STRONACH BUYING CHURCHILL DOWNS ? ? ?

[karlskorner]

From the Canadian Press

Stronach eyes run at Churchill Downs as Magna Entertainment profit grow
Toronto (CP) Canadian billionaire Frank Stronach says he'll consider buying Churchill Downs - home of North American horse racing's premier event, the Kentucky Derby - if his racetrack business expands as planned. "I think we need another two or three years that we can demonstrate to the public that we are the best company in this industry"

Also from the Canadian Press

Horseracer Magna Entertainment 1st Quarter profit rises to $21.1M US from $12.7M

Toronto (CP) Magna Entertainment Corp. reported a near doubling of its first quarter profits Tuesday. Revenues rose to $291.8 million from $270.1 million.

End of quotes

I guess thats another 8 tracks the boycotters can boycott

[Whirlaway]

Racing is a very small potatoes business. Magna has a market cap of 250 million, Churchill 450 million. Most casinos have market caps 10 times as large. Magna loses money, while Churchill makes about 25 million a year, about what A-Rod gets for playing for the Yankees. In comparison, Harrah's made 292 million last year.