Churchill Downs Incorporated and Magna Entertainment Corp. to Work Cooperatively in Bid for New York Racing Franchise
Friday August 4, 9:01 am ET
Experts in Racetrack Management Seek to Join New York Entities in Larger Bid Group
LOUISVILLE, KENTUCKY, and AURORA, ON, Aug. 4 /PRNewswire-FirstCall/ - Churchill Downs Incorporated ("CDI") (NASDAQ: CHDN - News) and Magna Entertainment Corp. ("MEC") (NASDAQ: MECA - News; TSX: MEC.A - News) today announced that they have entered into an agreement to cooperate in the bidding process for the New York racetrack franchise, which is currently held by the New York Racing Association and will expire Dec. 31, 2007. In addition, CDI and MEC look to join other New York racing and business entities interested in forming a larger group to bid on the racing franchise that includes Aqueduct Racetrack, Belmont Park and Saratoga Race Course. In June, the State of New York initiated a process to formally invite bids for the franchise.
CDI and MEC share a common view regarding the importance of New York racing to the overall success of horse racing in North America. As the owners of many of North America's other premier racing venues - including Churchill Downs, Santa Anita Park, Gulfstream Park, Arlington Park, the Maryland Jockey Club, Fair Grounds Race Course, Lone Star Park and Golden Gate Fields - the two companies have extensive experience acquiring and upgrading racetrack facilities; managing and marketing major racing events, including Triple Crown races; building positive relations with horsemen; and growing their respective businesses. The two companies have already partnered in Racing World, a London-based satellite television service that delivers North American horse racing content to customers in the United Kingdom and Ireland.
Robert L. Evans, CDI's newly appointed president and chief executive officer said, "By working cooperatively, we can dramatically improve and enhance customers' entertainment experience at the three racetracks that make up the New York franchise. Our companies have already experienced the benefits of working cooperatively, and our affiliation will strengthen our efforts to secure the right solution for New York racing."
"It is not the goal of either MEC or CDI to control New York racing," added MEC Chairman Frank Stronach. "Our intention is to provide our companies' collective expertise to a bid group comprised of prominent New York enterprises and others with the capability and desire to win the franchise and the commitment and resources needed to revitalize New York racing."
Churchill Downs Incorporated ("CDI"), headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues throughout the United States. CDI's six racetracks in Florida, Illinois, Indiana, Kentucky and Louisiana host many of North America's most prestigious races, including the Kentucky Derby and Kentucky Oaks, Arlington Million and Louisiana Derby. CDI racetracks have hosted six Breeders' Cup World Thoroughbred Championships. CDI also owns off-track betting facilities and has interests in various television production, telecommunications and racing services companies that support CDI's network of simulcasting and racing operations. CDI trades on the NASDAQ National Market under the symbol CHDN and can be found on the Internet at www.churchilldownsincorporated.com.
Magna Entertainment Corp. ("MEC") is North America's largest owner and operator of horse racetracks, based on revenue. It develops, owns and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. In 2005, MEC created PariMax Inc., a subsidiary that oversees its various electronic distribution platforms, including XpressBet®, a national Internet and telephone account wagering system, and Horse Racing TV®, a 24-hour horse racing television network, as well as RaceONTV(TM) and MagnaBet(TM) internationally. |
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