One year ago, Breeders' Cup Ltd. was facing a financial crisis that was unprecedented for the relatively stable organization. The value of its investment portfolio had declined 25 percent in the previous year, and it was forecasting a 25 percent drop in nomination revenue, one of its two principal sources of income, because of the contraction in the foal crop and reductions in stud fees.

Creditors of the bankrupt racing operator Magna Entertainment Corp. will receive the best return on their money by allowing Magna to transfer the majority of its properties to its parent company, financial advisors for the company testified at a hearing in bankruptcy court in Delaware on Thursday, according to reports.

New York City Off-Track Betting Corporation fired 35 non-union employees on Thursday and Friday, a move that will save the bankrupt company $2 million a year, the company's chairman said in a letter sent to state regulators.

Penn National Gaming Inc., the casino operator that owns a handful of racing properties, had net income of $36.2 million in the first quarter of 2010, down 11 percent compared with first-quarter net income of $40.7 million last year.

Revenue for the quarter was $592.3 million, down 3 percent compared with first-quarter revenue of $612.2 million in 2009. In a release, Penn National officials attributed the decline to weakness in the economy and adverse winter weather that affected trips to its properties.

LEXINGTON, Ky. - Sweet Life, dam of 2009 Breeders' Cup Ladies' Classic winner Life Is Sweet and 2004 champion juvenile filly Sweet Catomine, is the 2009 Broodmare of the Year.

The Kentucky Thoroughbred Association and Kentucky Thoroughbred Owners and Breeders awarded the honor to Sweet Life, a homebred Kris S. mare owned by Marty and Pam Wygod, at its annual luncheon Wednesday honoring Kentucky-bred divisional champions.

Churchill Downs Inc. has hired a casino executive to run its Fair Grounds racetrack and casino in New Orleans and has named the current president of Fair Grounds to be the president of its Calder Casino and Race Course in Miami, the company said on Tuesday.

Timothy W. Bryant, the former vice president of operations and finance for Harrah's New Orleans, will take the helm at Fair Grounds once he has received a license from the state racing commission, Churchill said in a release. Fair Grounds wrapped up its 2009-2010 racing season on March 28.

Negotiations on a short-term rescue plan for the New York City Off-Track Betting Corporation continued on Thursday without any solid resolution, according to officials involved in the process.

The discussions are taking place amid a threat by the corporation to shut down at the close of business on Sunday unless an agreement can be worked out that would allow the company to retain a larger share of revenue as it reorganizes under the protection of Chapter 9 bankruptcy.

Efforts to pass legislation providing short-term rescues for New York City Off-Track Betting Corporation and the New York Racing Association collapsed on Wednesday afternoon, according to officials involved in the effort, resurrecting the possibility that the OTB company would shut down as early as Monday.

A coalition of Republican lawmakers in New York on Tuesday urged the state's Democratic leaders to support legislation that would seek to name an operator for a long-stalled casino at Aqueduct racetrack within the next two months.

New York City Off-Track Betting Corporation postponed a plan to close on Sunday by at least a week after officials said state's legislators have shown progress in devising a plan to shore up the company's financial position, at least temporarily.

The board of the corporation met on Friday to approve the postponement. During the meeting, Sandy Frucher, the corporation's chairman, said that "significant progress" had been made in discussions on a rescue plan over the last several weeks between officials with OTB and the state, including the staff of Gov. David Paterson.