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Churchill Downs Looking for Acquisitions

Written by:
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Published on:
Jun/18/2012
Churchill Downs Looking for Acquisitions

By BRUCE SCHREINER, Associated Press –

The track also has dabbled with night racing since 2009. Attendance for the 15 night racing events since that time has averaged 26,000 fans, more than three times the attendance on equivalent days, the company said.

Night racing features music and other fan-friendly offerings along with racing.

"While the broad thoroughbred racing industry may be in decline, there is still a growing, profitable market for top-flight racing combined with entertainment," Evans said.

He also said the track will keep pushing for a change to the Kentucky Constitution to allow casino-style gambling at the state's racetracks. Churchill and other tracks say they are losing horses to states that supplement their prize money with revenues from slot machines.

Efforts to allow slot machines at Kentucky tracks have been stymied in the Kentucky General Assembly.

"We will continue to aggressively work with our political allies in Kentucky toward the goal of securing gaming for Churchill Downs racetrack," Evans told shareholders.

Meanwhile, shareholders approved bonuses for four Churchill executives, the largest of which is up to $1.1 million for Evans. Shareholders also approved a performance-based incentive plan for top executives that could pay up to $5 million.

The company owns and operates the Churchill Downs racetrack, as well as racetrack and casino operations and a poker room in Miami Gardens, Fla.; racetrack, casino and video poker operations in New Orleans; racetrack operations in Arlington Heights, Ill.; and a casino resort in Greenville, Miss.

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