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View Full Version : Another potential NYRA suitor seeing red!


PaceAdvantage
05-11-2005, 04:47 AM
Churchill loses $13.9-million in first quarter (http://www.thoroughbredtimes.com/todaysnews/newsview.asp?recno=54637&subsec=1)
Revenue for Churchill Downs Inc. was up 49.1% for the first quarter of 2005, but the company reported a net loss of $13.9-million, or $1.08 per share, due to rising expenses. Thoroughbred Times (http://www.thoroughbredtimes.com/todaysnews/newsview.asp?recno=54637&subsec=1)

This can't be good....

And speaking of NYRA, it's been REAL quiet on the controversy front. Isn't it about time 'ol Eliot Spitzer finds some more trumped up charges so that he can get some more bad press brewing about NYRA? Maybe a backstretch raid by INS? Something? It's been too long Eliot! Too long!

Maybe the financial mess at Magna, and now at Churchill, has made them realize NYRA might have a shot at retaining the franchise after all? Who knows....

And say, whatever did happen with that all important JOCKEY WEIGHT investigation/raid that they conducted last winter? How come we haven't heard BOO from the DA's office about that major sting operation?

kenwoodallpromos
05-11-2005, 12:04 PM
I just assumed the part about the inc. meets not going early in the year was reasonable. Do you think that really played into the mix? Did the remodel of CD have anything to do with it? It does seem like expenses should be pretty predictable.

bdhsheets
05-11-2005, 01:33 PM
I'm guessing expenses from the purchase of the Fair Grounds may have something to do with it.

Observer
05-11-2005, 04:40 PM
So Churchill will unload Hollywood to get some more cash .. no???
:confused: :confused:

High Stakes
05-13-2005, 01:12 PM
Churchill always has a down first quarter since they don't have much live racing in Q1. Plus, this winter CDI spent a lot of money in FL and a little money in IN on slots legislation. (They also spent a couple bucks on their Churchill Downs renovations.) They lost around $11m first quarter last year. The increase in revenues last quarter is likely due to FG meet.

If I recall correctly, 25% of CDI gross comes in Derby week.

I also suspect they're unloading Hollywood to possibly fund future acquisitions, not just to offset losses and renovations, although it looks like they're going to have to spend a lot more on in FL before they see a return on slots.