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.

LEXINGTON, Ky. - Kentucky Gov. Steve Beshear has signed legislation that would rescind a tax break this year for Churchill Downs and the Breeders' Cup if Churchill is not designated as a host site for the 2011 or 2012 Breeders' Cup.

The legislation suspends a state tax on all parimutuel wagers for the two-day event scheduled for Nov. 5 and Nov. 6. It would require, however, the tax to be paid if Breeders' Cup has not selected Churchill Downs as a host site in the next two years by Nov. 4.

Casinos at Florida's parimutuel facilities will receive a 30 percent tax break on slots revenues and Hialeah Park will be able to open a casino as the result of an agreement reached by the legislature and the state's Seminole Indian tribe.

Shareholders of Youbet.com have voted overwhelmingly to approve a merger of the company with Churchill Downs Inc., according to a Youbet release.

Approximately 98.4 percent of shareholder votes were in favor of the agreement, according to Youbet. Under the terms of the merger, each share of Youbet stock will be exchanged for approximately 1/20th a share of Churchill stock and 97 cents in cash, making the deal worth approximately $135 million.