Churchill Downs Inc. announced Dec. 22 it has amended its revolving credit facility while increasing the borrowing capacity from $120 million to $275 million.
Churchill Downs Inc.'s wholly-owned subsidiary Arlington Park has entered into an agreement to purchase approximately 66.8 acres of leased land which is currently part of Arlington Park's racing facilities in Arlington Heights, Ill., from The Duchossois Group for a total purchase price of $27.5 million, as of Dec. 3.
- By Tom LaMarra
Churchill Downs Inc., which announced Nov. 11 plans to purchase Youbet.com and its United Tote subsidiary for about $126.8 million, is on the lookout for other prospective purchases in the area of Internet wagering.
- By Tom LaMarra
Churchill Downs Inc. is expanding its presence in the advance deposit wagering market with the purchase of Youbet.com for $126.8 million. United Tote is included in the proposed deal.
- By Tom LaMarra
TVG has reached an agreement with TrackNet Media Group that allows it to offer wagering on racing from Churchill Downs and Fair Grounds Race Course & Slots.
The president of Churchill Downs Inc. said he believes recent developments with the makeup of the Kentucky General Assembly are positive and could help lead to legalization of video lottery terminals at racetracks in the state.
Churchill Downs Inc. reported Oct. 28 that net revenue from continuing operations for the third quarter of 2009 totaled $100.9 million, an increase of $1.3 million, or 1%, over the $99.6 million recorded during the third quarter of 2008.
Fair Grounds Race Course & Slots will offer high definition (HD) simulcasts of all of its races when the New Orleans track opens its 2009-10 Thoroughbred meet Nov. 6.
Elizabeth Harris, executive director of Thoroughbred Charities of America since 2004, has been named vice president of communications for Churchill Downs Inc. Harris will assume her new role Aug. 20.
Although Churchill Downs Inc. posted a slight increase in revenue during the second quarter of 2009 despite the depressed economic picture with the U.S., the racetrack operating company's president and CEO said the "results from our racing operations were disappointing."
While Churchill Downs Incorporated will continue to focus on racing as its primary business, its ability to expand into more profitable ventures such as alternative gaming and concerts will be key to future growth.
Rohit Thukral has been promoted to president of Twinspires.com and has been appointed executive vice president of technology initiatives for Churchill Downs Inc., it was announced May 21.
- By Ryan Conley
Led by strong performances from Twinspires.com and Youbet.com, collective handle for the four largest domestic advance deposit wagering platforms increased by roughly 15% in the first quarter of the year, while their overall share of the national betting pie grew by more than 2%.
The meet at Fair Grounds Race Course & Slots got a little bit longer calendar-wise in 2008-09, and it will get even longer in 2009-10.
For the first time in the 135-year history of the Kentucky Derby, the United Service Organizations will host American soldiers and their families from Fort Campbell and Fort Knox at Churchill Downs for the Run for the Roses May 2.
The Kentucky Thoroughbred Association and its executive director have been dismissed from the federal antitrust lawsuit brought by Churchill Downs Inc. against multiple horsemen's groups.
Churchill Downs Inc. has renewed its membership in the National Thoroughbred Racing Association for 2009, an official with the NTRA confirmed Jan. 30.
TwinSpires.com, the official advance deposit wagering service for Churchill Downs Inc., will provide an inside look at the DRF/NTRA National Handicapping Championship from Red Rock Casino in Las Vegas by providing online video coverage of the event throughout the Jan. 23-24.
Churchill Downs Inc. is reviewing its membership in the National Thoroughbred Racing Association, racing industry officials said Dec. 9.
Churchill Downs Inc., has implemented a new horseshoe policy at its four racetracks that bans the use of toe grabs greater than two millimeters. The new policy is effective immediately.
- By Jim Freer
Churchill Downs Inc. and the Florida Thoroughbred Breeders and Owners Association announced Sept. 10 that they have reached an agreement on a contract for future slot machine revenue at CDI-owned Calder Race Course.
- By Jim Freer
Churchill Downs Inc. and the Florida Thoroughbred Breeders and Owners Association announced on Sept. 10 that they have reached an agreement on a contract for future slot machine revenue at CDI-owned Calder Race Course.
Blaming a decline in purse money earned earned from wagering sources during its 2008 spring meet, Churchill Downs Racetrack has slashed its stakes program for the upcoming fall meet by $975,000 through purse reductions in 11 stakes races and the elimination of two others.
- By Tom LaMarra
Magna Entertainment Corp., in a statement issued the evening of Aug. 28, acknowledged it is having discussions with the Thoroughbred Horsemen's Group on what company chairman Frank Stronach called "a new framework" for pari-mutuel economics.
Calder Race Course got state permission to run four days a week instead of five for an 11-week period beginning Sept. 1. The South Florida track has lost horses due to reduced purses that were caused by a lingering dispute over simulcast signal distribution.
- By Jim Freer
Calder Race Course has asked the Florida Division of Pari-Mutuel Wagering for permission to hold live racing four days a week, rather than five, during 11 weeks beginning Sept. 1.
William "Bill" Mudd, executive vice president and chief financial officer of Churchill Downs Inc., has been appointed by the Thoroughbred Racing Associations of North America to the Equibase Company Management Committee, it was announced Aug. 14 by Equibase chairman Alan Marzelli.
Churchill Downs Inc. announced Aug. 14 that Randall Soth, who since September 2004 has served as president of Fair Grounds Race Course & Slots in New Orleans, is leaving CDI to pursue other career interests.
Louisiana native Jason Boulet has been named racing secretary at Fair Grounds. Boulet, 39, has served as racing secretary at Evangeline Downs in Opelousas, La., since 2005.
Churchill Downs Inc. has appointed Ted Nicholson to oversee operations at Calder Race Course on an interim basis, one day after CDI implemented a company-wide personnel overhaul.
The Florida Horsemen's Benevolent and Protective Association issued a statement July 8 thanking Calder horsemen who "took the full brunt" of purse cuts during a 2 1/2-month dispute with track owner Churchill Downs Inc.
Calder Race Course posted entries July 7 for its July 12 Summit of Speed, a card with a quartet of six-furlong graded stakes that has become the highlight of the year at the South Florida track.
Churchill Downs Inc. announced July 7 that it has signed contracts with the Florida Horsemen's Benevolent and Protective Association on 2008 purses and on potential future slot machine revenue at CDI-owned Calder Race Course.
Churchill Downs will begin testing a new wagering format with on-track customers June 11 that allows patrons to bundle win, exacta, and trifecta plays at a lower price per bet.
The Florida Horsemen's Benevolent and Protective Association and Churchill Downs Inc. are planning to meet June 9 to discuss contracts for CDI-owned Calder Race Course, where the financial impacts of a dispute are worsening each week.
Eight Belles, who finished second in the Kentucky Derby Presented by Yum! Brands (gr. I) but suffered a catastrophic injury moments after the race, will be honored by Churchill Downs Inc. through a series of charitable contributions and initiatives, including the interment of her remains at the Kentucky Derby Museum.
- By Tom LaMarra
Officials with Magna Entertainment Corp. and the Thoroughbred Horsemen's Group have met twice recently to discuss the ongoing conflict over revenue splits for advance deposit wagering, though the sides aren't close to striking a deal.
Calder Race Course on May 9 announced it will cut purses for eight upcoming stakes, including six on its July 12 Summit of Speed card.
Calder Race Course announced May 9 that it will cut purses for eight upcoming stakes races, including the July 12 Summit of Speed card, blaming a continuing dispute with the Florida horsemen's association.
- By Tom LaMarra
A Churchill Downs Inc. official said May 7 purses at Churchill Downs in Louisville, Ky., could be cut the week of May 11, while Calder Race Course in South Florida could face another reduction in purses.
Churchill Downs Inc. posted net earnings of about $800,000 in the first quarter of 2008, compared with a net loss of $8.4 million for the same period a year ago, the company announced May 6.
Churchill Downs Inc. has invested $100 million in advance deposit wagering for a reason: The company believes it's the major growth channel for pari-mutuel wagering, as well as a means to drive traffic to the racetrack, CDI president and chief executive officer Bob Evans said.
Churchill Downs Inc. filed a lawsuit April 24 asking a federal court to dissolve the Thoroughbred Horsemen's Group. In a suit filed in U.S. District Court for the Western District of Kentucky, CDI, CDI-owned Calder Race Course, and Churchill Downs Technology Initiatives Co. also are seeking an injunction to prevent the THG and the Florida Horsemen's Benevolent and Protective Association from "agreeing on uniform terms for the sale of signals, boycotting racetracks and ADW operators that do not comply with their demands."
Calder Race Course announced April 21 due to the Florida Horsemen's Benevolent and Protective Association's refusal to approve the distribution of Calder races to out-of-state wagering outlets, including advance deposit wagering companies, the racetrack has been forced to cut purses by 30%, effective April 27. The purse reductions will affect a variety of race conditions, including stakes races.
Florida horsemen and officials at Calder Race Course and parent company Churchill Downs Inc. met April 14 but did not agree on contracts for the Calder meet that begins April 21.
As Calder Race Course prepares to open its 2008 meet April 21, the question of how to divide any future slot-machine revenue is holding up contract talks between the Miami Gardens, Fla., track and the Florida Horsemen's Benevolent and Protection Association.
C. Kenneth Dunn, who since April 1999 has served as senior vice president of Florida operations for Churchill Downs Inc. and has spent 18 years at Calder Race Course, is stepping down, the company announced April 9. Dunn will continue to serve as an adviser for Calder through Aug. 1.
On-track handle at Calder Race Course fell 24% during the 2007 portion of its Tropical meet, according to data obtained from the Florida Division of Pari-Mutuel Wagering. Calder's simulcast handle fell 26% compared with the same period in 2006.
In response to statements made by the Florida Horsemen's Benevolent and Protective Association in regard to purse cuts, Calder Race Course president Ken Dunn responded Nov. 11 by saying the decision was based on simple economics and was absolutely necessary based on decreased business during the month of October.
Lower than expected handle and attendance has forced Calder Race Course to reduce its daily purses by approximately $10,000 beginning with races scheduled for Nov. 15.
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