churchill downs wagering
In pre-automobile 1875, the entire United States was "horse country." But the rolling hills and ample bluegrass of Kentucky certainly presented an ideal venue to raise and race horses, as evidenced by the nascent breeding industry in the Commonwealth's countryside and four racetracks operating in the city of Louisville before the turn of the century.
Little did Col. M. Lewis Clark, grandson of William Clark of Lewis & Clark fame, know that his new racetrack in the city's South End with its inaugural Kentucky Derby would become a national landmark with a world-renowned sporting event that would one day eclipse the fame of the Epsom Derby after which it was fashioned.
But with Aristides' victory over 14 3-year-olds in May of 1875, born was a legendary racetrack and America's longest continuously running sporting event. It just took a while for anyone outside of Louisville to take note. It was eight years before the track was officially named "Churchill Downs," another 20 years before Twin Spires topped a new grandstand, 28 years before the racetrack became profitable, and 50 years before the Derby earned its "Run for the Roses" moniker.
Churchill Downs racetrack was organized as a Kentucky corporation in 1928 and officially became known as Churchill Downs Incorporated in 1942.
Col. Matt Winn - "Mr. Derby"
Enter Matt Winn, who led a syndicate that took the reins of the struggling facility in 1902 and eventually brought the racetrack and its signature race to a level of international acclaim virtually unmatched by a U.S. sporting event. Winn was an innovator, promoter and champion of the sport who is credited with making the Kentucky Derby what it is today.
During Winn's tenure, Churchill Downs racetrack hosted state fairs at the facility, locomotive collisions in the infield, and auto races on the racetrack. Even the first recorded flight in Kentucky is tied to Churchill Downs, when pilot Glenn Curtiss, founder of Curtiss-Wright Aviation, shipped a plane in by train, assembled it at the track and took off from the infield. Winn is also credited with bringing pari-mutuel machines to the racetrack in 1908, Derby radio broadcasts in 1925, and the military - Sherman tanks and all - to the infield's "Camp Winn" in 1942. His efforts helped draw tens of thousands, including many celebrities, to Churchill Downs annually each first Saturday in May. Fittingly, Winn's final Derby in 1949 was the first Kentucky Derby to be televised, extending the opportunity to witness the "Greatest Two Minutes in Sports" to every family with a television set.
In retrospect, his efforts to imprint Churchill Downs and the Kentucky Derby on the national consciousness gave the Company something no other racetrack could have: an identity and event that were as big as the sport itself. In the four decades that followed, the Company continued to expand and modernize its facility to accommodate the throngs attending the Kentucky Derby and its sister race, the Kentucky Oaks. In doing so, the Company built upon its unique brand, which it would later leverage to become a leading provider of Thoroughbred racing across the nation. For more on the history of Churchill Downs racetrack and the Kentucky Derby, click here.
U.S. Horse Racing Evolves
Superior racing was by no means confined to the Bluegrass. In 1927, Arlington Park opened in the Chicago area and brought to the industry such innovations as the first electronic tote system (1933), the first electric starting gate (1940), the first trifecta wager (1971), the first million-dollar race (the Arlington Million in 1981) and perhaps the most spectacular racing facility ever built (1989) when owner Richard L. Duchossois reconstructed the racetrack following a devastating fire.
Just outside of Miami, Calder Race Course opened its doors in 1971 and brought summer racing to the Sunshine State as well as an all-weather course designed by 3M and the first full-card simulcasting in the state.
It was the introduction of simulcasting in Florida and throughout the country in the mid-1990s - which triggered an industry-consolidation movement that turned Churchill Downs a leader in Thoroughbred racing from coast to coast.
Building on Tradition
When Thomas H. Meeker became Churchill Downs' 10th president and chief executive officer in 1984, the home of the Kentucky Derby desperately needed a facelift. During the first 10 years of his tenure, he spearheaded the renovation of the time-worn facility with more than $40 million in capital improvements. During the next 10 years, he guided a consolidation strategy that gave the Company greater scale, major market penetration, racing calendar balance and an abundance of quality racing - factors critical in capitalizing on the new industry growth engine, simulcasting, which today accounts for more than 85 percent of all Churchill Downs wagering.
In 1994, the Company began its expansion by building Hoosier Park just outside of Indianapolis in Anderson, Ind., the first pari-mutuel wagering operation in the Hoosier state. Hoosier Park operates three off-track betting (OTB) facilities and features Thoroughbred, Standardbred (harness) and Quarter Horse racing.
In 1998, Churchill Downs purchased Ellis Park in Henderson, Ky., and one year later acquired Calder Race Course in Miami Gardens, Fla., and Hollywood Park in Inglewood, Calif., Churchill Downs merged with Arlington Park and its network of Trackside OTBs in 2000, and four years later acquired Fair Grounds Race Course in New Orleans, La., in October 2004. In doing so, Churchill Downs created a year-round racing circuit for horsemen and year-round product offerings for its Company's simulcast network.
Churchill Downs also holds a minority interest in Kentucky Downs, a small racetrack with a unique, European-style turf course in, Franklin, Ky.
In early 2005, Churchill Downs began examining its non-strategic racing assets and in late September of that year, Churchill Downs sold Hollywood Park and its surrounding acreage for $254 million to a subsidiary of Bay Meadows Land Company, which also owns and operates Bay Meadows Race Course in northern California. As part of the sales agreement, Churchill Downs has the option to reinvest in Hollywood Park should alternative gaming become available at the racetrack. In September 2006, Churchill Downs sold Ellis Park to Kentucky businessman and horseman Ron Geary, and in March 2007, the Company sold its majority interest in Hoosier Park to Centaur Inc., which had long held the minority stake in the Indiana track. Churchill Downs now owns four core horse racing properties in major racing states, Kentucky, Florida, Louisiana and Illinois.
Embracing Change
In August 2006, Robert L. Evans became the Company's current president and chief executive officer and Churchill Downs' 11th leader to face dramatic changes in the horse racing industry -- from increased competition from casinos and tracks with slot machines to technological advances that allow live racing signals to travel around the world and into the average customer's home. Successfully embracing change has become a key focus for Churchill Downs employees around the country, along with a year-round commitment to providing exceptional customer service.
From an 80-acre plot of land leased from Col. Clark's two uncles, John and Henry Churchill, Churchill Downs Incorporated has evolved from a business weanling to a true champion of the industry. A racetrack built in part to support the state's growing breeding industry, has matured into a racing and entertainment company that today encompasses multiple racetracks supporting horsemen throughout the country. And its signature racing events represent the pinnacle for horse racing everywhere
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