Churchill Downs Incorporated Names James E. "Ted" Gay President of Churchill Downs Interactive
October 08 2012 - 6:35PM
Churchill Downs Incorporated ("CDI" or the "Company") (Nasdaq:CHDN)
announced today, Monday, Oct. 8, 2012, that it has named James E.
"Ted" Gay President of Churchill Downs Interactive, which will
consist of the Company's online initiatives, including
TwinSpires.com, Luckity.com and Bluff Media.
As part of this role, Gay will continue to oversee business
development activities with respect to the Company's online
initiatives. Gay is currently based in Louisville, Ky., but will
relocate to Mountain View, Calif., in early 2013. Gay, who assumes
his new duties immediately, will report directly to President and
Chief Operating Officer William C. Carstanjen.
Gay joined the Company as director of business development in
March 2003. He was promoted to vice president in June 2006 and to
senior vice president of strategy and business development in
January 2009. In March of 2012, Gay was promoted to senior vice
president and chief strategy officer.
"Throughout Ted's tenure with the Company he has played a strong
leadership role in the development of CDI's online strategy and
initiatives. He was an essential part of our leadership team in the
acquisitions of AmericaTAB and YouBet.com. He also led the
acquisition of Bluff Media and currently oversees its operations.
Most recently, Ted has led the strategic thinking behind, and
development of, Luckity.com," Carstanjen said. "Ted has developed a
deep level of experience and dynamic skill set that makes him the
right person to take on this new position and help lead the Company
further into the online space."
Gay, a Lexington, Ky., native, holds a bachelor's degree in
economics from the University of Virginia. He currently serves on
the board of Big Brothers Big Sisters of Kentuckiana.
Churchill Downs Incorporated ("CDI") (Nasdaq:CHDN),
headquartered in Louisville, Ky., owns and operates the
world-renowned Churchill Downs Racetrack, home of the Kentucky
Derby and Kentucky Oaks, as well as racetrack and casino operations
and a poker room in Miami Gardens, Fla.; racetrack, casino and
video poker operations in New Orleans, La.; racetrack operations in
Arlington Heights, Ill.; and a casino resort in Greenville, Miss.
CDI also owns the country's premier account-wagering company,
TwinSpires.com; the totalisator company, United Tote; and a
collection of racing-related telecommunications and data companies.
Information about CDI can be found online at
www.churchilldownsincorporated.com.
Information set forth in this news release contains
various "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The Private Securities Litigation Reform Act
of 1995 (the "Act") provides certain "safe harbor" provisions for
forward-looking statements. All forward-looking statements made in
this Quarterly Report on Form 10-Q are made pursuant to the
Act.
The reader is cautioned that such forward-looking
statements are based on information available at the time and/or
management's good faith belief with respect to future events, and
are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
the statements. Forward-looking statements speak only as of the
date the statement was made. We assume no obligation to update
forward-looking information to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking
information. Forward-looking statements are typically identified by
the use of terms such as "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," "might," "plan," "predict,"
"project," "hope," "should," "will," and similar words, although
some forward-looking statements are expressed differently. Although
we believe that the expectations reflected in such forward-looking
statements are reasonable, we can give no assurance that such
expectations will prove to be correct. Important factors that could
cause actual results to differ materially from expectations
include: the effect of global economic conditions, including any
disruptions in the credit markets; a decrease in consumers'
discretionary income; the effect (including possible increases in
the cost of doing business) resulting from future war and terrorist
activities or political uncertainties; the overall economic
environment; the impact of increasing insurance costs; the impact
of interest rate fluctuations; the effect of any change in our
accounting policies or practices; the financial performance of our
racing operations; the impact of gaming competition (including
lotteries, online gaming and riverboat, cruise ship and land-based
casinos) and other sports and entertainment options in the markets
in which we operate; our ability to maintain racing and gaming
licenses to conduct our businesses; the impact of live racing day
competition with other Florida, Illinois and Louisiana racetracks
within those respective markets; the impact of higher purses and
other incentives in states that compete with our racetracks; costs
associated with our efforts in support of alternative gaming
initiatives; costs associated with customer relationship management
initiatives; a substantial change in law or regulations affecting
pari-mutuel and gaming activities; a substantial change in
allocation of live racing days; changes in Kentucky, Florida,
Illinois or Louisiana law or regulations that impact revenues or
costs of racing operations in those states; the presence of
wagering and gaming operations at other states' racetracks and
casinos near our operations; our continued ability to effectively
compete for the country's horses and trainers necessary to achieve
full field horse races; our continued ability to grow our share of
the interstate simulcast market and obtain the consents of
horsemen's groups to interstate simulcasting; our ability to enter
into agreements with other industry constituents for the purchase
and sale of racing content for wagering purposes; our ability to
execute our acquisition strategy and to complete or successfully
operate planned expansion projects; our ability to successfully
complete any divestiture transaction; market reaction to our
expansion projects; the inability of our totalisator company,
United Tote, to maintain its processes accurately or keep its
technology current; our accountability for environmental
contamination; the ability of our online business to prevent
security breaches within its online technologies; the loss of key
personnel; the impact of natural and other disasters on our
operations and our ability to obtain insurance recoveries in
respect of such losses (including losses related to business
interruption); our ability to integrate any businesses we acquire
into our existing operations, including our ability to maintain
revenues at historic levels and achieve anticipated cost savings;
the impact of wagering laws, including changes in laws or
enforcement of those laws by regulatory agencies; the outcome of
pending or threatened litigation; changes in our relationships with
horsemen's groups and their memberships; our ability to reach
agreement with horsemen's groups on future purse and other
agreements (including, without limiting, agreements on sharing of
revenues from gaming and advance deposit wagering); the effect of
claims of third parties to intellectual property rights; and the
volatility of our stock price.
CONTACT: Courtney Yopp Norris
(502) 636-4564 (office)
(502) 432-2796 (mobile)
Courtney.Norris@kyderby.com
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