Churchill Downs, Inc. reported net earnings from continuing operations for the second quarter of $33.4 million, or $2.45 per diluted share, significantly higher than the $22.7 million, or $1.69 per diluted share, earned during the same period in 2005.
The board of directors of Churchill Downs Inc. announced Wednesday that Robert L. Evans, a horse owner and breeder who has a background in technology, manufacturing and private equity capital, will succeed Tom Meeker as company president and chief executive officer.
As the search for his successor continues, Churchill Downs Inc. president and chief executive officer Tom Meeker presided over his 22nd and final shareholders' meeting Thursday, painting a positive picture of the racetrack operating company's future while also accepting plaudits from fellow directors and company employees.
Churchill Downs Inc. has restructured some of the company's corporate staff, resulting in the elimination of several positions and consolidation of the corporate and racetrack communications and marketing departments.
Expansion of account wagering and improvements to existing platforms are a chief objective of Churchill Downs Inc., whose chief executive officer, Tom Meeker, indicated change is needed to generate more industry revenue and maintain or expand the customer base.
Friends, associates, and industry leaders pay tribute to Thoroughbred owner and breeder Bob Lewis, who died at his Newport Beach, Calif., home on Friday at the age of 81.
Churchill Downs announced Wednesday that Yum! Brands, the world's largest restaurant company and parent of KFC, Taco Bell, Pizza Hut, Long John Silver's and A&W Restaurants, will become the first-ever presenting sponsor of the Kentucky Derby (gr. I).
Magna Entertainment Corp., Churchill Downs Incorporated, and Racing UK, announced that the three organizations have entered into a memorandum of understanding for media rights and to develop a subscription television channel to broadcast races from MEC and CDI racetracks, as well as other North American and international racetracks, into the United Kingdom and Ireland.
Organizations in the horse industry are forming a major fundraising effort Oct. 8 for victims of Hurricane Katrina to be called "Racing to the Rescue Day." The Breeders' Cup World Thoroughbred Championships also plans to raise funds for the cause.
Reconstruction of the pari-mutuel industry's tote infrastructure is ready to begin, but the project may not be completed for two to three years, Churchill Downs Inc. president Tom Meeker said.
Churchill Downs Inc. posted revenue gains for the opening quarter of 2005 thanks to the addition of 61 racing dates at the newly acquired Fair Grounds, but higher corporate expenses resulted in a net loss of $13.9 million, the company reported May 10.
Churchill Downs Inc. president and CEO Tom Meeker will ring the NASDAQ stock market opening bell Friday to celebrate the 131st running of the Kentucky Derby (gr. I) May 7.
Earnings for Churchill Downs Inc. in 2004 and for the fourth quarter were negatively impacted by several one-time expenses, including supporting alternative gaming initiatives, a "non-cash impairment charge" at Ellis Park, and an unrealized loss related to a note, the company reported Wednesday.
Churchill Downs Inc. officially reported Tuesday that its results for the third quarter that ended Sept. 30 would be down from its earlier projections.
Churchill Downs Inc. announced Tuesday that it sold a 19% stake in Kentucky Downs, including debt owed to CDI, to Kelley Farms Racing.
Churchill Downs Inc. announced Monday that it is revising its earnings outlook for the third quarter of 2004 and further lowering its outlook for the full year to reflect increased spending on alternative gaming efforts and special, non-cash impairment charges for Ellis Park due to softness in business at that racetrack.
Churchill Downs Inc. announced Monday that it has ceased negotiations to acquire the financially troubled Fair Grounds Corp. in New Orleans, La.
The nation's top three horse racing companies have teamed to study the current jockey scale of weights and make recommendations on potential national reforms to the Jockeys' Guild, horsemen's groups, racing associations and racing regulators.
Andrew Skehan, who previously served as Churchill Downs Inc.'s chief marketing officer, has been named the company's chief operating officer. He will assume his new position immediately and report directly to CDI's president and chief executive officer Thomas Meeker.
Churchill Downs Inc. reported Tuesday that net revenues for the second quarter reached $191.1 million, an increase of 1.1% when compared with $189.0 million for the same period last year.
Churchill Downs Inc. has revised its earnings estimates for the second quarter and current fiscal year, primarily as a result of costs associated with the company's efforts to seek legalized alternative gaming in California and Florida and its proposed acquisition of Fair Grounds in Louisiana.
Shares of Churchill Downs Inc. neared its 52-week high during early trading Tuesday morning, the second business day following CDI's acknowledgement of its interest in purchasing Fair Grounds.
Churchill Downs president/CEO Thomas Meeker said Wednesday that the track-operating company will be focusing on securing favorable legislation to allow alternative gaming in some states and a company-wide Customer Relations Management program during the remainder of 2004.
Fair Grounds has been granted an extension to Monday to file a Chapter 11 reorganization plan. The extension of Thursday's deadline was granted in order for Fair Grounds officials to have more time to negotiate a possible purchase of the track by Churchill Downs Inc.
An ambitious strategic plan Churchill Downs Inc. hopes to accomplish in 2004, which president Tom Meeker said will "change the culture of our company," includes a major customer service initiative, increased branding of the company's assets, and possibly even a company-owned account-wagering platform.
Churchill Downs Inc. reported Tuesday that net revenues for 2003 of $424.2 million represented a 3.3% decline from $438.8 million in 2002. Net earnings totaled $1.80 per fully diluted share.
Fewer racing dates and an unfavorable racing commission ruling led net revenue for Churchill Downs Inc. to drop by 6% during the third quarter of the year.
Churchill Downs Inc. Tuesday reported record quarterly revenues, net earnings and earnings per share for the second quarter ending June 30.
Churchill Downs Inc. will look to develop products that suit its patrons under a new customer relationship management program expected to have "dramatic" results, CDI president Tom Meeker said June 19 during the company's annual shareholder meeting in Louisville, Ky.
Churchill Downs Inc. president Tom Meeker will speak to state legislators on regulatory issues facing the pari-mutuel industry during the National Council on Legislators from Gaming States (NCLGS) winter meeting January 11 in South Beach, Florida.
Churchill Downs entered the real estate market this week when it began pitching leases for its 59 luxury suites now under construction. The suites, when sold, could generate $4 million a year in new money for the racetrack.
Alex Waldrop is stepping down as president of Churchill Downs racetrack to fill a new position as the chief lobbying strategist for Churchill Downs Inc.
Churchill Downs Inc. hit a couple financial records during its second quarter due to record wagering on Kentucky Derby and Kentucky Oaks days, additional racing days, and growth in its simulcast network.
Churchill Downs Inc. hit several financial records during its second quarter due to record wagering on Kentucky Derby and Kentucky Oaks days, additional racing days, and growth in its simulcast network.
Higher insurance costs and a lack of live racing caused Churchill Downs' first quarter losses to deepen.
Churchill Downs is setting up its simulcasting operations as a separate operating unit within the corporation.
Talks between Magna Entertainment and the TV Games Network are over, according to TVG president Mark Wilson, who has been negotiating with Magna chief executive officer James McAlpine in hopes of striking a deal to bring Santa Anita, Gulfstream Park, and other Magna tracks to TVG's racing and wagering network.
Leonard S. Coleman Jr. has been appointed to the Churchill Downs Incorporated board of directors. Coleman, who currently serves as president of the Newark Sports & Entertainment Inc., is best known as the former president of Major League Baseball's National League from 1994-1999.
Steve Sexton, who left Lone Star Park in Texas earlier this year to become executive vice president of Arlington Park, has been named president of the suburban Chicago racetrack. The announcement was made by Thomas Meeker, chief executive officer of Churchill Downs Inc., which acquired Arlington in a stock merger last September, and by Richard Duchossois, Arlington's former owner and the largest individual shareholder of CDI stock.
Carl Pollard, the owner of Hermitage Farm and Churchill Downs board member since 1985, will replace William S. Farish as chairman of the Louisville, Ky., racing conglomerate. Also on Tuesday, Churchill reported record second quarter results.
The name "Trackside" will soon appear on Churchill Downs' nine off-track betting outlets.
No major developments emerged from a meeting of the National Thoroughbred Racing Association board of directors, which was presented with a report prepared by many of the 22 racetracks that said they are dropping out of the NTRA at the end of the year. Meanwhile, the organization plans to continue discussions with Magna Entertainment chairman Frank Stronach concerning his proposals for the NTRA.
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