Saratoga Harness Racing, Inc. and
\nChurchill Downs Inc. are devising a
\nfive-year management contract wherein
\nChurchill Downs will manage Saratoga
\nCasino and Raceway in Saratoga Springs
\nand Saratoga Casino Black Hawk in Black
\nHawk, Colo. and own a percentage of the
\nlocal business in the city’s south end.<\/p>\n
They are in negotiations on a stock purchase
\nagreement wherein Churchill Downs
\nInc. will purchase 25 percent of economic
\nand voting interests of Saratoga Harness
\nRacing Inc., said officials.<\/p>\n
Officials said once finalized, the management
\ncontract will become effective as
\nsoon as Churchill Downs obtains necessary
\nlicenses and approvals in New York and
\nColorado.<\/p>\n
Should the two entities be successful in
\ntheir joint bid to build Capital View Casino
\n& Resort, a proposed destination resort
\ncasino in East Greenbush, Churchill Downs
\nwill also manage that facility, officials said.<\/p>\n
A binding term sheet for such management
\nagreement was included with the
\ncasino license application that was submitted
\nto the state New York Gaming Facility
\nLocation Board.<\/p>\n
In addition to its flagship Saratoga
\nCasino and Raceway in Saratoga Springs,
\nNY, Saratoga Harness Racing Inc. owns
\na controlling interest in Saratoga Casino
\nBlack Hawk in Black Hawk; a 50 percent
\ninterest in a joint venture with Delaware
\nNorth Companies to manage the Gideon
\nPutnam Hotel and Resort in Saratoga
\nSprings, and a minority interest in Ellis
\nPark, a thoroughbred racing and instant
\nracing machine facility in Henderson, Ky.<\/p>\n
Saratoga Harness Racing Inc., together
\nwith its partner Rush Street Gaming, filed a
\nsecond application for a New York casino in
\nNewburgh, in the Hudson Valley-Catskills
\nRegion.<\/p>\n
“We are very excited about the expansion
\nof our relationship with Churchill Downs,”
\nsaid James D. Featherstonhaugh, secretary
\nand chief legal officer of Saratoga Harness
\nRacing. “We look forward to a long and
\nsuccessful partnership between two iconic
\nnames in the racing and gaming world.”<\/p>\n
“We are proud to take an ownership
\ninterest in Saratoga Harness Racing Inc.,
\nwhich shares with us a passion for offering
\npremier racing and gaming entertainment,”
\nsaid Bill Carstanjen, president and COO
\nof Churchill Downs Inc. “We are excited
\nto expand our operations into New York
\nand Colorado and hope to become more
\ninvolved in the Capitol Region if we are
\nfortunate enough to be awarded a license
\nto build and operate Capital View Casino
\n& Resort.”<\/p>\n
Churchill Downs Inc., headquartered
\nin Louisville, Ky., owns and operates the
\nworld-renowned Churchill Downs Racetrack,
\nhome of the Kentucky Derby, as
\nwell as many other casino operations,
\nracetracks and gaming businesses. Additional
\ninformation about CDI can be found
\nat www.churchilldownsincorporated.com.<\/p>\n
Saratoga Harness Racing, Inc. is one
\nof the Capital Region’s largest employers,
\nboasting a $15 million annual payroll and
\n630 employees at its Saratoga Springs facility.
\nIt traces its history to June 1941 with
\nthe start of harness racing at the nation’s
\nthird oldest harness track.<\/p>\n","protected":false},"excerpt":{"rendered":"
Saratoga Harness Racing, Inc. and Churchill Downs Inc. are devising a five-year management contract wherein Churchill Downs will manage Saratoga Casino and Raceway in Saratoga Springs and Saratoga Casino Black Hawk in Black Hawk, Colo. and own a percentage…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[57,107,115],"class_list":["post-15641","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news","tag-racing","tag-saratoga-springs"],"yoast_head":"\r\n