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  • Arch sire of Wiki 1st Alw (May 24, 2nd PID). Owner, Midwest Thoroughbreds, Inc.; Breeder, Stuart S. Janney, III LLC....
  • Tribal Rule sire of Italian Rules 1st Alw (May 24, 7th BHP). Owner, Barber, Gary and Cecil; Breeder, Nick Cafarchia...
  • Hard Spun sire of Gleaning 1st Mdn (May 23, 4th PID). Owner, Robert T. Manfuso; Breeder, Nursery Place & Robert T. Manfuso...
  • Flower Alley sire of Bouquet Booth 1st Alw (May 24, 7th CD). Owner, Right Time Racing LLC; Breeder, Brookdale & Dr. Ted Folkerth...
  • Petionville sire of Wups 1st Thoroughbred Maiden Derby (May 23, 9th BOI). Owner, Paul Treasure; Breeder, Michael Iavarone...
  • Strut the Stage sire of Head Honcho 1st Alw (May 23, 7th WO). Owner, Annecchini and D'Alimonte Holdings Inc. and Kingfield Farm; Breeder, William D. Graham...
  • Hard Spun sire of Ribbon Taffy 1st Mdn (May 23, 5th IND). Owner, Pucek, John Paul and Marcinek, Paige; Breeder, Matthew R. Herbener...
  • Canadian Frontier sire of Golden Frontier 1st Alw (May 24, 3rd CD). Owner, George Fister; Breeder, Brereton C. Jones...
  • Luftikus sire of Joyful Kiss 1st Alw (May 23, 7th CT). Owner, Winfred L. Hess, Jr.; Breeder, Ann M. Casey...
  • Proud Citizen sire of Citizen Kat 1st Alw (May 23, 7th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Mark Reid & Charles Zacney...
  • Chapel Royal sire of Mr Rodriguez 1st Mdn (May 24, 2nd BEL). Owner, Imperio, Michael and Loftus, Elizabeth; Breeder, Jill Imperio & Daniella Corian...
  • Posse sire of Parody 1st Alw (May 23, 4th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Don Mattox & Pam Mattox...
  • Latent Heat sire of Heated Troubles 1st Mdn (May 24, 5th RD). Owner, Ashleigh Stud; Breeder, Ashleigh Stud, Frank Ramos & JackieRamos...
  • Medaglia d'Oro sire of Dealer 1st Alw (May 23, 8th CT). Owner, Coleswood Farm, Inc.; Breeder, Family Broodmare, LLC...
  • Benchmark sire of Planet Sunshine 1st Alw (May 24, 5th GG). Owner, Thomas A. Shapiro; Breeder, Thomas Shapiro...
  • Holy Bull sire of Catalan 1st Alw (May 24, 8th BEL). Owner, Elizabeth Loftus; Breeder, B. P. Walden & Dr. S. Marcum...
  • First Samurai sire of Nakano 1st Alw (May 24, 8th CRC). Owner, Thoroughbred Futures Racing; Breeder, Hubert Vester...
  • Philanthropist sire of Rob the Cradle 1st Alw (May 23, 2nd WO). Owner, Andrews, Denny and Paradox Farms Inc.; Breeder, Gardiner Farms Limited...
  • Smoke Glacken sire of Walker Bay 1st Alw (May 24, 8th CD). Owner, Hammersmith, Dennis L. and Paden Racing, Inc.; Breeder, Brian O'Rourke & Derry Meeting Farm...
  • Wando sire of Deb's Girly Girl 1st Alw (May 24, 6th RD). Owner, Deborah F. Metz; Breeder, Deborah F. Metz...
  • Mancini sire of Ride Around Sally 1st Alw (May 23, 6th IND). Owner, Joe Uliano; Breeder, Spade Stable...

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Churchill reports $2.6-million payment to IRS

Posted: Wednesday, October 28, 2009 5:28 PM

by Frank Angst

Following an Internal Revenue Service audit of the company’s income tax returns for the years 2004 through ’07, Churchill Downs Inc. recently submitted a $2.6-million tax payment.

Churchill reported the payment in its third-quarter financial report issued on Wednesday. Because of that payment, Churchill lost $2,325,000 for the three months ended September 30. Last year, Churchill reported $2,468,000 in net earnings, but this year, the company lost nearly that much money, thanks in large part to the tax payment.

For the quarter, Churchill did enjoy a 1% increase in net revenues to $100.9-million, fueled by the company’s account wagering business and increased gaming revenues from its slot machine operations at Fair Grounds. But revenues from the company’s racing operations were down 7% to $68,358,000.

“Total pari-mutuel handle for the U.S. Thoroughbred industry, according to figures published by Equibase, declined 10% during the third quarter compared to the same period in 2008,” said Churchill President Robert Evans. “While we outperformed the industry, with our total pari-mutuel handle down only 3% during the third quarter, gains in our other business segments didn’t offset the decline in racing.

“Our introduction of night racing at Churchill Downs Racetrack and high-definition live racing video from our racetracks, the NTRA Safety and Integrity Alliance accreditation of our racetracks, and our recently announced $1.5-million supplemental purse contribution at Churchill Downs Racetrack are significant investments intended to improve the performance of our Racing Operations,” added Evans, “But, given the economy and industry handle declines, it is increasingly difficult to earn an acceptable return on those investments.”

Frank Angst is a Thoroughbred Times senior staff writer

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