Despite growth in its online pari-mutuel wagering and Louisiana slots operations, the top executive of Churchill Downs Inc. said May 7 the company is not ignoring its racing properties, but needs legislative help to keep them viable entities.
Citing the absence of insurance payments received in 2008, Churchill Downs Inc. reported a net loss of $4.8 million in the first quarter of the year, but said a 12% increase in net revenues were attributed to strength in its Louisiana gaming business and on-line wagering operation.
The parent company of Canterbury Park Racetrack reported a profit of $438,180 for 2008, which was a decline of more than 80% over the net income in 2007 for the Shakopee, Minn., racing entity.
Profits from continuing operations at Churchill Downs Inc. grew 71% in 2008, the company reported March 4, despite handle drops at all of its racetracks.
A federal judge presiding over the antitrust lawsuit filed by Churchill Downs Inc. against horsemen's groups basically said Feb. 19 he has his work cut out for him in trying to resolve the complex issues involved in the case.
TVG has been classified as a discontinued operation by parent company Macrovision Solutions Corp., which says it in the "final phases" of negotiations to sell the horse racing network.
Churchill Downs Inc. said Nov. 6 it is in a position to grow in various gaming areas, but is mum about what possible ventures might be considered in the future.
MTR Gaming Inc. has defined as core assets its two Thoroughbred racinos and an Ohio harness track, and will examine sale possibilities of all other properties to reduce debt and raise shareholder value, the company said July 30.
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.
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