CDI to Buy Colonial Downs

[theiman]

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Please dont let them close this wonderful track

[Andy Asaro]

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[Tom]

[Speed Figure]

RIP Colonial Downs! Now the track won't be available on Horse Tourneys or Derby Wars!

[foregoforever]

Is the NFL expanding to Providence Forge?

[thespaah]

Ordinarily when a well funded large company which is also has interests in growing Thoroughbred and/or Standardbred racing buys a race track, I'd be pleased with this news.
However, CDI, has proven over and over that the company is more or less the Carl Icahn of the sport.
CDI wrecks what they buy just like Icahn used to wreck companies because wrecking them would increase his firm's bottom line.
CDI is not a racing company. It is a gaming company. As such, CDI t least as it appears, is taking every opportunity to shoe horn its way into the gaming business, CNL does have electronic gaming. The property is very large. Therefore if CDI could get the Commonwealth Government to agree to put a referendum on the local ballot to allow a full casino, that possibility would may very well spell the end of CNL as a racing facility.
One important note on this issue. In Nov. 2021 a referendum on allowing a casino to be built in the City of Richmond was defeated by voters. Meanwhile, voters in Danville, Bristol, Portsmouth and Norfolk all approved casinos for those locations.
Now, one caveat.
Maryland Horsemen aren't necessarily pleased with Colonial's spot on the calendar. Because of Colonial's turf heavy meet, and now with Colonial offering an average of $500,000 per day in purses( 2021 meet), the track siphons off a lot of horses from MD. However, CDI and Stronach aren't exactly drinking buddies either. So, this purchase may be a way for CDI to put the screws to Stronach.
That's a guess now.
Anyway, Colonial is a nice place to go to the races. It's clean, the people who work there are pleasant and customer focused. As this track is the closest pari-mutuel facility to my home in NC( about 300 miles), I try to make it to CNL at least once a year. CDI screwing this place up would not be good.

[Redboard]

I would love to see Colonial Downs succeed. When it was first opened it was supposed to be the "Saratoga of the south." Well that didn't happen, but I hear it's beautiful and it's away from a major urban area. A tourist destination? Hope so.

[westernmassbob]

Originally Posted by Redboard

I would love to see Colonial Downs succeed. When it was first opened it was supposed to be the "Saratoga of the south." Well that didn't happen, but I hear it's beautiful and it's away from a major urban area. A tourist destination? Hope so.

The surroundings of Colonial can hardly compare to that of Saratoga. It is a beautiful country area but a tourist destination? Nope. Maybe like 30min to 1 hour away from the track it is. Saratoga is in a league of its own with the racetrack surrounded by short and long term residency and a downtown area blocks from the track that can’t be matched. The track and surroundings have so much character it amazes me such a place even exists to this day.

[Tom]

CDI.....Close Down Immediately.

[thespaah]

Originally Posted by westernmassbob

The surroundings of Colonial can hardly compare to that of Saratoga. It is a beautiful country area but a tourist destination? Nope. Maybe like 30min to 1 hour away from the track it is. Saratoga is in a league of its own with the racetrack surrounded by short and long term residency and a downtown area blocks from the track that can’t be matched. The track and surroundings have so much character it amazes me such a place even exists to this day.

30 to 45 mins from Richmond. Same time from Williamsburg and about an hour from the Norfolk/Newport News metroplex

[HottalkersinKY]

Churchill only cares about racing 2 days a year period.
I live about a mile from there and everyone here has seen what they do.
Last meet without turf racing alot of trainers took their horses over there
for the turf racing and had nothing but good things to say about the track
but I am pretty sure they are buying the track for the two casinos that is included in the deal thats all they care about anymore.
They are expanding seating just for those two days its diffently not for the regular people that go to enjoy horseracing daily

[ubercapper]

CDI bought Turfway and is in the process of investing millions into the facility.

WHY? Because HHR is a lucrative line of business.

Similarly, Colonial has a lucrative line of business in HMR (which is what HHR is referred to as in Virginia) at the track and Rosie's.

Since Virginia law requires there to be live racing, specifically
register.dls.virginia.gov/details.aspx?id=8192, which reguires is at least 15 days of live racing per licensee (or 1 day per 100 HRM machines, whichever is greater), Colonial isn't going anywhere, similar to Turfway.

[Thomas Roulston]

Originally Posted by foregoforever

Is the NFL expanding to Providence Forge?

Not sure about Providence Forge - but the Norfolk/Newport News/Virginia Beach metropolitan area has been one of the nation's fastest-growing for quite some time.

And let's not forget that this metro area actually once did have a professional sports franchise: The ABA's Virginia Squires, for whom Julius Erving began his pro career.

[foregoforever]

Originally Posted by Thomas Roulston

Not sure about Providence Forge - but the Norfolk/Newport News/Virginia Beach metropolitan area has been one of the nation's fastest-growing for quite some time.

Back in 1994, CDI was one of 6 applicants for building a track in Virginia. They were going to call it "Princess Anne Downs" and locate it in Virginia Beach (which was originally Princess Anne County).

From the book "Colonial Downs and More" by Francis Bush ...

Criticism erupted shortly against certain proposals. Carrie Camp, spokeswoman for the Virginia Racing Associates, said that Churchill Downs would be “an absentee landlord” that wanted to make Virginia just “another outpost on its list of gaming enterprises.” Camp noted that Churchill Downs had a riverboat casino pictured on the cover of its annual report.

Sounds familiar.

[Bustin Stones]

I've yet to find a situation where increases in competition made an industry offer less desirable products.