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.
Ellis Park ended its annual racing meet Sept. 1 with a 3% drop in daily handle, despite broader signal distribution to advance deposit wagering outlets.
Relevant players speak out on California "quick-picks" wagering situation.
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.
Churchill Downs Inc. has fired back at horsemen's groups it has sued over alleged federal antitrust violations, calling their collective actions "price-fixing, pure and simple."
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).
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.
Defendants in the lawsuit over Santa Anita Park's troubled synthetic surface have filed motions asking a California federal court to dismiss the action against them for various reasons.
Magna Entertainment Corp. has announced it has reached an agreement to sell land once designated by its founder for racetrack development in Ocala, Fla., for $16.5 million.
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, 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.
The head of Magna Entertainment Corp. said Aug. 6 a majority interest of Santa Anita Park could be sold to help the racetrack company reduce its staggering debt load.
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.
Youbet.com, during an Aug. 5 conference call in which it reported a profit for the second straight quarter, said it is evaluating the effects of a possible merger with TVG.
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 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.
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.
Kodiak Kowboy overtook favorite Desert Key in the deep stretch, powering to a head victory in the Amsterdam Stakes (gr. II) for 3-year-olds at Saratoga Race Course July 28.
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.
A July 21 mediation session with a member of the Oregon Racing Commission yielded no agreement in a standoff between TVG and Portland Meadows on source-market fees, although progress was reported.
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.
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.
TVG and Portland Meadows have until July 21 to work out an agreement on source-market fees, or face the prospect of unspecified sanctions by the Oregon Racing Commission.
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.
Oregon horsemen claim they are caught in the middle of a battle between TVG and Magna Entertainment Corp. over source-market fees, a dispute they claim could jeopardize this year's Portland Meadows fall meet.
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.
Handle jumped more than 50% in the first three days of the Ellis Park meet, which started a week late due to a disagreement over revenue sharing.
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.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.
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.
Churchill Downs' 52-day spring meet closed July 6 with steep declines in handle and purses, likely results of a well-publicized clash between track officials and horsemen over wagering revenue.
A Kentucky judge is being asked to order the sale of 2007 Horse of the Year Curlin, but attorneys representing the ownerships interests of the champion colt question the merit of the request.
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.
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.
Two horses in the care of Larry Jones at Delaware Park were mysteriously found turned out from their stalls on consecutive recent nights, leading to the firing of an employee of the trainer and an investigation by track officials.
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.
The owner of Ellis Park said he is willing to work with horsemen on revenue-sharing plans for wagering signals, but hasn't ruled out eventually closing the Kentucky track if an equitable long-term agreement isn't reached.
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.
Preliminary analysis by the Thoroughbred Racing Protective Bureau suggests nothing appears amiss with wagering on the June 7 Belmont Stakes (gr. I) won by longshot Da' Tara.
Hampered by a double-digit handle decline on its biggest race card, the May 17 Preakness Stakes (gr. I), Pimlico Race Course realized a 16.5% drop in all-sources wagering for its 31-day meet that closed June 7.
A Kentucky state judge has denied a motion from trainer Patrick Biancone to block an upcoming Kentucky Horse Racing Authority hearing set to discuss whether his suspension should be extended or not.
A federal judge June 4 heard preliminary arguments over a proposed injunction filed by Kentucky horsemen asking to reinstate a 20% purse cut imposed by Churchill Downs.
The Colonial Downs signal will be barred to at least three wagering outlets for its upcoming live meet. The Virginia racetrack joins the list of tracks whose betting options have been curtailed by disputes with horsemen's groups over revenue sharing.
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.
The operator of Santa Anita Park has filed a federal lawsuit against the original supplier of its troubled synthetic racing surface, claiming it has suffered at least $8.4 million in damages from improper installation and repair.
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.
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.
Youbet.com announced May 21 it had regained compliance with NASDAQ trading requirements after its stock price traded above $1 for 10 consecutive business days.
Stan Fulton and Stonewall Farm Stallions are in a dispute over the 2006 sale of It's No Joke, with both sides saying the other breached conditions of a $1.1-million sale contract.
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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