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Full of sound and fury, signifying nothing

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Illinois

A newly appointed member of the state panel that regulates the horse racing industry didn’t take long to call out the owner of Arlington International Racecourse for its decision to put the storied track up for sale.

Alan Henry, a journalist and author appointed last month to the Illinois Racing Board by Gov. J.B. Pritzker, criticized Churchill Downs Inc. Tuesday for what he called “a shortsighted and self-defeating posture” not to sell to another racing entity.

The Louisville-based horse racing and gambling corporation — whose namesake track is home of the Kentucky Derby — has created a “gauzy connection” in the public’s mind, Henry argued, with that storied race, its iconic twin spires and the tradition of thoroughbred racing.

And so selling Arlington to someone who will keep the sport there would be an opportunity to burnish, rather than diminish, Churchill’s brand, Henry said.

* Sun-Times…

“While [Churchill Downs’] stock is currently riding high, the corporate graveyard is full of companies whose leaders lost sight of their brand, and in doing so, lost the loyalty of their customers,” Henry said during a virtual Racing Board meeting. “The corporate graveyard is full of companies whose leaders lost sight of their brand.”

Nice try, I suppose, but publicly shaming that gigantic company probably ain’t gonna work at this point.

* But maybe the Illinois Racing Board could’ve stepped in a year ago. According to a letter from Illinois Thoroughbred Horsemen’s Association President Mike Campbell’s attorney sent in January of 2020 to IRB Chair Jeffrey Brincat, trainer Louie Roussel allegedly told Brincat was of a $200 million offer to buy the track and any new casino gaming license that was immediately rejected.

posted by Rich Miller
Wednesday, Mar 24, 21 @ 11:54 am

Comments

the out of state Churchill Downs Corp sold their soul years ago, they stepped back from live racing to become a full fledged gaming company. Then 2 years ago they sold out to Rivers Casino..

Comment by NotRich Wednesday, Mar 24, 21 @ 12:01 pm
Sounds like a nice editorial opinion piece.
My guess is that Churchill understands their brand better than this guy. They’ve been on their current strategic track for over a decade now, and appear to be doing well.

Comment by walker Wednesday, Mar 24, 21 @ 12:09 pm
Why doesn’t the Illinois Thoroughbred Horsemen’s Association just buy track and run it. Why do they need a corporation to buy it. Churchill Downs can sell it at a loss to them and write it off their taxes.

Comment by Publius Wednesday, Mar 24, 21 @ 12:28 pm
Quick take at FMV for agricultural. Let CDI deal with the fallout as they’ve not been a good (or good faith) state partner. Auction it to a licensed entity that will commit to the track with the carrot of the racino. Done and done.

I’m curious Walker - since that’s your neck of the woods, what would be your preferred use of the site?

Comment by Joe Bidenopolous Wednesday, Mar 24, 21 @ 12:34 pm
Churchill doesn’t care what the Racing Board does. It’s out of the horse racing business in Illinois.
It cares what the Gaming Board does.

Comment by northsider (the original) Wednesday, Mar 24, 21 @ 12:43 pm
=== Churchill Downs can sell it at a loss to them===

Pay attention, please. Churchill Downs doesn’t want a casino that close to Des Plaines.

Comment by Rich Miller Wednesday, Mar 24, 21 @ 12:54 pm
I’d bet any deed for the Arlington property prepared for the property sale by Churchill will contain a restrictive use covenant that no casino will ever be operated on the property. No one will buy the property to operate only a horse race track without a casino. The increase in gaming revenue to the State, from AP and a new casino there, should motivate the gaming board to use its gaming licensing powers to influence CD and Rivers to sell the land without such restrictions.

Comment by DEE Wednesday, Mar 24, 21 @ 1:14 pm
Seems like best moves would
1. Landmark the property — might hold down price
2. Put together a SPAC to finance a partnership aimed at preserving live racing
3. Look for nite dates harness racing
4. Load up on max # machines to get some cash flowing.

Comment by Annonin' Wednesday, Mar 24, 21 @ 1:22 pm
The decline of horse racing in Illinois has been stupendous. So many tracks have been shuttered.

If Arlington Park is not sold, there will be only two tracks left in the entire state (Fairmont and Hawthorne), plus a few days of State Fair racing in Du Qoin and Springfield.

Comment by Practical Politics Wednesday, Mar 24, 21 @ 4:09 pm
Why hasn’t Churchill Downs sold the old Quad City Downs racetrack?It’s just shuttered for years.

Comment by Interim Retiree Wednesday, Mar 24, 21 @ 4:38 pm