thoroughbred racing is the penchant so many people have of knocking something into oblivion, and later complaining about the fact it's gone. Take TVG, for example.
TVG announced Feb. 15 that it has discontinued negotiations on extending its television and advance deposit wagering contract with Churchill Downs Inc.
Churchill Downs Inc., under the leadership of chief executive officer Bob Evans, is forming a team that will address technology-related issues for the racetrack company.
Churchill Downs Inc. reported Tuesday that earnings tumbled in the third quarter, as the year-ago period benefited from a hefty gain on the sale of assets.
The new chief executive officer of Churchill Downs Inc. believes horse racing has an opportunity to move to another level if the industry embraces a new way of thinking.
Fair Grounds Race Course reopens for training Thursday for the first time since the New Orleans track was devastated during Hurricane Katrina and its aftermath 14 months ago.
Churchill Downs will accept entries for races during its upcoming Oct. 29-Nov. 25 Fall Meet and subsequent race meets three days in advance of those races.
Ron Geary, who is expected to close on his purchase of Ellis Park in late September, will discuss his vision for the western Kentucky racetrack at an Oct. 2 meeting of the Louisville Thoroughbred Club.
Churchill Downs Inc. exercised its contractual rights in regard to an account wagering dispute in Illinois by revoking permission for TVG sub-licensees to take bets on the Arlington Park signal, a company official said a day after the Arlington meet ended. Meanwhile, it remains unclear whether the Hawthorne Race Course signal would be available through TVG or other account wagering outlets.
Two Churchill Downs Inc.-owned racetracks - Churchill Downs and Fair Grounds - have named Ben Huffman and Sam Abbey as their respective racing secretaries.
Magna Entertainment Corp. chairman Frank Stronach indicated his company hopes to be involved in New York racing on some level, and that it also is working with Churchill Downs Inc. on projects that will benefit the two companies and the industry at large.
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