TVG and New Jersey racetracks have reached an agreement allowing TVG to take over the operation of the only account-wagering platform available to New Jersey residents.
The agreement was ratified Wednesday by the New Jersey Racing Commission. A notice on the website of the account-wagering platform, 4NJbets.com, said that TVG will become the operator of the site as of March 1.
TVG officials did not immediately respond to requests for comment.
ARCADIA, Calif. – Lou Raffetto is resigning his position as president of the Thoroughbred Owners of California after less than two years in the job, he said on Thursday.
In a telephone interview, Raffetto said that “my role has changed” since he was hired in July 2011 to direct the TOC, the state’s official representative of Thoroughbred horsemen.
“When I was hired they needed someone with knowledge of racing, racetracks and wagering,” he said. “They have less need for my expertise in the field. I think they’re in a position to hire someone with a different skill set.”
Churchill Downs Inc. had another strong year in 2012, with net earnings of $58.3 million on record revenues of $732.4 million, and its stockholders are reaping the rewards.
One year ago, Churchill’s stock price was approximately $53 a share. As of Thursday, one day after releasing its 2012 earnings, the stock price had grown 24 percent, strongly outpacing the 8 percent gain in the Dow Jones Industrial Average over the same period. Late last year the company also announced a 72-cent per share dividend, up 20 percent over the 60-cent dividend it awarded shareholders the year prior.
Churchill Downs Inc. had net earnings on continuing operations of $58.3 million in 2012, down slightly from net earnings of $60.8 million in 2011, while reporting record revenue of $732.4 million for the year, according to financial documents the company released late on Wednesday.
The Jockey Club is revamping its gaming strategy after its initial efforts in the market fell flat last year, officials for the organization said Wednesday.
The Jockey Club launched two Internet games last year as part of a larger $10 million, five-year effort to build awareness of the sport. Both games are currently inactive and are being redesigned after failing to make a significant impact in the over-saturated casual-gaming marketplace, an intensely crowded space where the losers far outnumber the winners.
The Indiana Senate on Monday passed a bill that would give Indiana’s racetrack-casinos the ability to operate table games like craps, roulette, and blackjack, but the legislation faces an uncertain future in the House.
The Senate voted 32-18 for the bill, which also would grant tax breaks to the state’s 10 riverboat casinos and allow them to relocate to dry land. Supporters have argued that the gambling industry needs the legislation to compete with a growing number of casinos in neighboring states.
ARCADIA, Calif. –The California Horse Racing Board amended a rule pertaining to claimed horses on Thursday. Under the rule, a claim is void if a horse is placed on the veterinarian’s list by the racing vet or state vet after being found to be lame or unsound after the race or in the receiving barn.
The rule, which passed unanimously by a vote of 6-0, is not expected to take effect until July 1, pending approval by the state’s office of administrative law.
Centaur Holdings, an Indiana-based casino company that owns Hoosier Park, has closed a deal to buy Indiana Downs, a development that will allow the company to use Indiana Downs exclusively for Thoroughbred racing.
Centaur was the top bidder for Indiana Downs in a bankruptcy auction last year. Following the auction, Centaur announced that it planned to use Hoosier Park for harness racing and Indiana Downs for Thoroughbred racing. The two tracks had previously held both Thoroughbred and Standardbred meets, which required both tracks to convert their racing surfaces every year.
The Maryland Racing Commission on Tuesday voted to endorse a proposed set of medication rules that are being pushed by a handful of national and regional racing organizations seeking to align the rulebooks in all 38 U.S. racing jurisdictions.