Churchill CEO on 2011 stock earnings
 

Churchill CEO: Except for Derby and Oaks, racing and simulcasting lose money

Read more here: http://www.kansascity.com/2012/03/13...#storylink=cpy

Casinos and slots in other states, along with Kentucky Derby Week, keep Churchill Downs afloat, and more is in the cards, said Robert L. Evans, Churchill Downs Inc. chairman and CEO.

In remarks made Tuesday with stock analysts on the Louisville-based company's record 2011 earnings, Evans described how Churchill has shifted from racing to gambling — and how it will change again in the future.

"To millions of people worldwide, Churchill Downs means the Kentucky Derby, the Kentucky Oaks, and Churchill Downs means Thoroughbred racing," Evans said. "And while that's what our brands mean, it no longer is our business model."

I have a hard time believing simulcasting loses money. Of course he doesn't mention twinspires effect on live handle or simulcasting either. Funny that "keeping afloat" and "record earnings" are both mentioned.

Horse racing is no longer Churchill Downs business model.