SARATOGA SPRINGS, N.Y. - Medication rules in the U.S. are out of step with the rest of the racing world and will prevent the country from participating in an international effort to standardize drug rules worldwide, the top official of the International Federation of Horseracing Authorities said at the Jockey Club Round Table on Matters Pertaining to Racing on Sunday.
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DRF Past Performances
LEXINGTON, Ky. - Windfields Farm, the respected 73-year-old Thoroughbred racing and breeding operation that produced champions and stood Northern Dancer, will close its doors this year after dispersing its remaining bloodstock.
Ontario-based Windfields will disperse its horses at the Keeneland November sale this year, according to a release the operation issued late Thursday afternoon.
A bankruptcy court judge has ruled that the unsecured creditors of Magna Entertainment Corp. may add the company's chairman, Frank Stronach, and other company directors and officers to a lawsuit that a committee of creditors has already filed against the company's largest creditor, MI Developments, according to court documents and lawyers in the case.
The ruling by Judge Mary Walrath will give the creditors committee "the authorization to go forward with litigations against the defendants," according to Kenneth Eckstein, an attorney representing the creditors committee.
SARATOGA SPRINGS, N.Y. - New York City Off-Track Betting Corp., the state-owned agency that has a monopoly on taking offtrack parimutuel bets from residents of New York's five boroughs, has an operating deficit of $38 million, an accumulated deficit of $228 million, and will be insolvent soon without legislative help or the implementation of drastic cost-cutting measures, according to an audit conducted by New York State Comptroller Thomas P. DiNapoli released on Friday.
Youbet.com, the online horserace broadcast and betting company, had net income of $1.45 million in the second quarter of 2009, or 3 cents a share, according to financial statements released late Wednesday, down 27.9 percent compared to the company's net income in the second quarter of 2008.
The dramatic drop-off in betting on Thoroughbred racing did not let up in July, with total betting on U.S. races plunging 13.4 percent compared to July of 2008, according to figures released by Equibase on Wednesday.
Betting on U.S. races fell from $1.21 billion in July last year to $1.05 billion in July this year, according to the figures. Through the first seven months of the years, betting has now declined 10.9 percent compared to the first seven months of last year. In June, betting was down 16.9 percent.
Churchill Downs Inc. had net earnings in the second quarter of 2009 of $30.8 million, a slight increase over net earnings of $29.4 million posted during the second quarter of last year, according to financial statements released by the company late on Wednesday.
Revenue during the quarter was $180.0 million, also a slight increase compared with revenue of $179.3 million in the second quarter of last year. The results for the quarter could be considered stronger than expected because of the recession's significant impacts on wagering handle across the United States.
The Jockey Club's Thoroughbred Safety Committee on Wednesday issued a recommendation for racing commissions to adjust their rules on horseshoes to allow toe-grabs on front shoes of up to four millimeters. The previous recommendation of the committee called for a maximum of two millimeters on front shoes.
It's been 10 years since Television Games Network was launched. At its inception, TVG was the first company to provide full-time television coverage of horse racing in a studio setting, and it was the first company to put the channel on cable and satellite networks. At first, progress was slow. But TVG reports that it now reaches 32 million households, and racing fans have come to rely on it.