Keeneland Association, the Lexington, Ky., racing and sales company, has offered buyouts to an unspecified number of its full-time employees, the president of the company, Nick Nicholson, confirmed on Wednesday.

Nicholson said the buyouts were issued as part of the company’s ongoing efforts to cut costs in the face of significant declines in the auction market and depressed handle. Compared to 2008, total auction receipts in the U.S. in 2009 plunged 34 percent, from $941 million to $617 million.

MI Developments, the real-estate operating company that took over the assets of bankrupt Magna Entertainment Corp. earlier this year, lost $6.2 million on its racing and gambling operations in the second quarter of 2010, according to the company’s financial statements.

SARATOGA SPRINGS, N.Y. – New York legislators will not approve a company selected by the state lottery to operate a casino at Aqueduct racetrack until they have had an opportunity to question the company on its proposal, including its plans for minority- and women-owned contractors, a representative of Sen. Malcolm Smith, the Senate president pro tem, said on Friday.

Handle on U.S. Thoroughbred races declined by 2 percent in July compared with wagering in July of last year, according to figures released by Equibase on Thursday, a significant improvement from steep month-to-month declines during the past year.

Churchill Downs Inc. had net income in the second quarter this year of $27.6 million, down 10.7 percent compared to net income of $30.9 million in the second quarter of last year, according to financial statements released late on Wednesday.

A bill that would legalize Internet gambling passed out of the House Financial Services Committee on Wednesday by a 41-22 vote.

The bill, which was introduced by Rep. Barney Frank, a Democrat from Massachusetts who has supported the legalization of Internet gambling for several years, would give the federal government the power to issue licenses to the operators of Internet gambling sites. The bill does not provide specifics on what types of gambling operations would be legal other than to prohibit gambling on sporting events.

DEL MAR, Calif. – Magna International Developments, the parent company of Santa Anita, and the Oak Tree Racing Association signed a lease agreement for Oak Tree’s fall meeting at Santa Anita on Friday, officials with both sides said.

The agreement was reached a day after the California Horse Racing Board mandated that Magna International reach an agreement with Oak Tree by Friday for Magna to be allowed to hold multiple racing licenses in the state. Magna owns two racetracks in California - Golden Gate Fields and Santa Anita – and an account-wagering company, XpressBet.

New Jersey’s state- and casino-supported racing industry should no longer receive financial assistance, and the Meadowlands racetrack should be closed or sold for a nominal fee, according to a report released Wednesday that was prepared by a panel studying New Jersey’s racing and casino industries.

The Ohio Lottery Commission voted on Monday to ask the state's judiciary to issue a legal opinion about whether the commission could proceed with a plan to allow slot machines at the state's seven racetracks.

The nine commissioners voted unanimously to seek the opinion, according to the commission, though the state's attorney general is still considering which court should handle the request. In addition, "no date has been established for moving forward legally," according to a release from the commission.

LEXINGTON, Ky. - Fasig-Tipton's July select yearling sale, which ended Wednesday, presented some good opportunities for buyers to upgrade their stock or test new waters, and some took that chance as prices generally remained lower than last year.

Carolyn Vogel, the New Hampshire-based owner of Crossed Sabres Farm, paid $225,000 for a Malibu Moon-Five Star Dream filly as part of a plan to step up the quality in her stable, said her agent at Taylor Made Farm, Teresa Little.