Churchill is so full of shit

WildBill

WildBill

2
"Churchill Downs Incorporated evaluated the Illinois Gaming Act and determined the economic terms to pursue a gaming license were not viable for Arlington International Racecourse," the statement reads. "As announced earlier this year, CDI has retained a real estate brokerage to market the property and expects bids by the end of next month. We intend to move forward with this plan and are undeterred by ITHA's baseless allegations."

This is literally horseshit. They got a study from a good competitor of my company which told them to expect $150-165 million of slot revenue on 1,200 slot machines. Even assuming the high tax rate held margins to 25%, which is really conservative, they would make about $40m a year in EBITDA if they did nothing more than installed slot machines on an existing floor and made minor adjustments to secure and connect the slot area. I bet they get well under the $200m for the land sale mentioned as being offered in the past to sell the track with casino rights so basically they are selling the property for 3-4x EBITDA, which is absolute nonsense. If antitrust concerns don't pan out, shareholders ought to sue the shit out of the company for malfeasance.

https://www.dailyherald.com/news/20...-to-launch-antitrust-probe-of-churchill-downs
 
FairWarning

FairWarning

Bells Beer Connoisseur
Not a racing guy at all, but would like to see it remain racing.
 
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M

MrTop

EOG Master
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British statesman who served as Prime Minister of the United Kingdom from 1940 to 1945, during the Second World War, and again from 1951 to 1955.
 
V

Valuist

EOG Master
Went to Rivers sportsbook in Des Plaines for the first time. Let’s not forget, Rivers is owned by Churchill Downs. I didn’t see any horse racing on any of the TVs. I guess I shouldn’t be surprised.
 
R

Rockfish

EOG Veteran
Valuist said:
Went to Rivers sportsbook in Des Plaines for the first time. Let’s not forget, Rivers is owned by Churchill Downs. I didn’t see any horse racing on any of the TVs. I guess I shouldn’t be surprised.
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Why would there be any horse racing on the tv's? you can't make a horse bet there.
 
M

MrTop

EOG Master
need to put racing and sports all together. Allow the sports books into the tracks .. ... then get rid of the racing bet sites..i want to have one stop shopping... a 3 way parlay,, the knicks.. secretariat & elections... crazy at it sounds it could happen.
 
FairWarning

FairWarning

Bells Beer Connoisseur
Valuist said:
Apparently not. But why not? I can't think of too many sports books that don't show racing and take wagers on it.
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Maybe the state doesn’t allow stand-alone casinos to take wagers on them. Illinois already has OTB’s. I don’t know any casinos outside of Vegas that show horse racing. Why show it if you can’t take wagers on it?
 
V

Valuist

EOG Master
FairWarning said:
Maybe the state doesn’t allow stand-alone casinos to take wagers on them. Illinois already has OTB’s. I don’t know any casinos outside of Vegas that show horse racing. Why show it if you can’t take wagers on it?
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I'm guessing it's some silly Illinois law. The pools get commingled anyways. Makes no sense. Obviously if they can't take wagers they wouldn't show the racing, but no logical reason not to take wagers on racing.
 
R

Rockfish

EOG Veteran
Valuist said:
I'm guessing it's some silly Illinois law. The pools get commingled anyways. Makes no sense. Obviously if they can't take wagers they wouldn't show the racing, but no logical reason not to take wagers on racing.
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Only the racetracks in Illinois can have otb's. There are plenty of them to cater to the smaller and getting smaller all the time of horseplayers. Rivers wouldn't want it if it was offered. no money to be made there.
 
WildBill

WildBill

2
Valuist said:
I'm guessing it's some silly Illinois law. The pools get commingled anyways. Makes no sense. Obviously if they can't take wagers they wouldn't show the racing, but no logical reason not to take wagers on racing.
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Its just regulations and who regulates the activities. In Nevada the NGCB regulates both so you can bet either at the same ticket counter or kiosk, but in Illinois like most states, the racing regulator and the gaming regulators are two different bodies with different rules and people. So at a place like Hawthorne you can't bet the races inside the sports book or the sports on the racing side, there is clear separation. I don't think that will ever change because racing people are extremely protective of their jobs and industry and wouldn't allow themselves to be absorbed by gaming unless forced to. They are also protective of their revenues so if say a sports book wanted to book big races with either fixed odds or track odds, the racing people would cry foul over the money that was kept out of their purses and the regulators would cry foul over the loss of revenue since its taxed much higher than sports betting is.
 
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