One vision of the future overlooks the racing
By Andrew Beyer
WASHINGTON - As the Thoroughbred industry struggles and the largest owner of U.S. racetracks has declared bankruptcy, Churchill Downs Inc. continues to make a profit for its shareholders. The company will receive its annual windfall Saturday when as many as 150,000 people pass through the turnstiles to watch the Kentucky Derby.
Ever since the cigar-chomping entrepreneur Matt Winn built the Derby into a national event in the early part of the 20th century, Churchill has been regarded as a savvy operator and promoter. In recent years it has transformed the Kentucky Oaks into a mega-attraction, too, and more than 100,000 people will watch the fillies run on Friday.
Churchill has always occupied an important place in the sport, but since the Magna Entertainment Corp.'s bankruptcy, Churchill Downs Inc. has become the major force in the industry. In addition to its flagship track, it owns Arlington Park in Chicago, Fair Grounds in New Orleans, and Calder Race Course in Miami, plus several important ancillary businesses. But others in the industry wonder if Churchill will be a good role model, and there exists sentiment that Churchill Downs cares about live racing only two days a year.
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