Lets put a group together and bid....

This is how a racetrack operation should be handled.

As the search for his successor continues, Churchill Downs Inc. president and chief executive officer Tom Meeker presided over his 22nd and final shareholders' meeting Thursday, painting a positive picture of the racetrack operating company's future while also accepting plaudits from fellow directors and company employees.
"Over the next several months there will be dramatic changes in this company under the leadership of a new person," Meeker said as he opened the meeting.

As the CDI executive search committee continues its work in choosing his successor, Meeker said he would like to see a new president and CEO who is a "proven leader with a sense of risk-taking who also understands technology and new products it will create."

Meeker reiterated observations he has made in recent months that the horse industry needs to change the business model under which it operates by obtaining more revenues from simulcasting ventures. He also cited CDI's expansion into European wagering markets, in conjunction with Magna Entertainment, as a positive move that will fuel industry growth.

Richard Duchossois, CDI's largest shareholder, would not provide specifics of the search for Meeker's successor because he is not on the search committee. But he said he believed the company is on the right course to position itself for future growth.

As part of the Meeker sendoff, a video tribute recounting progress the company has made under Meeker and accolades from employees was played.

Following the video, an emotional CDI board chairman Carl Pollard said that Meeker credited his employees when things went well, but that "when things went south, there was only one man standing. He takes no credit for success but full responsibility" when it is negative.

Judging by the positive financial condition of the company as indicated by the 2005 financial results, Meeker could be taking a lot of credit.

"2005 was a remarkable year," Meeker said. "We have gotten ourselves into a position in which we are as strong financially as we have ever been. We are well-positioned to execute on various strategies both in the short-term and long-term."

Recounting the two hurricanes, one tornado, and an outbreak of equine herpesvirus at CDI-owned tracks during 2005 that impacted the company's business, Meeker said those negative developments were more than offset by the benefit from the sale of Hollywood Park in California and other corporate decisions that led to an overall good year financially.

(CDI previously reported 2005 earnings totaled $78.9 million, compared to net earnings of $8.9 million during 2004. Net earnings per diluted share for 2005 totaled $5.86, which included net earnings per diluted share from continuing operations of $0.96 and net earnings per diluted share from discontinued operations of $4.90. In 2004, net earnings per diluted share equaled $0.67, which was comprised of net earnings per diluted share from continuing operations of $0.73 and a net loss per diluted share from discontinued operations of $0.06.

Net revenues from continuing operations, which included a full-year of revenues from the company's Louisiana operations, totaled $408.8 million in 2005, a 13.2% increase over net revenues from continuing operations of $361.2 million generated during 2004. Net revenues from continuing operations during the fourth quarter of 2005 totaled $81.7 million, a 4.9% decrease from the net revenues of $85.9 million generated by the company's continuing operations during the fourth quarter of 2004.)

During the business part of the meeting, shareholders re-elected Meeker, Leonard Coleman, G. Watts Humphrey, and Craig Duchossois to three-year terms as Class I directors.

Originally Posted by eurobounce

This is how a racetrack operation should be handled.

As the search for his successor continues, Churchill Downs Inc. president and chief executive officer Tom Meeker presided over his 22nd and final shareholders' meeting Thursday, painting a positive picture of the racetrack operating company's future while also accepting plaudits from fellow directors and company employees.
"Over the next several months there will be dramatic changes in this company under the leadership of a new person," Meeker said as he opened the meeting.

As the CDI executive search committee continues its work in choosing his successor, Meeker said he would like to see a new president and CEO who is a "proven leader with a sense of risk-taking who also understands technology and new products it will create."

Meeker reiterated observations he has made in recent months that the horse industry needs to change the business model under which it operates by obtaining more revenues from simulcasting ventures. He also cited CDI's expansion into European wagering markets, in conjunction with Magna Entertainment, as a positive move that will fuel industry growth.

Richard Duchossois, CDI's largest shareholder, would not provide specifics of the search for Meeker's successor because he is not on the search committee. But he said he believed the company is on the right course to position itself for future growth.

As part of the Meeker sendoff, a video tribute recounting progress the company has made under Meeker and accolades from employees was played.

Following the video, an emotional CDI board chairman Carl Pollard said that Meeker credited his employees when things went well, but that "when things went south, there was only one man standing. He takes no credit for success but full responsibility" when it is negative.

Judging by the positive financial condition of the company as indicated by the 2005 financial results, Meeker could be taking a lot of credit.

"2005 was a remarkable year," Meeker said. "We have gotten ourselves into a position in which we are as strong financially as we have ever been. We are well-positioned to execute on various strategies both in the short-term and long-term."

Recounting the two hurricanes, one tornado, and an outbreak of equine herpesvirus at CDI-owned tracks during 2005 that impacted the company's business, Meeker said those negative developments were more than offset by the benefit from the sale of Hollywood Park in California and other corporate decisions that led to an overall good year financially.

(CDI previously reported 2005 earnings totaled $78.9 million, compared to net earnings of $8.9 million during 2004. Net earnings per diluted share for 2005 totaled $5.86, which included net earnings per diluted share from continuing operations of $0.96 and net earnings per diluted share from discontinued operations of $4.90. In 2004, net earnings per diluted share equaled $0.67, which was comprised of net earnings per diluted share from continuing operations of $0.73 and a net loss per diluted share from discontinued operations of $0.06.

Net revenues from continuing operations, which included a full-year of revenues from the company's Louisiana operations, totaled $408.8 million in 2005, a 13.2% increase over net revenues from continuing operations of $361.2 million generated during 2004. Net revenues from continuing operations during the fourth quarter of 2005 totaled $81.7 million, a 4.9% decrease from the net revenues of $85.9 million generated by the company's continuing operations during the fourth quarter of 2004.)

During the business part of the meeting, shareholders re-elected Meeker, Leonard Coleman, G. Watts Humphrey, and Craig Duchossois to three-year terms as Class I directors.

Give me a break will you? They sold Hollywood!!!!!!!! What are the numbers without selling Hollywood? Its a loss without that.

Originally Posted by oracle80

Give me a break will you? They sold Hollywood!!!!!!!! What are the numbers without selling Hollywood? Its a loss without that.

Maybe once they own NY racing they can sell aqueduct and race at Belmont on the poly all year long.

I mean only an idiot would accept a puff piece from teh company itslef and try to pass it off as proof that they are a-ok.
Wanna know what really happened? They bought a bad business(Hollywood) bled out a lot of red ink, then dumped it. gee, thats a great plan huh? What a hit, you sell a bad property that bled red ink. Then try to represent it as a banner year with flowers blooming and sunshine shining.

Originally Posted by oracle80

I mean only an idiot would accept a puff piece from teh company itslef and try to pass it off as proof that they are a-ok.
Wanna know what really happened? They bought a bad business(Hollywood) bled out a lot of red ink, then dumped it. gee, thats a great plan huh? What a hit, you sell a bad property that bled red ink. Then try to represent it as a banner year with flowers blooming and sunshine shining.

Somebody is going to sell aqueduct and make Belmont a track for the winter/spring/fall. Just a question of who sells it.

[Exceller]

Originally Posted by boldruler

Somebody is going to sell aqueduct and make Belmont a track for the winter/spring/fall. Just a question of who sells it.

What is the point of Aqueduct considering it is all the same people? How about starting Saratoga on July4 and running through Labor day and just stay at Belmont the rest of the year.

[sumitas]

I haven't a clue. I would think they need the stalls at both tracks, regardless whether Belmont or Aqueduct is having their meet.

[Suffolk Shippers]

Originally Posted by boldruler

Somebody is going to sell aqueduct and make Belmont a track for the winter/spring/fall. Just a question of who sells it.

Bold, I dont doubt this, but I am wondering where you found this information out? I think it would be a good idea, just wasnt aware it was something that was likely to happen.

[sumitas]

it should be very interesting what the groups propose. it's pretty wide open. shortly we will find out who all will bid. they have to submit an intent to bid soon, according to the bloodhorse article that i linked to above.

can you imagine ferris wheels and water slides into the lake in the infield at Saratoga. God have mercy. it would resemble santa anita. yuk.

Oracle--do you know how much money they made by buying and selling Hollywood Park. They bought low and sold high. That is good business. Besides the sell off of Hollywood basically off-sets the construction of Churchill. Oracle, you know horses but you dont know business.

Originally Posted by eurobounce

Oracle--do you know how much money they made by buying and selling Hollywood Park. They bought low and sold high. That is good business. Besides the sell off of Hollywood basically off-sets the construction of Churchill. Oracle, you know horses but you dont know business.

Oh would you care to enlighten us about what the sale price was compared to the sell price and how much red ink was spilled there in between?
As far as the reconstruction goes I get it just fine, its overkill. I mean they are open what 3-4 months a year? And two days a year they have a large crowd. You actually think that those expenditures were necessary to that level? WHose gonna use those facilities the other 363 days a year? And do you honestly think that the cost of that refurbishment is going to be justified when its over with higher revenue form on track patrons? I get business just fine, the kind where the truth is told and not the spin.

Originally Posted by oracle80

Oh would you care to enlighten us about what the sale price was compared to the sell price and how much red ink was spilled there in between?
As far as the reconstruction goes I get it just fine, its overkill. I mean they are open what 3-4 months a year? And two days a year they have a large crowd. You actually think that those expenditures were necessary to that level? WHose gonna use those facilities the other 363 days a year? And do you honestly think that the cost of that refurbishment is going to be justified when its over with higher revenue form on track patrons? I get business just fine, the kind where the truth is told and not the spin.

Actually Churchill uses those facilities almost all year. That is now their main simulcasting location, they hold weddings, conventions etc etc in the new facilities. The smart thing was they made it multi-purpose. Which is smart in this day and age. When I get home I will get my shareowners report from the quarter where they sold Hollywood. I will post the number tonight or tomorrow when I am at work.