Friday May 9, 01:59 PM
Churchill Downs cuts purses by 20%, citing simulcast signal dispute
BOSTON (Thomson Financial) - Churchill Downs Inc. Friday said it will cut purses by 20%, effective May 14, because certain Kentucky groups have blocked the distribution of Churchill Downs (NASDAQ: CHDN - news) ' simulcast signal to national advance-deposit wagering sites.
Churchill Downs said it is 'disappointed' because the failure to send the signal will hurt the product both on and off the racetrack.
'While we are still hopeful this impasse can be resolved, we have no choice but to act now,' the company said.
Churchill Downs said its purse reductions will affect overnight purses, with potential for Fall Meet stakes race purses to be reduced in the future.
Shares of the racetrack operator closed Wednesday at $44.16.
Casey Logan
cl/pc
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