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.

According to an audit conducted by the New York state comptroller, the New York Racing Association could become insolvent next year if the long-awaited video lottery casino at Aqueduct doesn't become a reality.

The long-stalled casino project at Aqueduct was left in a potentially precarious position after the State Lottery on Tuesday disqualified two of the three groups bidding for the right to operate 4,500 slot machines at the New York track because their proposals did not conform to the process.

LEXINGTON, Ky. - Thoroughbred racing's economic indicators showed more declines in June, according to Equibase, which tracks parimutuel handle, purses, and number of racing days.

In June, wagering on U.S. racing fell almost 6 percent from 2009's June total of $993,644,026 to $935,843,769. Those figures include worldwide commingled wagering on U.S. races.

June purses fell less steeply, declining 1 percent from $101,120,530 to $99,894,015. Race days also dropped from 620 last June to 600 this year.