Kentucky Derby 134 Delivers Positive On-Track Results for Race Favorite Big Brown and Churchill Downs
LOUISVILLE, Ky.--(Business Wire)--
The largest Kentucky Derby crowd of the 21st century gathered
under the historic Twin Spires to watch undefeated Derby favorite Big
Brown power through the stretch and dominate a full field of 20 horses
in the Grade I Kentucky Derby Presented by Yum! Brands.
The attendance mark of 157,770 was the second largest in Kentucky
Derby history and trails only the crowd of 163,628 that witnessed
Cannonade win the centennial Derby in 1974. It is the seventh time in
10 years that Kentucky Derby Day attendance has topped 150,000.
Total wagering from all sources on the Kentucky Derby race, which
includes on-track and off-track wagers was $114,557,364, down 3.2
percent from the 2007 all-sources total of $118,317,714. On-track
wagering for America's greatest race totaled $12,118,527, an increase
of 0.3 percent compared to the $12,076,490 wagered on the Kentucky
Derby race in 2007. Off-track wagering on the Kentucky Derby race was
102,438,837, a decrease of 3.6 percent compared to the $106,241,224
wagered by fans through simulcast-wagering centers and
advanced-deposit wagering ("ADW") services around the country one year
ago.
Total wagering from all sources on the 12-race Kentucky Derby Day
card at Churchill Downs was $164,668,176, a decline of 2.0 percent
from the $168,018,982 wagered on the 12-race Kentucky Derby 134 racing
program. On-track wagering on the Kentucky Derby Day card was
$24,275,864, an increase of 0.9 percent from the $24,065,098 wagered
by on-track fans one year ago. Off-track wagering on the Kentucky
Derby Day program was $140,392,312, a dip of 2.5 percent from the
$143,953,884 wagered by fans around the country in 2007.
Churchill Downs President Steve Sexton said off-track wagering
totals were affected by the fact that tens of thousands of ADW
customers could only bet on the Kentucky Derby race and the Woodford
Reserve Turf Classic because Kentucky horsemen would not permit ADW
wagering via TwinSpires.com and Xpressbet.com on the full Kentucky
Derby Day card. Additionally, fewer Florida pari-mutuel facilities
could wager on the entire Derby Day card due to an ongoing dispute
with Florida horsemen. "The strength of this year's Kentucky Derby Day
racing program was evident in our on-track results with increases in
both on-track wagering and attendance," Sexton noted. "It is
unfortunate that horsemen in Kentucky and Florida prevented so many
fans from enjoying a full day of wagering on Churchill Downs' races.
Had more ADW and Florida customers been given an opportunity to
participate, we could have seen a record day.
"Despite these challenges, the Churchill Downs team put on an
exceptional day that included the successful launch of several new
Derby innovations, including an outstanding Red Carpet program, our
chief party officer promotion that was a hit with the fans and the
media, and our new Derby Super Hi-5 wager that generated a $331,928
carryover pool. Race fans also generated a Pick 6 carryover pool of
$410,598, so while Kentucky Derby weekend may be over for another
year, fans returning to Churchill Downs for our next day of racing -
Wednesday, May 7 - have another chance to enjoy a big dose of
'winnertainment'."
Kentucky Derby Day attendance increased at Churchill Downs'
Trackside Louisville off-track betting facility, where 9,547 race fans
wagered on the Kentucky Derby Day card, an increase of 2.2 percent
compared to the 9,339 patrons who spent Kentucky Derby 133 at
Trackside Louisville.
Wagering on the Kentucky Derby race at Trackside totaled
1,249,941, a slight decline of 0.2 percent from the 2007 total of
$1,252,230. A total of $1,905,396 was wagered on the Kentucky Derby
Day racing program at Trackside Louisville, an increase of 1.6 percent
from the 2007 total of $1,876,257.
Trackside Louisville attendance and wagering figures are not
included in on-track attendance and wagering figures for Churchill
Downs racetrack.
Churchill Downs returned $134,418,750 to bettors on the Kentucky
Derby Day race card, which amounts to 82 percent of total wagering. In
2007, bettors took home a total of $137,752,898, or 82 percent of
total wagering. The Commonwealth of Kentucky benefited from $906,817
in revenues generated through the state's excise tax on pari-mutuel
wagering. In 2007, the Kentucky Derby Day race card contributed
$898,566 to the state through the pari-mutuel excise tax. The
approximate contribution to purses from wagering on the 2008 Kentucky
Derby Day race card was $6,883,130, compared to $7,030,661 one year
ago.
-0-
*T
KENTUCKY DERBY 134 ATTENDANCE AND WAGERING
2008 2007 Change
Attendance 157,770 156,635 +0.7%
On-Track Wagering (Derby Race) $12,118,527 $12,076,490 +0.3%
On-Track Wagering (Derby Day) $24,275,864 $24,065,098 +0.9%
Off-Track Wagering (Derby Race) $102,438,837 $106,241,224 -3.6%
Off-Track Wagering (Derby Day) $140,392,312 $143,953,884 -2.5%
Total (All Sources - Derby Race) $114,557,364 $118,317,714 -3.2%
Total (All Sources - Derby Day) $164,668,176 $168,018,982 -2.0%
*T
Churchill Downs, the world's most legendary racetrack, has
conducted Thoroughbred racing and presented America's greatest race,
the Kentucky Derby, continuously since 1875. Located in Louisville,
the flagship racetrack of Churchill Downs Incorporated (NASDAQ Global
Select Market: CHDN) also operates Trackside at Churchill Downs, which
offers year-round simulcast wagering at the historic track. Churchill
Downs will conduct Kentucky Derby 135 on May 2, 2009. The track's 2008
Spring Meet runs from April 26 through July 6. Churchill Downs has
hosted the Breeders' Cup World Championships a record six times.
Information about Churchill Downs can be found on the Internet at
www.churchilldowns.com.
Information set forth in this news release contains various
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. The Private Securities Litigation Reform Act of 1995 (the
"Act") provides certain "safe harbor" provisions for forward-looking
statements. All forward-looking statements made in this news release
are made pursuant to the Act. The reader is cautioned that such
forward-looking statements are based on information available at the
time and/or management's good faith belief with respect to future
events, and are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in the statements. Forward-looking statements speak only as
of the date the statement was made. We assume no obligation to update
forward-looking information to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking
information. Forward-looking statements are typically identified by
the use of terms such as "anticipate," "believe," "could," "estimate,"
"expect," "intend," "may," "might," "plan," "predict," "project,"
"should," "will," and similar words, although some forward-looking
statements are expressed differently. Although we believe that the
expectations reflected in such forward-looking statements are
reasonable, we can give no assurance that such expectations will prove
to be correct. Important factors that could cause actual results to
differ materially from expectations include: the effect of global
economic conditions; the effect (including possible increases in the
cost of doing business) resulting from future war and terrorist
activities or political uncertainties; the economic environment; the
impact of increasing insurance costs; the impact of interest rate
fluctuations; the effect of any change in our accounting policies or
practices; the financial performance of our racing operations; the
impact of gaming competition (including lotteries and riverboat,
cruise ship and land-based casinos) and other sports and entertainment
options in those markets in which we operate; the impact of live
racing day competition with other Florida and Louisiana racetracks
within those respective markets; costs associated with our efforts in
support of alternative gaming initiatives; costs associated with
customer relationship management initiatives; a substantial change in
law or regulations affecting pari-mutuel and gaming activities; a
substantial change in allocation of live racing days; changes in
Illinois law that impact revenues of racing operations in Illinois;
the presence of wagering facilities of Indiana racetracks near our
operations; our continued ability to effectively compete for the
country's top horses and trainers necessary to field high-quality
horse racing; our continued ability to grow our share of the
interstate simulcast market; our ability to execute our acquisition
strategy and to complete or successfully operate planned expansion
projects; our ability to successfully complete any divestiture
transaction; our ability to execute on our temporary and permanent
slot facilities in Louisiana; market reaction to our expansion
projects; the loss of our totalisator companies or their inability to
provide us assurance of the reliability of their internal control
processes through Statement on Auditing Standards No. 70 audits or to
keep their technology current; the need for various alternative gaming
approvals in Louisiana; our accountability for environmental
contamination; the loss of key personnel; the impact of natural
disasters, including Hurricanes Katrina, Rita and Wilma on our
operations and our ability to adjust the casualty losses through our
property and business interruption insurance coverage; any business
disruption associated with a natural disaster and/or its aftermath;
our ability to integrate businesses we acquire, including our ability
to maintain revenues at historic levels and achieve anticipated cost
savings; the impact of wagering laws, including changes in laws or
enforcement of those laws by regulatory agencies; the effect of claims
of third parties to intellectual property rights; and the volatility
of our stock price.
Churchill Downs Incorporated
Julie Koenig Loignon, 502-636-4502 (office)
juliek@kyderby.com
Copyright Business Wire 2008
