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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.

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First Foal Arrives for Tight Ten

Mountain Springs Farm in Palmyra, PA has announced the arrival of the first foal by Tight Ten (Tapit–Devils Humor, by Distorted Humor), who stood his first season there in 2021. He is the three-quarter brother to Winstar Farm's Constitution (Tapit). The bay filly is also the first foal of a multiple-winning half-sister to GISW Colonial Colony (Pleasant Colony).

“She looks just like her sire,” said Mountain Springs owner Rich Miller. “And we have lots more by Tight Ten due in the next few weeks.”

The stallion stands at the 200-acre Mountain Springs Farm, just five miles south of Penn National Racetrack at a fee of $2,500 live foal. Multiple mare discounts are available and PA-Bred foals sired by the Pennsylvania-based stallion are eligible for the new $600,000 Stallion Stakes Series.

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Hardy Named Executive Director Of Horse Country

Edited Press Release

Hallie Hardy has been named executive director of Horse Country, Inc., replacing Anne Sabatino Hardy (unrelated), who has led the nonprofit since its founding in 2015.

“Horse Country is proud to announce Hallie as its new executive director,” explained Gathan Borden, president of the Horse Country board of directors. “She brings not only a necessary skill set and diverse experience, but also sincere enthusiasm for the organization's mission and the desire to continue the growth of this critical fan development initiative. We are grateful to Anne and the foundation of success she leaves behind for Horse Country. The Board looks forward to working with Hallie and our members to build upon that foundation as the organization steps into this next phase.”

Departing executive director, Sabatino Hardy agreed. “I have appreciated the opportunity to be a part of this effort and am grateful for the relationships and shared accomplishments–I can't wait to see what's next,” said Hardy. “Hallie brings a unique set of skills and experiences that make her ideal to lead the organization. Having worked for Horse Country member locations she's seen firsthand the impact experiences have on fan development. Her relationships, vision and passion for the mission will inspire the next phase.”

A native of Frankfort, Hardy held an internship at WinStar Farm while an undergraduate in the University of Kentucky's Equine Program, leading its public and private tours. Following graduation, she joined America's Best Racing (ABR) as one of six brand ambassadors who traveled the country to promote the sport's biggest race days. After ABR, Hardy was accepted to the Irish National Stud Breeding Course and then Godolphin Flying Start.

Since completing Flying Start, Hardy has worked for trainer Graham Motion and again at WinStar Farm. She most recently worked for Godolphin as part of the nomination sales and marketing teams, as well as assisting with several charitable initiatives and Godolphin's tour experience.

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Medina Spirit DQ’ed From Derby, 90-Day Suspension for Baffert

First across the wire in the 2021 GI Kentucky Derby, Medina Spirit (Protonico) has been officially disqualified by the Kentucky Horse Racing (KHRC) Board of Stewards, which also handed trainer Bob Baffert a 90-day suspension and a $7,500 fine.

The news came via a short press release Monday from the KHRC, which also posted the ruling to its website.

Within a few hours of the announcement from the KHRC Churchill Downs officials issued a statement recognizing Mandaloun (Into Mischief) as the winner of the race.

“Today Churchill Downs recognizes Mandaloun as the winner of the 147th running of the Kentucky Derby and extends our congratulations to owner/breeder Juddmonte, trainer Brad Cox and jockey Florent Geroux,” the statement read. “Winning the Kentucky Derby is one of the most exciting achievements in sports and we look forward to celebrating Mandaloun on a future date in a way that is fitting of this rare distinction.”

Yet, recognizing Mandaloun, who crossed the wire second–a half-length behind Medina Spirit–as the winner might be a bit premature. Medina Spirit's connections have a number of avenues in front of them to fight Monday's decision and have vowed that they will do whatever it takes to reverse the disqualification.

“This is round one and we are going to fight this thing until the end,” owner Amr Zedan said. “Bob has my full support and backing. We're going to do whatever it takes to vindicate 'Medina' and make sure he is declared the official winner of the 147th running of the Kentucky Derby. We will see this through and do whatever it takes.”

The next step in the appeal process is to go before an administrative law judge. Should that decision not go their way, the Baffert team can then try their case through the court system. No matter what moves are made, the case is likely to drag on for some time, perhaps for a few years. In the matter of 1968 Kentucky Derby starter Dancer's Image, the only other horse disqualified from the Derby due to a drug positive, it took nearly four years for the case to come to a close, with Forward Pass officially declared the race winner.

Clark Brewster, an attorney representing Baffert and Zedan, issued a lengthy statement Monday in which he expressed his confidence that at the end of the day Medina Spirit will be the official winner of the Kentucky Derby.

“We are disappointed by the Commission's ruling, but not surprised,” he said. “This ruling represents an egregious departure from both the facts and the law, but the numerous public statements by KHRC officials over the last several months have made perfectly clear that Bob Baffert's fate was decided before we ever sat down for a hearing before the three stewards, one of whom is directly employed by Churchill Downs as the racing director at Turfway Park. We will appeal, and we will prevail when the facts and rules are presented to detached, neutral decision-makers.”

Medina Spirit tested positive for betamethasone, a corticosteroid, after the May 1 Derby. At first, Baffert denied that Medina Spirit had ever been given the drug, but changed his story a few days later when he said that the colt was treated for a skin condition with an ointment that contained betamethasone. Lawyers representing Baffert and Zedan sent a urine sample to Dr. George Maylin, director of the New York Equine Drug Testing and Research Laboratory, in an attempt to show that betamethasone was in fact in Medina Spirit's system because of the ointment and not because it had come through an injection. They said that Maylin confirmed that the drug came from the ointment, which, they argued was not a violation.

After more than nine months had gone by without any comment or updates from the KHRC, a hearing was held Feb. 14. There were no comments from the stewards Monday, but it appears they decided that it did not matter how, whether by an injection or through an ointment, the betamethasone got into Medina Spirit's system.

It was also noteworthy that Baffert was suspended for 90 days for the finding of betamethasone, which is a Class C drug. Kentucky rules call for a suspension ranging from zero to 10 days for Class C drugs. However, the official ruling notes that the Medina Spirit positive was Baffert's fourth medication violation over a span of 365 days, which is why the penalty was increased to 90 days.

As things now stand, Mandaloun is the Derby winner, giving trainer Brad Cox his first Derby win.

“Honestly, I have no real feeling or emotion,” Cox said. “I'm just hopeful that maybe something like pre-race testing can be done prior to the running of a race of this magnitude in the future. I'm not sure what would be so hard about figuring that out.”
Baffert's problems extend beyond Monday's ruling. He has been suspended for two years by Churchill Downs and, as things now stand, is not allowed to compete in the 2022 or 2023 runnings of the Kentucky Derby. He is also in the middle of a fight with the New York Racing Association, which is also attempting to ban him.

Medina Spirit died Dec. 6 after a workout at Santa Anita. The apparent cause of the death was a heart attack, but a necropsy did not reveal a definitive cause of death.

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