UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): April 24, 2009
Churchill
Downs Incorporated
(Exact
Name of Registrant as Specified in its Charter)
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Kentucky
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0-1469
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61-0156015
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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700
Central Avenue, Louisville, Kentucky 40208
(Address
of Principal Executive
Offices) (Zip Code)
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(502)
636-4400
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(Registrant’s
telephone number, including area code)
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Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2 (b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4 (c))
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Item
7.01. Regulation FD Disclosure.
A
news article was issued by Reuters on April 24, 2009. A copy of the
news article is attached hereto as Exhibit 99.1 and is incorporated by reference
into this Item 7.01 of this Current Report on Form 8-K.
The
information in this Item 7.01 of this Current Report on Form 8-K, including the
exhibit relating hereto, is furnished pursuant to Item 7.01 and shall not be
deemed “filed” under the Securities Exchange Act of 1934, as
amended.
Item
9.01. Financial Statements and
Exhibits.
(d) Exhibits.
The following exhibit is furnished with
this Current Report on Form 8-K:
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Exhibit No.
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Description
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99.1
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News
article issued by Reuters on April 24,
2009.
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SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
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CHURCHILL DOWNS
INCORPORATED
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||||
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Date: April 27,
2009
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By:
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/s/ William E.
Mudd
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Name:
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William E.
Mudd
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|||
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Title:
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Executive Vice President
and
Chief Financial Officer
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|||
EXHIBIT
INDEX
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Exhibit No.
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Description
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|
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99.1
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News
article issued by Reuters on April 24,
2009.
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Exhibit
99.1
INTERVIEW-UPDATE
2-Sponsors cautious ahead of Kentucky Derby
Fri Apr24, 2009
* Churchill Downs exec says demand for
sponsorships down
* Online wagering doing
well
* Company has capital that could be used
for acquisitions
(Recasts, adds comments on economy,
background)
By Nick Zieminski
NEW YORK, April 24 (Reuters) - Corporate
demand for tickets and
sponsorships at the Kentucky Derby is down this year, the finance chief of racetrack operator
Churchill Downs Inc said on
Friday.
But the company is seeing strong demand
for reserved seats at its
marquee event, and in online betting, CFO Bill Mudd said in an interview. He also said Churchill
Downs had capital that could be used for
acquisitions.
"We're doing very well with all
the reserve seatings, (but) corporate hospitality we're having a
little bit more difficulty," Mudd told Reuters after
ringing the opening bell at
the Nasdaq.
"We have seen some softness in
sponsorships and some corporate hospitality areas where
companies are cutting
back," he said. Key revenue
from general admissions will largely depend on the weather during race
weekend, he added.
The 135th Kentucky Derby is scheduled
for May 2.
Signs of corporate caution, besides
softer ticket sales, include less willingness to sponsor drinks at the
event.
The recession has hurt most U.S. sports
leagues and organizations
as consumers cut spending on tickets and concessions and companies like General
Motors Corp and FedEx Corp
reduce budgets for pricey seats and sponsorships.
To help attract fans, Churchill Downs
said that for the first
time since 2001 it will allow coolers with food and nonalcoholic drinks in the racetrack
infield on the day of the Kentucky Derby.
It also will offer new dining options
and operate a hospitality lounge for customers in premium
seats.
NO LONGER
RECESSION-PROOF
Betting on horse racing has historically
been considered recession-proof, Mudd said, but that is
changing because of the proliferation of U.S. casinos and the
weak economy.
"We're seeing the impact of the economy .. . across the
industry, just like
everyone else," Mudd said.
The overall industry handle, or the
amount bet, was down about
10 percent in the first quarter and has been dropping since last June, he said. The industry
faces easier comparisons
in the back half of the
year.
Churchill Downs owns horse racing tracks
in Florida, Illinois,
Kentucky and Louisiana that host such high-profile races as the Kentucky Derby
and Kentucky Oaks, the Arlington Million, the Princess Rooney Handicap
and the Louisiana
Derby.
The Louisville, Kentucky-based company
also owns off-track betting facilities and a stake in Horse Racing TV, a 24-hour
TV network available in 13 million homes.
Asked if the company was putting more
emphasis on gaming operations like slot machines, Mudd said the gaming
and online segments support
the core racing business by funding the purses that attract top
horses.
"The online channel is not growing at
the same rate that it used
to, but it's the one channel that is growing," he said.
Separately, he said the company had
reserves that could be used
for acquisitions, but he declined to comment on whether it was eyeing any track
assets.
"We've got some dry powder. There's a
limited amount of liquidity
in the market today, and we're going to be diligent about where we put that capital," Mudd
said.
Analysts have suggested Churchill Downs
might be interested in
buying some of the racetracks owned by Magna Entertainment Corp , which filed for bankruptcy in
March.
Magna Entertainment counts the Santa Anita (California),
Gulfstream (Florida) and
Pimlico (Maryland) racetracks among its holdings. Pimlico is the home of the
Preakness Stakes, the second leg of the Triple
Crown.