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Are Calder Agreements in Jeopardy?

  • News

Reports that Churchill Downs Inc. and the Florida Thoroughbred Breeders' and Owners' Association are stalled in talks on a Calder Race Course slot machine contract are leading to concerns about possible cancellation of two contracts between CDI and the Florida Horsemen's Benevolent and Protective Association.

Einhorn Again Challenges MEC Parent

A long-time adversarial shareholder of MI Developments has asked the parent company of Magna Entertainment Corp. to re-examine its interest in the racing and gaming entity, calling MEC a "failed" business enterprise.

Lawsuits Filed over 'Quick Picks' Snafu

At least two lawsuits styled as class-action efforts have been filed in California against Scientific Games Corp. over the "quick-picks" wagering situation that came to light following the Kentucky Derby Presented by Yum! Brands (gr. I).

No 'Signal Wars' Evident at Turfway Park

No 'Signal Wars' Evident at Turfway Park

Turfway Park said Aug. 20 it has received horsemen's consent to distribute its racing signal for the upcoming fall under the auspices of the present exclusive agreement with TVG, thus ending any speculation of a standoff similar to those plaguing other tracks.

Several ADWs Increase Handle in Oregon

Several advance deposit wagering entities posted increased handle through the Oregon hub system in the second quarter of the year, despite an overall national decline blamed primarily on a revenue-sharing dispute between horsemen's groups and various tracks.

TVG Sale Process 'Moving Foward'

TVG Sale Process 'Moving Foward'

TVG, which posted partial-quarter net revenues of $8.8 million for new owner Macrovision Solutions Corp. Aug. 7, is still on the sales block. Officials with the parent company said the horse racing network has received multiple inquiries from undisclosed suitors.

CDI Pleased with Quarterly Results

CDI Pleased with Quarterly Results

Churchill Downs Inc. said Aug. 6 it was pleased with its second quarter results despite various challenges that left the company with flat earnings in year-over-year comparison, claiming a high-profile dispute with horsemen had "little impact" on certain aspects of its financial performance.

Wesley Perseveres in Hall of Fame Win

Wesley Perseveres in Hall of Fame Win

Willmott Stables' Wesley moved from last to first on the final turn before breaking free from a tightly-bunched field in deep stretch to win the National Museum of Racing Hall of Fame Stakes (gr. IIT) at Saratoga Race Course Aug. 4.

MTR Gaming Aims to Reduce Debt

MTR Gaming Inc. has defined as core assets its two Thoroughbred racinos and an Ohio harness track, and will examine sale possibilities of all other properties to reduce debt and raise shareholder value, the company said July 30.

KHBPA Files Counterclaim in CDI Lawsuit

The Kentucky Horsemen's Benevolent and Protective Association has formally filed a counterclaim in the federal antitrust lawsuit brought by Churchill Downs Inc. and affiliates, and has joined with other defendants asking for their dismissal from the case.

Penn National Ready to Move Forward

Penn National Ready to Move Forward

Flush with settlement funds from a failed buyout attempt from private equity groups, Penn National Gaming Inc. said July 24 it is ready to examine the many options it has for its future.

Wagering Plummets Since Triple Crown

Wagering Plummets Since Triple Crown

Wagering has dropped 11% on North American Thoroughbred racing since the end of the Triple Crown series -- at least by one indicator -- a disturbing trend that can likely be attributed to a variety of factors.

Bank Seeks ClassicStar Assets

Fifth Third Bank is asking a federal bankruptcy court for assistance in taking possession of certain assets held by ClassicStar LLC, including stallion shares and income from other sires.

MEC: Great Lakes Downs Sold

MEC: Great Lakes Downs Sold

Magna Entertainment Corp. has announced the sale of Great Lakes Downs to The Little River Band of Ottawa Indians for $5 million cash, less customary closing adjustments.

MI Developments Wins Greenlight Appeal

A New York investment company and affiliates have lost their appeal of a shareholder oppression lawsuit they originally filed against the parent company of Magna Entertainment Corp., with the Canadian judges affirming lower-court awarded indemnity costs of $2.1 million.

Youbet: 2007 Loss Now $28.4 Million

Youbet: 2007 Loss Now $28.4 Million

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.

Judge Denies Motion to Sell Curlin

Judge Denies Motion to Sell Curlin

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.

Tandy Seeks Reversal of Transfer Order

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.

Curlin's Minority Interest Transferred

Curlin's Minority Interest Transferred

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.

MEC Reorganization Vote Postponed

MEC Reorganization Vote Postponed

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.

Evans: CDI Committed to End ADW Dispute

Evans: CDI Committed to End ADW Dispute

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.

Vote Set for MEC Parent Reorganization

Vote Set for MEC Parent Reorganization

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.

Horsemen: CDI Owes Wagering Fees, Purses

Horsemen: CDI Owes Wagering Fees, Purses

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.

Bettors Speak Out on 'Signal Wars'

Bettors Speak Out on 'Signal Wars'

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.

CDI Includes Kentucky Horsemen in Suit

CDI Includes Kentucky Horsemen in Suit

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.

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