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Hollywood Park Sale Gives CDI Big Quarter

  • News

Churchill Downs Inc. reported net earnings of $71.6 million for the third quarter of 2005, up from a loss of $3.8 million for the same period last year, thanks to the sale of Hollywood Park in Southern California.

Live Racing Up in the Air; Gulfstream Takes Horses

Restoration of power is the key to whether Calder Race Course can resume simulcast operations in time for the Oct. 29 Breeders' Cup World Thoroughbred Championships at Belmont Park, and the South Florida racetrack's live racing schedule remains up in the air in the aftermath of Hurricane Wilma, which damaged a number of barns in the stable area.

Ellis Park's Paul Kuerzi to Step Down

  • News

Paul Kuerzi, who has served as vice president and general manager of Ellis Park since 1999, has announced plans to leave the Henderson, Ky., track at the end of the year.

'Big Three,' Others to Renew NTRA Membership

The three major racetrack operators -- Churchill Downs Inc., Magna Entertainment Corp., and the New York Racing Association -- have confirmed along with other racing associations and horsemen's groups the renewal of their membership in the National Thoroughbred Racing Association.

Churchill Downs Completes Sale of Hollywood Park

  • News

Churchill Downs Inc. and Bay Meadows Land Company completed the sale of Hollywood Park racetrack and surrounding acreage at the Inglewood, Calif., site to Hollywood Park Land Company, an affiliate of BMLC, for $257.5 million. CDI will use the proceeds of the sale to pay down debt.

NTRA Approaches Critical Point on Memberships

With 2006 a little more than three months away, the National Thoroughbred Racing Association continues to push for membership renewals and seek new members in advance of its annual meeting, scheduled for Oct. 10-12 in Lexington.

Churchill, Horsemen Agree on 37-Day Meet in Louisiana

  • News

Churchill Downs Inc. Tuesday announced the company had reached a preliminary arrangement with the leadership of the Louisiana Horsemen's Benevolent and Protective Association ("LAHBPA") on details for a shortened Fair Grounds race meet from Nov. 19, 2005, to Jan. 22, 2006, for a total of 37 race dates.

CDI Eliminates 18 Positions at Hollywood Park

Churchill Downs Inc. is eliminating 18 positions at Hollywood Park, including four department heads, in anticipation of completing the Inglewood, Calif., racetrack's sale to Bay Meadows Land Co. The sale is scheduled to close Sept. 23.

Kentucky Horsemen Question Ellis Park Purse Cut

The Kentucky Horsemen's Benevolent and Protective Association has taken issue with an Ellis Park purse reduction that has put the minimum purse to near $5,000 for the first time in recent memory at any Thoroughbred racetrack in Kentucky.

Churchill Downs Sells Hollywood Park

Saying that California "has forsaken racing and its needs," the president of Churchill Downs Inc. announced July 6 that the company has sold historic Hollywood Park to Bay Meadows Land Company for $260 million.

Horsemen Seek Stability as Hollywood Deal Looms

Officials maintained a taut no-comment stance on reports that Churchill Downs Inc. is close to a deal with the owner of Bay Meadows for the sale of Hollywood Park, but a spokesman for California's major trainers' organization expressed comfort in the news.

CDI: Internal Growth, Several External Challenges

Churchill Downs the company hopes to reap the rewards of what president Tom Meeker calls a "culture change," and it also plans to utilize its resources to deal with three lingering industry problems: the tote system, offshore wagering, and short fields.

CDI Gets Award From Nokia Sugar Bowl

Churchill Downs Incorporated was honored as a special award recipient by the Nokia Sugar Bowl at its yearly awards ceremony Wednesday night in the Louisiana Superdome.

Churchill Loses $13.9M in First Quarter of 2005

Churchill Downs Inc. posted revenue gains for the opening quarter of 2005 thanks to the addition of 61 racing dates at the newly acquired Fair Grounds, but higher corporate expenses resulted in a net loss of $13.9 million, the company reported May 10.

Allred Pulls Out of Los Alamitos Plan

Ed Allred, the owner of Los Alamitos Race Course, has reportedly backed out of a plan that could have brought Thoroughbred racing to his Quarter Horse facility in the event Hollywood Park were to be sold to development interests.

Guild Agrees to Not Boycott Churchill Tracks

  • News

Officials of Churchill Downs Inc. announced Wednesday the company has withdrawn its motion for a preliminary injunction against the Jockeys' Guild after the two parties agreed to an order that member jockeys would not boycott races at CDI-owned tracks.

Guild Files Counterclaim Over CDI Lawsuit

The Jockeys' Guild, in an answer and counterclaim filed March 24 in United States District Court for the western district of Kentucky, charges Churchill Downs Inc. used "exploitative tactics" in dealing with jockeys at company-owned Churchill Downs and Hoosier Park.

Los Alamitos Offers Option to Hollywood Park

With the future of Hollywood Park in doubt, prominent Thoroughbred owner Mike Pegram and Los Alamitos Race Course owner Dr. Edward C. Allred unveiled a $40 million plan March 17 to expand and upgrade the Quarter Horse facility in order to fill an expected void in the Southern California market.

CDI: No Hollywood Comment Pending Deliberations

Churchill Downs Inc. officials discussed the company's financial picture, alternative gaming initiatives, and the industry's tote system during a March 17 teleconference but shed little light on their intentions for Hollywood Park, the Southern California racetrack that is the subject of sale rumors.

Churchill Sues Guild, Cuts Off Contributions

Churchill Downs Inc. has cut off its voluntary financial contributions to the Jockeys' Guild and has sued the organization over what it believes were violations of federal and state law when jockeys opted not to ride last fall at Churchill Downs and Hoosier Park.

Richardson Named Race for Education President

  • News

The board of directors of The Race For Education, a national education scholarship foundation, has named Donald R. Richardson, senior vice president of racing for Churchill Downs Inc., as the organization's new president. Doug Cauthen, president of WinStar Farm and RFE's president since its inception in 2002, remains on the board.

CDI Cuts Off Betting Services, Tightens Standards

Churchill Downs Inc. has suspended its business relationship with wagering services named in an indictment over alleged illegal gambling and race-fixing, and also is tightening standards for all account wagering services that take signals from the company's racetracks.

Churchill Names New Director of Marketing

  • News

Churchill Downs has appointed Stacey Meier to serve as the track's director of marketing. The native of Fort Wayne, Ind., most recently served as director of marketing for the Churchill Downs Simulcast Network, a post she had held since 2003.

Smarty Jones Derby Items to Benefit War Fund

Churchill Downs Inc. is offering rare memorabilia of 2004 Kentucky Derby winner Smarty Jones in an eBay auction to benefit the Intrepid Fallen Heroes Fund. A ticket package to the 2005 Kentucky Derby and Oaks will also be offered in the auction, which is scheduled to begin on Nov. 26.

Smarty Jones Derby Items to Benefit War Fund

  • News

Churchill Downs Inc. is offering rare memorabilia of 2004 Kentucky Derby winner Smarty Jones in an eBay auction to benefit the Intrepid Fallen Heroes Fund. A ticket package to the 2005 Kentucky Derby and Oaks will also be offered in the auction, which is scheduled to begin on Nov. 26.

Churchill Downs Inc. Makes Financial Adjustments

Churchill Downs Inc. has revised its financial statements to reflect reductions in pre-tax earnings for 2002 and 2003 of $2.2 million and $1 million, respectively, because of purse overpayments. The company also noted impairment charges of $6.2 million at Ellis Park because of "poor" live meet results this summer.

Bankruptcy Court Approves Churchill Downs Purchase of Fair Grounds

  • News

The U.S. Bankruptcy Court, Eastern District of Louisiana, has approved Churchill Downs Incorporated's $47-million purchase of Fair Grounds, according to a release from Churchill Downs. CDI, the Fair Grounds Corporation, and Louisiana Horseman's Benevolent and Protective Association are expected to close the transaction on or before Oct. 15.

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