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Horsemen Urged to Stay the Course

Horsemen Urged to Stay the Course

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.

ADWs Lose Presque Isle Downs Signal

ADWs Lose Presque Isle Downs Signal

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.

KTA Upset with Churchill Dealings

KTA Upset with Churchill Dealings

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.

Youbet Focusing on the Future

Youbet Focusing on the Future

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.

Hickey: Good, Bad in Horse-Related Bills

Hickey: Good, Bad in Horse-Related Bills

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.

Attorney: Now is the Time to Plan Estate

An 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.

ADW Impact on Churchill Downs Unclear

ADW Impact on Churchill Downs Unclear

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.

Guild Plan Submitted; Gertmenian Out

Guild Plan Submitted; Gertmenian Out

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.

Horsemen Won't OK Churchill ADW Signal

Horsemen Won't OK Churchill ADW Signal

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.

Curlin's Minority Interest May Be Sold

Curlin's Minority Interest May Be Sold

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.

THG, TrackNet Have Differing Views

The 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.

Judge Orders ClassicStar Liquidation

Judge Orders ClassicStar Liquidation

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.

MTR Gaming Touts 2008 as Better Year

MTR Gaming Touts 2008 as Better Year

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.

MEC Gets Extension on $40-Million Loan

MEC Gets Extension on $40-Million Loan

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.

Proposal: MEC Parent to Sell Interest

Proposal: MEC Parent to Sell Interest

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.

Track Owner Boosts Stake in MTR Gaming

Track Owner Boosts Stake in MTR Gaming

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.

Judge Clears CDI Payment to Guild

Judge Clears CDI Payment to Guild

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.

CDI: 2007 Challenges, 2008 Opportunities

CDI: 2007 Challenges, 2008 Opportunities

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.

Ellis Park Owner Vows to Battle On

Ellis Park Owner Vows to Battle On

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.

MEC's Parent Company May Step in Again

MEC's Parent Company May Step in Again

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.

Youbet Settles Lawsuit in Virginia

Youbet Settles Lawsuit in Virginia

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.

'Groundhog Day:' MEC Losses Mount

'Groundhog Day:' MEC Losses Mount

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.

Congressman Criticizes Drug Policy

Congressman Criticizes Drug Policy

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.

Gulfstream Challenges Tribal 'Pact

Gulfstream 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.

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