{"id":24895,"date":"2019-09-12T09:13:58","date_gmt":"2019-09-12T17:13:58","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=24895"},"modified":"2019-09-12T09:13:58","modified_gmt":"2019-09-12T17:13:58","slug":"churchill-downs-on-the-rampage","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/churchill-downs-on-the-rampage\/","title":{"rendered":"Churchill Downs on the rampage"},"content":{"rendered":"

Churchill Downs<\/strong> execs met with Wall Street<\/strong> analysts and laid out their strategy going forward. The look toward their ‘historical racing’ machines at their titular track as a way to increase its cash \"\"flow as well as to help support the new, trackside hotel. The latter will have suites that can be converted into luxury skyboxes, while some lesser rooms would come with personal seat licenses. “CHDN looks to its European and Japanese Road to the Derby as attracting\/increasing sponsorship value, while also helping to bring well-heeled international customers to the Derby,” wrote JP Morgan<\/strong> analyst Daniel Politzer<\/strong>.<\/p>\n

As for Churchill Downs’ controversial decision to scrap racino plans for Arlington Park<\/strong>, “it would look to open a temporary gaming facility [in Waukegan<\/strong>] so Rivers Des Plaines<\/strong> (61% ownership) could benefit from the recently lowered table games tax rate.” The racetrack would be shuttered and CHDN would take the license, which is portable, and hoist its flag elsewhere in Chicagoland<\/strong> or even someplace else in the state. In addition to expanding its historical-racing facilities in the Deep South, CHDN looks to make its mark in sports betting, both in Mississippi<\/strong>, New Jersey<\/strong> and Pennsylvania<\/strong>, where it is licensed, and in Indiana<\/strong> and Illinois<\/strong>, where approval is pending.<\/p>\n

Churchill Downs ruffled feathers in Kentucky<\/strong> with its plans for a new racetrack and historical-racing parlor in Latonia<\/strong>. The announced dates for Latonian racing happen to coincide with those of Turfway Park<\/strong> and the latter is steaming mad<\/a>.\u00a0\u201cWe are shocked and thoroughly disappointed by Churchill Downs\u2019 recent attack on Turfway Park, which has been a significant part of the Northern Kentucky community for over 60 years,\u201d huffed Jack Entertainment<\/strong> CEO Mark Dunkeson<\/strong>. Jack is in the midst of a $780 million Turfway Park sale to Hard Rock International<\/strong> and GLPI<\/strong>. The news might make the racecourse less valuable, however.<\/p>\n

Hard Rock has promised $100 million in capex improvements at Turfway, including a historical-racing parlor. As for Churchill Downs poaching Turfway’s dates, official criteria for getting one’s racing schedule approved by the Kentucky Horse Racing Commission<\/strong> is \u00a0\u201cDates traditionally awarded racetracks in the past.\u201d Which doesn’t look good for the twin spires.<\/p>\n

* It’s official. Unrest in Hong Kong<\/strong> and Donald Trump<\/strong>‘s trade war with China<\/strong> (or vice versa) are impinging on casino revenues in Macao<\/strong>. Those were two headwinds cited by Wynn Resorts<\/strong> \"\"in advance guidance of 3Q19 results. Wynn was presumably looking to soften the blow when disappointing quarterly results are released. (Poor table game win at Wynncore<\/strong> is also cited as a failing.) Cash flow will come in 30% below expectations. Bright spots include higher hotel revenue on the Las Vegas Strip<\/strong> and Encore Boston Harbor<\/strong>, where “management is encouraged by early results.”<\/p>\n

*\u00a0Tribal gaming revenues have been tabulated for 2018 and they’re a lulu. Tribes grossed $33.7 billion in FY18, a 4% increase from FY17. This was the best fiscal year for tribal casinos, with growth across all jurisdictions monitored by National Indian Gaming Commission<\/strong>. Leading the field was Portland<\/strong> (8%), followed by Oklahoma City<\/strong> (7%). The NIGC crunched 501 earning statements from 241 tribes across 29 states. Uff da<\/em>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Churchill Downs execs met with Wall Street analysts and laid out their strategy going forward. The look toward their ‘historical racing’ machines at their titular track as a way to increase its cash flow as well as to help support … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[176,67,58,116,62,115,211,25,9,20,38,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24895"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=24895"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24895\/revisions"}],"predecessor-version":[{"id":24896,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24895\/revisions\/24896"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=24895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=24895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=24895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}