Churchill Downs Incorporated | Horse Racing Free Tips

Churchill, FanDuel Enter Into Agreement

Edited Press Release

Churchill Downs Incorporated has entered into a multi-year agreement with FanDuel Group involving different facets of FanDuel's sports wagering, advance deposit wagering and television business.

Under the Agreement, CDI will provide certain technology and services to enable FanDuel's customers to place pari-mutuel wagers on horse racing via FanDuel's sports wagering and ADW platforms. CDI will also authorize wagering on CDI's owned or controlled horse racing content via FanDuel's platforms in the United States and grant FanDuel certain television and media rights to broadcast CDI-owned racing content on FanDuel's television network(s). In addition, the Agreement provides FanDuel non-exclusive Kentucky Derby sponsorship rights within the sports wagering category.

Beginning in January 2023, FanDuel will pay for CDI technology and services provided by United Tote Company to facilitate pari-mutuel wagering on FanDuel's platforms in the United States, including FanDuel Sportsbook and TVG. As previously announced, CDI has entered into an agreement to sell 49% of United Tote to New York Racing Association (NYRA) in a transaction that is expected to close by the end of 2022.

CDI will provide FanDuel wagering rights to horse racing content owned or controlled by CDI, including the Kentucky Derby, and will receive customary content fees when FanDuel accepts wagers on CDI-owned content. FanDuel will also receive exclusive television rights to the racing content of all CDI Thoroughbred racetracks, including Churchill Downs, once its existing non-Derby media rights deal expires in 2023. The Agreement excludes certain specified racing content, including Kentucky Derby Week.

As part of the Agreement, FanDuel will also receive a non-exclusive sponsorship of the Kentucky Derby in the sports wagering category beginning in 2023 in exchange for an annual sponsorship fee.

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Letters To the Editor: Paul Farash

Bill Finley's column on the closing of Pompano Park used it as a textbook example of decoupling. And he warned of the possibility of such decoupling not being exclusive to the world of harness racing or other pari-mutuel wagering establishments; that Thoroughbred racing venues are just as vulnerable. Well there was evidence of such, for all to see, in Chicago in 2021.

Last June, I became aware of the potentially permanent closing of Arlington Park at the end of its 2021 season. As a 40-year fan of horse racing and having never been to Arlington, it became a priority to experience 'AP' before they closed the doors this past September.

The style, grace and beauty of Arlington was on full display for the two racing days I spent there in August. And to come to the understanding that Churchill Downs, Inc. was the organization responsible for its ultimate disappearance from the Thoroughbred Racing landscape became something I–still–cannot comprehend. Of all the corporate entities to shutter what can arguably be described as one of North American racing's crown jewel venues, for CDI to be the one to pull the plug on AP proves once and for all that a) Thoroughbred racing is NOT immune from decoupling; and b) anyone will do it should legislation permit.

I'm disillusioned very much by the fact that the Thoroughbred industry has just stood by and watched this take place, without so much as a whimper. And to think that it has occurred as a result of the desires of CDI–an organization one would think would have Thoroughbred Racing's best interests at heart–leads me to wonder how much the industry, in general, is willing to fight for its survival.

The closing of Pompano last night was a sad story in its own right. But the closing of Arlington Park last September was, in this fan's opinion, an indelible stain on CDI's reputation as an industry leader and an example of how decoupling is already running rampant.

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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.

The post CDI To Acquire Colonial Downs appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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CDI Names Simon Senior V. P., Chief Technology Officer

Edited Press Release

Officials at Churchill Downs Incorporated (CDI) have announced that Nate Simon has been named Senior Vice President and Chief Technology Officer of the company. He will be responsible for providing strategic technology leadership and services. Simon replaces Ben Murr who was promoted to President of TwinSpires and Online Gaming in January.

Simon joined CDI in 2011 as Vice President of Operations for the Company's United Tote division before his promotion to President of United Tote in 2012. During that time, Simon was accountable for over 200 employees across the United States and Canada and over $25 million in global revenue.

“I am very proud of the results Nate has delivered in modernizing United Tote over the past 10 years,” said Bill Carstanjen, Chief Executive Officer of CDI. “We look forward to him building on these contributions by delivering further innovation and growth to the Company as the Chief Technology Officer.”

Prior to joining CDI, Simon was the Global Head of IT Operations for Clariant. He started his career with General Electric Co. where he completed the GE Information Management Leadership Program and worked as an Enterprise Resource Planning Project Leader. He holds a Bachelor's degree in Computer Science from Indiana University.

Simon's promotion is effective immediately. CDI will move quickly to fill the role of President of United Tote.

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