Mike Miller has resigned his executive posts at Churchill Downs Inc. to accept the position of chief financial officer of Poe Companies, a commercial real estate development company located in Louisville, Ky. His final day with Churchill Downs will be Jan. 26.
Despite a very trying year in which its company-owned tracks were negatively impacted by two hurricanes, one tornado, and two disease outbreaks, Churchill Downs Inc. on Tuesday reported positive financial results for 2005.
Churchill Downs Inc. president and chief executive officer Tom Meeker said that in the weeks since Hurricane Katrina devastated CDI-owned Fair Grounds in New Orleans, the company has been working with federal, state, and local governments on a reinvestment plan that could include revamping the historic racetrack into a tourist destination.
As a result of damage to Fair Grounds Race Course from Hurricane Katrina, there will be no live racing there this year and plans are being made for a "unique" meet at Louisiana Downs in its place, according to Churchill Downs president and CEO Tom Meeker.
An official for Churchill Downs Inc. told some 200 financial analysts and fund managers gathered for the inaugural INVESTKentucky conference in Louisville Thursday the racing industry as a whole is in a period of flat growth.
As the Maryland General Assembly lurched into the final week of its 2004 law-making session, the future of slot machines in the state remained in the unpredictable grip of politics and, seemingly, outside the control of anyone in the horse industry.
Joe DeFrancis, president of the Maryland Jockey Club, and Maryland Senate President Thomas V. Mike Miller Jr. did not violate campaign finance laws by arranging more than $200,000 in donations to a national organization headed by Miller, Maryland's state prosecutor said Monday.
Robert Decker, executive vice president and chief financial officer of Churchill Downs Inc., and president of the Churchill Downs Simulcast Network, is leaving to pursue other career opportunities, the company announced Dec. 16.
Churchill Downs and labor union leaders reached a deal July 13 that will allow the racetrack to receive $7.5 million in tax breaks and help finance a major renovation project.
Churchill Downs would get a 30-year tax break under a new agreement with the city that will help the racetrack finance the second phase of a $130 million renovation.
Churchill Downs has postponed asking its board of directors to approve the financing for a $100 million renovation project. The company is still negotiating some public assistance deals and is tweaking the project's design.
Churchill Downs will become a special taxing district under an ordinance approved by the Louisville Board of Aldermen, and as such will retain 80% of tax revenue generated by its capital improvement plan.
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