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Players involved in the fractious negotiations with Churchill Downs over revenue sharing on the evening of May 13 exhorted a gathering of more than 150 horsemen to stay the course in the standoff and support their efforts.
Wednesday, May 14, 2008Advance deposit wagering through the Oregon hub system grew nearly 3% in the first quarter of 2008 despite an overall decline in national betting numbers in North America.
Tuesday, May 13, 2008
Presque Isle Downs is the latest track to get caught up in the battle over revenue sharing of online and telephone wagering companies as signals to many advance deposit wagering companies were cut off May 11 due to lack of agreements with the Pennsylvania Horsemen's Benevolent and Protective Association.
Monday, May 12, 2008
The most recent version of rules governing horse sales in Florida were published for public comment May 9. The regulations are being touted as a successful compromise by some of those involved in the process.
Friday, May 09, 2008
Icabad Crane, who most recently won the April 19 Frederico Tesio Stakes at Pimlico, will be entered in the Preakness Stakes (gr. I), according to the racing manager for owner Earle I. Mack.
Friday, May 09, 2008
Churchill Downs announced May 9 a 20% purse cut for its spring meet effective May 14, laying the blame on horsemen's groups for rejecting offers on signal distribution.
Friday, May 09, 2008
The new parent company of TVG reiterated in a recent conference call its plans to sell the horseracing channel, saying it hopes to do so by the end of the year.
Thursday, May 08, 2008
Churchill Downs Inc. and Magna Entertainment Corp. have pulled the plug on their involvement in Racing World UK, the United Kingdom broadcast and wagering venture launched two years ago.
Thursday, May 08, 2008California bloodstock agent Brad Martin has been dismissed from Stonestreet Farm's Kentucky state lawsuit alleging fraud in the horse owner's $17.5-million purchase of the former Buckram Oak Farm in Lexington.
Thursday, May 08, 2008
The head of a Kentucky horsemen's association said his group withheld approval for the Churchill Downs signal to go out to a pair of offshore rebate shops for the undercards of the Kentucky Derby Presented by Yum! Brands (gr. I) and Kentucky Oaks (gr. I), and is aggravated that the track is blaming horsemen for a decline in handle on the two programs.
Wednesday, May 07, 2008
Youbet.com put the memory of its association with former subsidiary International Racing Group in its rear-view mirror during a May 6 conference call where it reported a net income of $774,000 for the first quarter of 2008.
Tuesday, May 06, 2008
All-sources handle dropped nearly 2% on the May 3 card of the Kentucky Derby Presented by Yum! Brands (gr. I), a result a Churchill Downs official blamed on the fallout from an ongoing dispute with horsemen over signal distribution.
Sunday, May 04, 2008
Intangaroo came roaring down the stretch to overtake Baroness Thatcher and Hystericalady at the wire to win a photo-finish thriller in the $300,000 Humana Distaff (gr. I) at Churchill Downs May 3.
Saturday, May 03, 2008
Perhaps feeling the effects of an ongoing dispute with horsemen over signal distribution, handle on the May 2 Kentucky Oaks (gr. I) program was down about 7%, according to numbers released by the track.
Friday, May 02, 2008
American Horse Council president James J. Hickey Jr. briefed attorneys May 1 on legislative actions in Congress during the 23rd National Conference on Equine Law, but he also handicapped the immediate passage chances of a couple of them as remote.
Thursday, May 01, 2008An attorney specializing in estate planning says now is a good time for horsemen and others to establish tax-friendly programs that pass along assets to descendants -- but warned that time was of the essence in organizing such efforts.
Wednesday, April 30, 2008
It's difficult to gauge the immediate effect of the ongoing dispute with Kentucky horsemen on the Churchill Downs' spring meet, as handle on racing from the opening weekend at the Louisville track was down only slightly from 2007, according to one data source.
Tuesday, April 29, 2008
Two days after the Jockeys' Guild filed a formal plan of reorganization in its Chapter 11 bankruptcy, the U.S. Trustee overseeing the action dropped the group's former national manager Wayne Gertmenian from the unsecured creditors committee.
Wednesday, April 23, 2008
Consider this chilling scenario: Customers of several advance deposit wagering companies - and possibly some large off-shore rebate shops - won't be able to place wagers on the Kentucky Derby Presented by Yum! Brands (gr. I) through those entities.
Friday, April 18, 2008
A warrant has been issued in a California county for the arrest of jockey Patrick Valenzuela, who failed to appear at a recent hearing associated with a charge against him for driving under the influence.
Thursday, April 17, 2008
A Kentucky state judge has indicated he is ready to order the sale of assets held by companies affiliated with embattled attorneys Shirley Cunningham Jr. and William Gallion, including their minority interest in 2007 Horse of the Year Curlin.
Thursday, April 17, 2008The Thoroughbred Horsemen's Group claims it wants advance deposit wagering entities to pay a fairer share into purse coffers, but those on the other side of the negotiating table claim the math simply doesn't add up.
Tuesday, April 15, 2008
A federal bankruptcy judge has signed an order to convert the Chapter 11 business reorganization of ClassicStar LLC to Chapter 7 liquidation, paving the way for creditors to pursue whatever assets they can find linked to the former broodmare-lease operator.
Monday, April 14, 2008
It is clear following an April 7 public forum in Florida that published rules concerning horse sales in the state did little to quiet those on opposite sides of the arguments over disclosure and transparency.
Wednesday, April 09, 2008
A motion has been filed in a Kentucky federal court asking to convert the bankruptcy protection of former broodmare lease operator ClassicStar LLC from Chapter 11 business reorganization to Chapter 7 liquidation.
Wednesday, April 09, 2008A South Florida entity has paid nearly $17.3 million for one of the largest farm properties located near Ocala, Fla., according to public deed records.
Tuesday, April 08, 2008
In an April 7 conference call where an executive announced an end to a workers' strike at its signature racino, MTR Gaming Group also claimed its 2007 financial performance was a product of a four-year business plan to diversify and strengthen the company.
Monday, April 07, 2008MTR Gaming in its annual report said it lost $11.4 million in 2007 and announced Ted Arneault will step down as chairman and chief executive officer at the end of the year.
Monday, April 07, 2008Wagering through the Oregon Racing Commission hub system jumped 17.4% in 2007, according to data compiled by the state regulatory agency.
Thursday, April 03, 2008
Youbet.com said April 1 it had put a restructuring plan in place to recover from last year's $27.4-million loss, and is looking forward to a turnaround in 2008.
Tuesday, April 01, 2008
Magna Entertainment Corp. has been granted a one-month extension on a $40-million loan that was due to mature March 31, a credit agreement that is secured by the assets of the company's Golden Gate Fields and Santa Anita Park.
Tuesday, April 01, 2008Youbet.com reported March 31 it lost $28.7 million in the fourth quarter of 2007 on the same day it was notified by NASDAQ it faces delisting from the stock exchange.
Monday, March 31, 2008
The parent company of Magna Entertainment Corp. has announced a proposal that would result in the sell-off of its controlling investment in the racing company to entities affiliated with company founder Frank Stronach.
Monday, March 31, 2008
Jacobs Entertainment Inc. and its affiliates have recently increased their overall stake in MTR Gaming Group, a move that follows a January announcement that the owner of Colonial Downs was shifting its focus towards facilities that feature multiple forms of gaming.
Friday, March 28, 2008
A federal bankruptcy judge recently signed an order paving the way for Churchill Downs Inc. to make a contractual payment of nearly $150,000 to the Jockeys' Guild, which will use the money to pay medical and insurance bills.
Friday, March 21, 2008
Premier Turf Club has added Keeneland content to its list of track offerings, building on a business model that has allowed the North Dakota-based advance deposit wagering entity to realize four-fold growth in handle in the last few months.
Thursday, March 20, 2008
Youbet.com said March 18 it had resolved its part in a federal investigation into its former International Racing Group subsidiary, and will not be charged in return for continued cooperation with officials.
Tuesday, March 18, 2008
Churchill Downs Inc. is asking for patience in seeing financial rewards from what it termed an $80 million investment into the advance deposit wagering industry in 2007, and promises to act on opportunities for the company's progress in 2008.
Friday, March 14, 2008
Gulfstream Park has voluntarily dismissed a federal lawsuit that sought to block slots being installed in casinos operated by Florida Indian tribes, saying it will await the outcome of a similar Florida Supreme Court action.
Wednesday, March 12, 2008The former Meadowbrook Farms, which in 2005 was sold to the principals behind Thor-Bred Stable, is back on the real estate market.
Wednesday, March 12, 2008
Ron Geary said he is facing a myriad of economic pressures in making Ellis Park a viable operation, but the owner of the Henderson, Ky., racetrack vows to fight the challenges with every resource before he considers closing the facility.
Tuesday, March 11, 2008
TVG has announced an exclusive multi-year agreement that ends an 18-month hiatus of Hawthorne Race Course from the racing network's line-up, and the Illinois track says it is all part of bigger plan to broaden its own plans for a self-run wagering entity.
Friday, March 07, 2008
The parent company of Magna Entertainment Corp. says the racing and gaming company needs to sell off assets as quickly as possible to drive down debt, and may not be able to repay loans that are set to expire in May.
Wednesday, March 05, 2008
A federal lawsuit between Youbet.com and several entities associated with Virginia racing has been settled, resulting in a renewed effort by the advance deposit wagering company to become licensed in the state.
Tuesday, March 04, 2008
With one analyst tagging the proceedings "Groundhog Day," Magna Entertainment Corp. announced Feb. 29 more losses during a short, testy conference call that discussed year-end financials for 2007.
Friday, February 29, 2008
A congressional subcommittee was told Feb. 27 that while testing for drugs in horse racing isn't perfect, the current model is both effective and ever-improving.
Wednesday, February 27, 2008
U.S. Rep. Ed Whitfield of Kentucky opened a Feb. 27 congressional hearing on the use of steroids in sports by claiming leaders of horse racing have repeatedly failed on promises to self-regulate medication issues.
Wednesday, February 27, 2008
Lonny Powell has stepped down from his executive position with Youbet.com, joining others who have left the California-based advance deposit wagering company in recent months.
Tuesday, February 26, 2008Gulfstream Park has filed a federal lawsuit challenging a compact allowing tribal casinos to offer Class-III slots and banked card games in Florida, the latest attempt by the track to curb gaming competition from neighboring wagering facilities.
Friday, February 22, 2008Just as the door closes on International Racing Group's operating presence in Oregon, the state is prepared to welcome two new players to the advance deposit wagering scene.
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