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Fair Grounds Concludes 133rd Season With Handle Increases

NEW ORLEANS, Louisiana -- (PRESS RELEASE) -- Fair Grounds Race Course concluded its 133rd season of racing, and its first under the ownership of Churchill Downs Incorporated (Nasdaq: CHDN), today with its first increases in average all-sources and on-track wagering in four years.

In the 82-day meet, a total of $343.1 million, or an average of $4.18 million per day, was wagered on Fair Grounds races, versus a total of $317.1 million wagered during the 80-day meet in 2003-04. That represented a 5.6-percent increase over last year's average of $3.97 million. Averages are used for comparisons because the 2003-04 meet spanned two fewer racing days.

On-track wagering totaled $18.1 million, or $221,481 per day, 2.5 percent above last year's average of $216,082. Total on-track wagering in 2003-04 was $17.3 million. Wagers made on track through Fair Grounds advance deposit accounts are not included in on-track handle numbers.

The average daily attendance of 2,104 was 4.4 percent below last year's average of 2,202. The decline can be attributed to two factors: a policy change that allowed children under 12 to be admitted free and not included in the attendance count, and three additional weekdays on the schedule and a 7-percent drop in weekday attendance. Attendance at Fair Grounds' 10 owned and operated off-track betting facilities in southeast Louisiana increased 2.8 percent to 1,472 per day.

The highlight of the 2004-05 season was Louisiana Derby Day on March 12, in which a record $11,310,990 was wagered on an 11-race card that was the richest in Louisiana racing history and included four stakes worth $1.5 million. The $600,000 Grade II Louisiana Derby generated $2,972,213 million in wagering, most ever for a single Fair Grounds race. On track, records were set for Derby Day attendance (6,672) and for handle ($866,466) in the simulcast era.

Additionally, Louisiana Derby Preview Day on Feb. 12 produced an all-sources handle of $8,454,437, third highest in Fair Grounds history and a record for a 10-race card.

The concept of major event days introduced this season by new Fair Grounds president and general manager Randall Soth proved to be successful. Besides Derby Day and Preview Day, Fair Grounds also played host to "Road to the Derby" Kickoff Day on Jan. 15 along with the traditional early-season staples, Opening Day on Thanksgiving and the 14th annual Louisiana Champions Day on Dec. 11.

Based on comparative numbers, those five days were very popular with patrons. Attendance grew 74 percent on those days, with a 98-percent increase in on-track handle and 77-percent growth in all-sources handle.

"This has been a very satisfying season," Soth said. "With the sale not being completed until six weeks before Opening Day, we had to go on the fast track to complete the preparations, but our staff stepped up to allow for a smooth transition and make sure this season was a success.

"The changes to our schedule to create the major event days generated a buzz around the facility from both employees and patrons alike, and the numbers showed that both locally and at simulcast facilities, the events were well received."

Total purse distribution was $21.9 million, an average of $267,784 per day, for an increase of 3.2 percent over last year's $259,641 average. Last season's total purse distribution was $20.7 million. Fair Grounds increased overnight purses by 12 percent for the final 12 days of the meet. The average field size of 8.32 was up 0.5 percent over last season's 8.28 average and was the highest in four seasons.

Andrew G. Skehan, CDI's executive vice president and chief operating officer, said the season's results were a sign of even better things to come. "We are very encouraged by the results of Fair Grounds' first race meet under CDI management," said Skehan, "and we look forward to additional opportunities for growth once our new alternative gaming facility comes online. Revenues generated by an on-track slots facility will help us grow Fair Grounds' purse program, attract more horses to compete here, and make Fair Grounds racing an even more attractive product in the important simulcast market.

"With a successful meet behind us, our next objective is to put the finishing touches on the slots facility proposal that we will present next month to city leaders," continued Skehan. "We look forward to sharing specific details of our plan with our contiguous neighbors and members of the greater New Orleans community. We look forward to working with the community on a plan that creates economic opportunity for the city and its residents - and that preserves Fair Grounds' status as one of the most storied and respected racing venues in the country. We could not be more pleased with the reception we have received to date, the many positive dialogues we've had with our neighbors and community leaders, and the helpful feedback they have already given us. Despite the short time frame, we have enjoyed a very smooth transition into our newest operation and believe part of the credit goes to our neighbors and the important partnerships we are developing throughout the community."

On the track, jockey Robby Albarado won 101 races for his sixth Fair Grounds riding title in eight years, matching Ronald Ardoin's modern Fair Grounds record. Albarado, who also tied his record for stakes wins set last year with 13, reached the 100-win mark for the seventh time.

Steve Asmussen won 67 races to capture his fifth consecutive Fair Grounds trainers' title, the longest such streak since Jack Van Berg won the first six of his record 10 Fair Grounds training titles from 1966-71. Asmussen, who had a national record 555 wins in 2004, again leads the nation this year with 131.

Michael Gill won his first Fair Grounds owner's title with 43 victories, the most since the track began keeping owner statistics in 1991-92. Like Asmussen, Gill led the nation's owners in wins last year with 487 and is atop the list again in 2005 with 111.

Fair Grounds matched an all-time best with nine graded races in 2004-05, including four Grade II events this month: the Louisiana Derby, won by Gary and Mary West Stables Inc.'s High Limit; the New Orleans Handicap, won by Ken and Sarah Ramsey's Badge of Silver; the Mervin H. Muniz Jr. Memorial Handicap, won by Dolphus Morrison's Rapid Proof, and the Fair Grounds Oaks, captured by Winchell Thoroughbreds' Summerly. The lone winner of two graded stakes at the meet, Summerly was voted Horse of the Meeting in a poll of media and racing officials.

Fair Grounds Race Course, the nation's third-oldest Thoroughbred racing facility, has been in operation since 1872. Located in New Orleans, Fair Grounds is owned by Churchill Downs Incorporated and also operates 10 off-track betting parlors in southeast Louisiana.

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