Churchill Downs Seals Slots Agreement With Florida's Horsemen Association

On July 9th, 2008, Churchill Downs Incorporated which manages racing tracks including the base of the Kentucky Derby announced that they have reached an agreement with Florida's Horsemen's Benevolent and Protective Association on a 2008 purse agreement at Calder Race Course. They have also finalized an agreement on a slots contract for when the track begin slots operations on a date that still yet to be determined.

Churchill Downs commented that Calder from Miami will resume giving its signal to the simulcast network, including off-track wagering facilities and horse racing tracks around the country. Under the terms of agreement, Florida horsemen are guaranteed to receive $14.375 million for purses in the 1st 3 full years of slots operation and 6.75% of slot profits for the remainder of the ten year term. But the Churchill Downs commented that one important issue remains is the signal distribution to national account betting platforms.

Churchill Downs added that it will dismiss without strings attached the lawsuit filed on April 24th, 2008 against the Florida Horsemen's Benevolent and Protective Association and its officers. The lawsuit will continue to pursue other parties on the case like the Thoroughbred Horsemen's Group. The shares of Churchill Downs improved by 13 cents to close at $33.85.

Sunday, 27 July 2008
Marissa Patterson