The financial drain is becoming too large for small commercial Thoroughbred breeders to handle. Read Blog
In a financial statement released by the New York Racing Association March 28, the non-profit organization reported total net operating losses of $34.28 million in 2007. That figure is nearly double from 2006, when total net losses reached $17.83 million.
Magna Entertainment Corp. will record an $82-million non-cash write-down for the fourth quarter of 2003, but the company said there would be no operating impact on any of its racetracks.
Churchill Downs Inc. reported a gain in earnings for 2002 but indicated it's looking to sell Ellis Park, the western Kentucky racetrack it purchased in 1998 as part of a $22 million package. The company's financial statement for 2002 was released Feb. 11.
The National Thoroughbred Racing Association, in its 2001-02 annual report released May 7, outlines a $59.5-million budget that relies heavily on revenue from Breeders' Cup Ltd. and membership dues.
Churchill Downs Inc. has filed a lawsuit in Miami-Dade, Fla., Circuit Court alleging that Hialeah Park has failed to make payments of approximately $185,000 in simulcast fees. Meanwhile, a North Dakota wagering company and South Florida horsemen also are seeking money from the racetrack.
The National Thoroughbred Racing Association in 2000 had $4.81 million in operating revenue over operating expenses, compared with a $1.82 million deficit in operating revenue in 1999. That's a swing of $6.6 million to the positive side of the fiscal ledger.
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