Bill Carstanjen | Horse Racing Free Tips

CDI To Acquire Colonial Downs

Churchill Downs, Inc. is set to acquire Colonial Downs, as well as several historical horse racing facilities in the state, after the company announced it has entered into a purchasing agreement to acquire the assets of the Virginia racetrack's owner, Peninsula Pacific Entertainment LLC. A Tuesday morning release from CDI put the value of the deal at $2.485 billion.

“This unique set of assets expands our geographic footprint and provides additional scale,” said Bill Carstanjen, Chief Executive Officer of CDI. “P2E has done an exceptional job developing and managing this collection of assets, which we are very excited to acquire and plan to strategically grow in the years ahead.”

In addition to Colonial Downs, P2E's assets include six facilities hosting 2,700 historical racing machines throughout Virginia. Under state law, CDI will have the opportunity to develop up to five additional historical racing entertainment venues in Virginia with collectively up to approximately 2,300 additional HRMs.

As part of the P2E Transaction, CDI will also acquire the rights to build a large gaming resort (the “Dumfries Project”), with up to 1,800 HRMs in Northern Virginia. It will also acquire the rights to develop Rosie's Gaming Emporium in Emporia, the seventh historical racing entertainment venue under P2E's Colonial Downs license. The Emporia facility, located along I-95 near the North Carolina border, will have 150 HRMs and is expected to open in 2023.

Also included in the deal is the del Lago Resort & Casino in Waterloo, New York and the Hard Rock Hotel & Casino in Sioux City, Iowa.

Under the terms of the, P2E is expected to reach a definitive agreement to sell the real property associated with Hard Rock Sioux City to a third party. CDI will acquire the operating company and lease the Sioux City Property from that third party. Following the closing, CDI will operate Hard Rock Sioux City and lease the Sioux City Property pursuant to lease terms negotiated prior to the closing. In the event P2E is unsuccessful in reaching a definitive agreement with a third party to purchase the Sioux City Property by a certain date, the Sioux City Property will be included in the P2E transaction and the total consideration will increase to $2.75 billion.

The transaction is dependent on usual and customary closing conditions, including the Company obtaining approvals from the Virginia Racing Commission, the New York State Gaming Commission, and the Iowa Racing and Gaming Commission. The transaction is expected to close by the end of 2022.

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Ben Murr Named President Of Twinspires, Online Gaming For Churchill Downs Incorporated

Churchill Downs Incorporated (“CDI” or the “Company”) announced today that Ben Murr has been named President of TwinSpires and Online Gaming. In this role, he will be responsible for the overall strategy and operations of these businesses.

Murr brings 24 years of leadership experience to the position. During his 14 years with CDI, he has served in multiple leadership roles including President of United Tote, Senior Vice President and Chief Technology Officer and, most recently, as interim President of TwinSpires and Online Gaming.

Prior to joining CDI, Murr worked in information technology leadership roles at General Electric. He holds a Bachelor's degree in Economics and a Master of Business Administration from Bellarmine University.

“During his tenure with CDI, Ben has been an important leader in the growth across our operations,” said Carstanjen. “He has been a key player throughout the extensive changes in our Company over the last 14 years and will continue to move our TwinSpires and Online businesses forward.”

“I've been heavily involved with TwinSpires and our Online Gaming operations throughout my tenure at CDI” said Murr. “I am passionate about these businesses and believe strongly in their future growth potential and strategic importance for CDI.”

Murr will remain a Senior Vice President of CDI in addition to his responsibilities as President of TwinSpires and Online Gaming.

Murr's promotion is effective immediately. The Company will move quickly to fill the Senior Vice President and Chief Technology Officer role.

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Report: Baffert Threatens to Sue Churchill Over Derby Ban

According to a report in the New York Times, Bob Baffert has threatened to sue Churchill Downs and its CEO Bill Carstanjen if the track does not lift a two-year ban that will keep the trainer from competing in the 2022 and 2023 runnings of the GI Kentucky Derby.

The ban was put into place after Medina Spirit (Protonico) tested positive for the substance betamethasone following his win in last year's Derby. In addition, Churchill is not awarding any points to Baffert-trained horses who compete in preps for the Derby and the GI Kentucky Oaks. Baffert trains Corniche (Quality Road) who will be named 2021 2-year-old champion, and is the early favorite for the Derby.

The news broke at about the same time that a tweet from the Churchill Downs public relations department was posted that read: “CDI is committed to protecting the integrity and future of the racing industry–for the horses, our fans, our partners, our team members and the betting public. No one is above the rules, including Mr. Baffert, and we remain intent on holding him accountable for his actions.”

The Times acquired a complaint in which Baffert contends that his due process rights were violated by the ban and that his exclusion from Churchill Downs and the Derby is unlawful. According to the Times, Baffert is seeking a preliminary injunction that will allow him to race at Churchill and other tracks owned by Churchill Downs and end the practice of denying his horses qualifying points for the Derby and Oaks. Baffert is also seeking millions of dollars in compensatory and punitive damages.

Generally, the courts have upheld the rights of privately owned racetracks to ban participants when the track determines their participation is not in the best business interests of that racetrack.

Baffert's motion has yet to be filed.

Carstanjen told the Times that Baffert's threatened case was “completely meritless” and that on Apr. 7, 2021, Baffert signed an agreement–as the track requires all horse trainers to do–that he would follow its conduct and medication rules.

“This threatened lawsuit is yet another tactic from Mr. Baffert's well-worn playbook of obfuscating the facts, inventing excuses to explain positive drug tests and attempting to blame others to avoid responsibility for his own actions,” Carstanjen told the Times. “We are considering any and all legal options available to us to set the record straight and ensure Mr. Baffert is held accountable for all the reputational damage he has caused us. The irony is not lost on us that despite all of his violations, he is the one threatening to file lawsuits claiming to be aggrieved.”

Carstanjen did not rule out countersuing Baffert.

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New York Times: Baffert Attorneys Drafting Lawsuit Against Churchill Over Derby Entry

According to a Jan. 10 report from the New York Times, embattled trainer Bob Baffert has legal counsel drafting a civil complaint seeking a preliminary injunction that would allow horses in his barn to run for roses in May.

As it stands, Churchill Downs announced last spring that Baffert-trained horses would not be permitted to earn qualifying points for the Kentucky Derby, and that they would not be permitted to run in the race in 2022 or 2023. The announcement followed a press conference held by Baffert in which he revealed that Medina Spirit, who had crossed the wire first, had tested positive for the corticosteroid betamethasone. Baffert subsequently appeared on a number of mainstream news outlets first claiming he did not know how the substance could have gotten into the colt's body, and later saying that it came from the administration of a topical cream. The Kentucky Horse Racing Commission stewards have yet to issue a ruling in the case, although Baffert's team completed additional testing of remaining biological samples from the horse some weeks ago.

Baffert is reportedly seeking millions in damages in addition to the preliminary injunction in the civil case, which has not yet been filed.

Bill Carstanjen, CEO of Churchill, called the prospect of a civil case “completely meritless,” pointing out that Baffert signed an agreement ahead of entering last year's race that he would follow the private company's rules regarding medication and participant conduct.

Churchill's publicity department later underlined the track's stance on the situation with the following tweet:

pic.twitter.com/I7jHY2ePo5

— Churchill Downs PR (@DerbyMedia) January 10, 2022