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Churchill Eyeing N.Y. Racing Market28 July 2000LOUISVILLE, KENTUCKY—July 28, 2000 – As reported by the Associated Press:" Not content with recent expansion into California and Illinois, Churchill Downs Inc. are eyeing other lucrative racing markets, including New York. "Churchill executives have expressed an interest in New York's off-track betting system. "…The New York City Economic Development Corp. has purchased ads in The New York Times and Wall Street Journal requesting `expressions of interest' in buying or managing the city's network of betting parlors, teletheaters, restaurants and sports pubs. "…`We're the largest OTB in the country, and the second-largest, behind Hong Kong, in the world. It's not going to come cheap,' said New York City OTB president Bill Carnevale…" "…Last year, Carnevale said, the OTBs generated more than $1 billion in handle, and paid $89 million to the racing industry, $36 million to the city, $12 million to the state and millions more to other cities. "…Selling the properties -- now run by public benefit corporations -- apparently would require legislative changes. "…However, Churchill, which already runs racetracks and betting parlors across the country, could enter into a management contract without actually buying New York [City] OTB." |