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"We believe we have made some progress toward getting slots approval in Kentucky," Evans said during a conference call Thursday on the company's third quarter earnings report, released Wednesday after the market closed.
Evans pegged that progress to efforts to wrest control of the state Senate from Republican President Sen. David Williams of Burkesville. He outlined how, since the failure of Democrat-backed legislation in a special session in June, the Democrats have picked up one seat and could gain another in an upcoming special election in Dec. 8. That would make the Republican-Democrat margin 19-18, with one Independent.
"This we believe would improve our chances of getting a bill passed" when the General Assembly reconvenes in January, Evans said.
The improving odds apparently played into Churchill's decision to supplement purses in Louisville with $1.5 million over the next three years.
"We are concerned about the uncertainty and delay (surrounding) slots in Kentucky, which has been fostered by a small number of politicians," Evans said. He said Churchill intends to continue its push "to see how the legislative process plays out next year. ... Obviously we can't do this forever."
Evans would not comment on the possibility of purchasing new racetracks. Bankrupt competitor Magna is auctioning off more properties, including Pimlico where the Preakness, the second jewel of Thoroughbred racing's Triple Crown, is run. Bids are due Nov. 2 for the Jan. 8 auction.
Future gains in Churchill's revenue are expected from expanded gambling (slots at Calder in Florida open in January, 2010) and the burgeoning online advance-deposit wagering business, TwinSpires.com.
Evans said that as bricks-and-mortar racetracks and off-track betting parlors close, advanced-deposit wagering becomes even more crucial. It is cheaper to operate, customers like it, and it is the "best opportunity" to target a younger, Web-savvy market, Evans said.
Reach Janet Patton at 1-800-950-6397, ext. 3264, or (859) 231-3264.
To see more of the Lexington Herald-Leader, or to subscribe to the newspaper, go to http://www.kentucky.com. Copyright (c) 2009, The Lexington Herald-Leader, Ky. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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