NEWS
Churchill Downs plans cuts throughout company
Posted: Friday, July 18, 2008 5:34 PM
by Frank Angst
With an ailing economy hurting on-track handle and a horsemen’s dispute cutting into off-track wagers, Churchill Downs Inc. plans to cut jobs.
The Louisville Courier-Journal reported the cuts on Friday. THOROUGHBRED TIMES was unable to reach Churchill spokesman Kevin Flanery, but Flanery told the Louisville paper that cuts would be made across the board. He did not say how many jobs would be eliminated.
The Louisville-based racetrack owner’s holdings include its flagship track, Arlington Park in suburban Chicago, Calder Race Course in Miami, and Fair Grounds in New Orleans.
In December 2006, Churchill Downs announced layoffs of 22 corporate employees, including Andrew G. Skehan, executive vice president and chief operating officer; and Karl F. Schmitt Jr., senior vice president of special events.
The layoffs reduced Churchill's corporate workforce by 30%, and the marketing department was the most heavily affected.
Those cuts came less than six months after Robert L. Evans succeeded Tom Meeker as president and chief executive officer. Skehan and Schmitt were holdovers from the management team of Meeker, who retired after 22 years at the helm of the company.
Churchill stock opened at $33.71 a share on Friday, down 36.4% from its $52.97 closing price on this date last year.
According to its annual report, Churchill employs approximately 1,000 people full-time company-wide. Because of the seasonal nature of racing, average full-time and seasonal employment per pay period was approximately 2,500 company wide during 2007.
Frank Angst is a Thoroughbred Times senior writer
