Churchill Downs Incorporated Announces Strategic Update Regarding Arlington International Racecourse

first_imgChurchill Downs Incorporated Announces Strategic Update Regarding Arlington International Racecourse GlobeNewswireAugust 28, 2019 (Arlington International Racecourse Declines to Apply for Gaming License; Will Conduct Horse Racing in 2020 and 2021 and Apply for a Sports Betting License)LOUISVILLE, Ky., Aug. 28, 2019 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (“CDI”) (CHDN), the owner of Arlington International Racecourse in Arlington Heights, Illinois (“Arlington”), announced today that Arlington did not apply to the Illinois Gaming Board for a slot machine and table game license under the recently enacted Illinois Gaming Act.“Notwithstanding our steadfast commitment to the Illinois Thoroughbred racing industry and despite the good faith intentions of everyone involved in the passage of the Illinois Gaming Act, the economic terms under which Arlington would be granted a casino gaming license do not provide an acceptable financial return and we cannot responsibly proceed,” said Bill Carstanjen, the CEO of CDI. “The Chicagoland market has seen a significant proliferation of video gaming terminals over the last several years and now faces the potential introduction of five new gaming facilities as well as increased gaming positions at existing casinos and video gaming outlets. Arlington would enter this market with an effective tax rate that would be approximately 17.5% – 20% higher than the existing Chicagoland casinos due to contributions to the Thoroughbred purse account. This disadvantage in a hyper-competitive gaming market, coupled with substantial licensing and reconciliation fees and new, unviable horse racing requirements in the Illinois Gaming Act, makes the construction of a casino at Arlington financially untenable. It is with a heavy heart that we conclude that we can’t make this work.”Arlington will conduct horse racing in 2020 and 2021 and also will apply for a sports betting license while longer-term alternatives are explored. CDI and the team at Arlington will continue to work with legislative and community stakeholders, as well as Arlington’s customers, employees and horsemen to find a solution that takes into account the many constituents across the State of Illinois who depend on horse racing for their livelihoods. All options will be considered, including moving the racing license to another community in the Chicagoland area or elsewhere in the state.CDI remains heavily invested in the State of Illinois. Rivers Casino Des Plaines (“Rivers”), of which CDI owns approximately 61%, has applied to add up to 800 new gaming positions and will expand its facility, which will provide incremental tax revenue to the state and job opportunities for its citizens.About Churchill Downs IncorporatedChurchill Downs Incorporated (“CDI”) (CHDN), headquartered in Louisville, Ky., is an industry-leading racing, online wagering and gaming entertainment company anchored by our iconic flagship event – The Kentucky Derby. We own and operate Derby City Gaming, a historical racing machine facility in Louisville. We also own and operate the largest online horseracing wagering platform in the U.S., TwinSpires.com, and are a leader in brick-and-mortar casino gaming with approximately 11,000 slot machines/video lottery terminals and 200 table games in eight states. We also operate sports wagering and iGaming through our BetAmerica platform in multiple states. Additional information about CDI can be found online at www.churchilldownsincorporated.com.FOOTNOTE: The information set forth in this news release contains various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), which provides certain “safe harbor” provisions. All forward-looking statements made in this presentation are made pursuant to the Act. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “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 following: the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit; additional or increased taxes and fees; public perceptions or lack of confidence in the integrity of our business; loss of key or highly skilled personnel; restrictions in our debt facilities limiting our flexibility to operate our business; general risks related to real estate ownership, including fluctuations in market values and environmental regulations; catastrophic events and system failures disrupting our operations; online security risk, including cyber-security breaches; inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; increases in insurance costs and inability to obtain similar insurance coverage in the future; inability to identify and complete acquisition, expansion or divestiture projects, on time, on budget or as planned; difficulty in integrating recent or future acquisitions into our operations; number of people attending and wagering on live horse races; inability to respond to rapid technological changes in a timely manner; inadvertent infringement of the intellectual property of others; inability to protect our own intellectual property rights; payment-related risks, such as risk associated with fraudulent credit card and debit card use; compliance with the Foreign Corrupt Practices Act or applicable money-laundering regulations; work stoppages and labor issues; difficulty in attracting a sufficient number of horses and trainers for full field horseraces; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; personal injury litigation related to injuries occurring at our racetracks; our inability to utilize and provide totalisator services; weather conditions affecting our ability to conduct live racing; increased competition in the horseracing business; changes in the regulatory environment of our racing operations; changes in regulatory environment of our online horseracing business; increase in competition in our online horseracing; uncertainty and changes in the legal landscape relating to our online wagering business; legalization of online sports betting and iGaming in the United States and our ability to predict and capitalize on any such legalization; inability to expand our sports betting operations and effectively compete; failure to comply with laws requiring us to block access to certain individuals could result in penalties or impairment with respect to our mobile and online wagering products; increased competition in our casino business; changes in regulatory environment of our casino business; costs, delays, and other uncertainties relating to the development and expansion of casinos; and concentration and evolution of slot machine manufacturing and other technology conditions that could impose additional costs.center_img FacebookTwitterCopy LinkEmailSharelast_img read more

Consultation launched on Donegal Airport funding

first_imgThe Minister for Transport has launched a public consultation on the future of Ireland’s regional airports – including Donegal Airport. The launch of the review comes just weeks after the publication of a spending review by the Department of Public Expenditure and Reform.Transport Minister, Shane Ross, said that he hopes the consultation will contribute to the design of a cost-effective measure to support regional airports that will also align with objectives in regional development, connectivity, sustainability, and climate impacts. It is understood that Donegal Airport receives €3million under the scheme for regional airports in the country.It determined that if passenger numbers continue to grow at regional airports, State subvention, valued at €15.4 million last year, could be cut.The new review seeks views on the “effectiveness of current support measures” and suggestions to consider “the need for something different”.The public consultation will end on Sept 30 and Mr Ross will publish a draft regional airports programme later this year. It will set out a programme to cover the period of 2020-2024.Consultation launched on Donegal Airport funding was last modified: September 9th, 2019 by Staff WriterShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

Adult Stem Cell Breakthroughs Continue

first_imgAdult stem cells continue to show promise as more about these pluripotent cells comes to light.Heart repair:  Medical Xpress reported that organ-derived stem cell injections appear to have promise for tissue repair from myocardial infarction.  The cells come from skeletal muscle or adipose tissue.  A week after injection in subjects, “led to a substantial decrease in infarct size and a significant improvement in left ventricle function when compared with injections of cell culture medium alone.”Automatic wound repair:  New Scientist reported that human skin appears to maintain a pool of adult stem cells used in repairing wounds.  The cells exist in eccrine glands, “a type of sweat gland not found in animals,” the article said, adding, “Humans have three times more eccrine glands than hair follicles, making them the major contributor to new skin cells.”  A researcher from Howard Hughes Medical Institute remarked that the finding was “unexpected and against current dogma.”Personalized medicine:  According to Medical Xpress, researchers at Johns Hopkins and Memorial Sloan-Kettering are investigating the use of induced pluripotent stem cells for personalized medicine for those with genetic diseases.  “This approach could move much of the trial-and-error process of beginning a new treatment from the patient to the petri dish, and help people to get better faster.”Rebuilding skeletal muscle:  Another article on Medical Xpress discussed the potential for rebuilding muscle for those with degenerative diseases: “The therapy brings together two existing techniques for muscle repair – cell transplantation and tissue engineering – specifically, mesoangioblast stem cells delivered via a hydrogel cell-carrier matrix.”Stem cell transposable elements as un-junk:  PhysOrg reported that linc-RNAs, a type of non-coding RNA thought to be genetic junk from viral invasions, appear to be landing spots for endogenous retroviruses (ERVs).  David Kelley said that during his PhD work, “these repetitive hopping genes were a major nuisance, which got me thinking about what they were doing in the genome.”  He and John Rinn found that they appear to promote gene transcription.  “Perhaps more intriguingly, lincRNAs containing an ERV family known as HERVH correlated with expression in stem cells relative to dozens of other tested tissues and cells.” Rinn got emotional about this: “This strongly suggests that ERV transposition in the genome may have given rise to stem cell-specific lincRNAs. The observation that HERVHs landed at the start of dozens of lincRNAs was almost chilling; that this appears to impart a stem cell-specific expression pattern was simply stunning!”  From there the article went on to speculate about how this evolved.New kind of stem cell that may make regenerative medicine possible was reported by Medical Xpress.   Adult epithelial cells can be coaxed into induced pluripotent stem cells with desirable attributes; “These seem to be exactly the kind of cells that we need to make regenerative medicine a reality.”  For example, these cells could be used to create personalized medicine for cancer patients.  The cells appear to take on the characteristics of the organ they are transplanted into.Fountain of youth:  A way to refresh aging stem cells to look young again was found by researchers at the University of Toronto, Science Daily said.  It involves inserting growth factors into the stem cells that turn aging factors off.  “The discovery, which transforms aged stem cells into cells that function like much younger ones, may one day enable scientists to grow cardiac patches for damaged or diseased hearts from a patient’s own stem cells — no matter what age the patient — while avoiding the threat of rejection.”With so much success continuing for adult stem cells, it seems superfluous to work with ethically-charged embryonic stem cells.  Work continues on them as well, though – some of it raising fears of abuse.  Nature News, for instance, reported that “Researchers have coaxed cultured embryonic stem cells to develop into eggs that then give rise to normal offspring” in mice.  The article admitted ethical concerns.  The experiments might lead to treatments for infertility; “However, the prospect of transplanting such oocytes into women raises major safety and ethical concerns that will need to be discussed carefully if the findings are repeated in humans.”  But who will discuss the concerns?  Who will decide what “carefully” enough means?  And will it stop mad scientists more concerned about money than ethics?The Family Research Council, which maintains StemCellResearchFacts.org website, recently congratulated Dr. David Prentice, “one of the world’s leading experts on adult stem cells,” for getting a scholarly article published in Tissue and Cell Engineering, titled, Remembering Pioneers in Patient Treatments.  The article “talks about the groundbreaking new science that won Dr. Shinya Yamanaka this year’s Nobel Prize,” according to the FRC newsletter.Adult stem cells: proven track record, no ethical qualms.  Embryonic stem cells: no track record, large ethical qualms.  Enough said?  We cannot trust the scientists themselves to regulate safety and ethics.  These are issues for the public to insist on.  Beware when scientists perform “public engagement” to determine what people approve; read this case of rigged public engagement on Evolution News & Views. 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All that matters in life is cricket

first_imgI love cricket, all 24 hours of it. Even if it is a Kenya-Canada match. For a spectator like me, cricket is one of the primary motives for living.In fact, in recent years cricket’s move from playing field into drawing room, bar, movie hall, newspaper ad, television commercial, phone tweets and downloads, T-shirt, office computer, wall calendar, including cricket’s appearance on shot glasses, table mats, home crockery and cutlery, has added thrills to a sport once restricted to the playing field.Cricket is life. I can watch it for 12 hours on TV, then – during working hours – switch to the office computer. When I am on the move I can see it on my mobile, or download expert comments for a discussion with friends. In a cricket bar you can give me the finest scotch or a glass of warm buffalo milk. If Brett Lee is bowling to Viru, I couldn’t care less.OmnipresenceLuckily, something to do with cricket is on television all the time – a match, an analysis of a match, a rerun of a match, a rerun of a rerun?. In a 24-hour day, somewhere, in some part of the world there is daylight, so cricket is being played. If you are in the Indian time zone then get set to spend the working day watching the India- Bangladesh- Pakistan Triangular at Kanpur. At close of play, when your eyes have absorbed eight hours of cola commercials and your head is a catalogue of fresh statistics, you can switch channels to catch England’s tour of South Africa for the next eight hours.advertisementBut as soon as night falls in Pretoria, you can switch to the Australia- West Indies test at Barbados. I always make sure I keep the remote; that way I can also keep checking on the Sussex- Middlesex county match on ESPN. At a recent World Cup match the stoning of the West Indian team was a minor oversight by some irate Bangladeshi fans wishing to target their own loosing team. But a loss in the World Cup is a humiliation few democratic societies will tolerate. So what if the women are in purdah, and the kids are not in school. The idea that a country’s patriotism is based on the outcome of a game played by only 14 countries is a loss difficult to bear. During the particularly gruesome Tri-series in 1993 in Dhaka, in which only one nation took part, the now famous fielding triumph by Rasheed Ahmed at deep third man is the stuff of history books. Rasheed being Rasheed, and having been coached by his chemistry teacher threw himself at a ball that was speeding towards the boundary. And again, Rasheed being Rasheed, missed the ball completely, but for some reason the ball, swished soundlessly along the grass, and stopped just short of the boundary.Bangladesh won the match by one run, and Rasheed was hailed the architect of the victory. For his performance, the government made him an MP from Chittagong.But for missing the ball, he was shot by a firing squad.Once at Lords, a match was being played during the Round Table Conference of 1936, between the Queen’s XI and the Indian Freedom Fighters XI. Ramsey MacDonald had suggested the match, as an attempt to patch up differences, and having played Ranji Trophy for Gujarat, Sardar Patel happily agreed. But tensions arose during the second innings, when Mahatma Gandhi was at the crease. After sixteen consecutive maidens, in sheer frustration, Gandhi sent the ball speeding across the grass with a fine cut towards deep third man. Everyone was surprised that a man who had put up such a spirited fight against South African apartheid, would be content with a mere boundary down the off side. Fielding the shot was none other than Winston Churchill, who refused to pick up the ball. Later at a news conference, he explained, “I will never bend down for that naked fakir”. As a consequence of Churchill’s action – rather inaction – India won the match by three runs. Unable to stomach the humiliation, the British left India soon after.Cricket’s role in world negotiations too cannot be denied. Some years back when the world economy was in a mess and Manmohan Singh was attending an emergency meeting of the G-20 in London, during an afternoon session on the role of the World Bank, there was an active discussion on Virat Kohli’s jersey number between Gordon Brown and Nicolas Sarkozy.Nature Brown maintained that Kohli had dropped his lucky No. 27 after India’s loss in the 2006 President’s Cup. Sarkozy, in the usual way of opposing anything English, insisted that the change was made after the 2004 debacle in Pakistan. For resolution, the two had turned to Manmohan Singh only to be given a vague unsure response, despite the 900- strong Indian delegation. The meeting broke up soon after, and Singh returned to India.advertisementObviously injuries are rampant in any sport where eleven men in sparkling white clothes straight out of a surf ad stand around listlessly on freshly mowed grass for five days. Many have been carried out on stretchers after a tiresome fly has buzzed around a member of the fielding side and has diverted his attention from the young actress sitting braless at the pavilion end.Such is the complex nature of the game that it allows a complete participation in life’s other activities. Cricket is in fact the nearest thing to philosophy, except in philosophy you sweat a little more and aren’t allowed breaks for tea. Besides, if you get stuck on those thorny issues about the nature of nature, or existance vs. existence, you can’t have a philosopher walk in from the pavilion and do your thinking for you.I remember when Anil Kumble was fielding at Point during the 1995 India- Australia match, he had the sudden urge to write a love note to his wife.Memorabilia Just newly married, this was natural.Anil pulled out a ream of A4 sheets, and lay down on the grass to write. Being a 5- day match there was plenty of time. He had written some 40 odd pages when Ponting – out of sheer spite for his productivity – sent a ball in his direction.Anil continued writing but leaned slightly to field the ball and send it back to the bowler. By the second day he had a first draft ready, almost 180 pages. He put these on a laptop, borrowed from Srisanth, and went off to call Penguin India. Before the match ended, Anil not only had a complete manuscript as well as a publisher, but also an agent in London who wanted all South Asian rights.Besides, the match had been successfully concluded as a draw, and as part of the semi- victorious Indian team, Anil was given a hero’s welcome in Bangalore.Of course the real test of the game’s popularity lies in the annual cricket auction at Christie’s. A finger on the nose, a tilt of the head, the 2006 auction saw a Gujarati liquor baron pick up the plastic Bisleri bottle used by Sachin during the 1998 Sri Lanka India Quadrangular. The same baron also paid a quarter million dollars for two gobs of gum chewed by Rahul Dravid during the 1993 Zimbabwe- India quarter final match.Even the toilet paper used by the Nawab of Pataudi, during the country’s 1973 tour of England has been on view in a special display at the British Museum.Of course the failed robbery attempt in 2007, led to tightened security around the popular exhibit, which today is surrounded by round the clock electronic surveillance. Sadly, because of the sealed enclosure, many visitors from India can no longer smell the exhibit, and leave disappointed.advertisement- The writer is a well known architectlast_img read more

First Test of Democrats Pledge to Block Spending Bills in Senate Coming

first_img Dan Cohen AUTHOR If you were looking for signs that Democrats and Republicans would work together to pass spending bills for next year, Tuesday wasn’t the day to be on Capitol Hill.After losing a vote over an amendment to block the GOP’s gambit for evading the statutory spending caps to bolster the Pentagon’s budget, Senate Democrats reiterated their pledge to block all spending bills from moving to the floor.Charles Schumer (N.Y.), the No. 3 Democrat in the Senate, and Barbara Mikulski (D-Md.), ranking member on the Appropriations Committee, insisted Democrats would stick together to block motions to proceed to fiscal 2016 appropriations bills.“Our big fight is going to be on the appropriations bills,” Schumer said, reported CQ. That could come as early as next week, as the Senate is expected to turn to the defense spending bill when if finishes work on the defense authorization bill.Democratic lawmakers have agreed to back up President Obama’s threat to veto spending bills that adhere to the Budget Control Act limits or that boost defense spending without offering any relief to domestic programs.On Tuesday, Senate Minority Leader Harry Reid (D-Nev.) and other top Democrats broached the idea of convening a budget summit among congressional leaders and the White House to break the looming impasse over the defense bill.Majority Leader Mitch McConnell (R-Ky.) dismissed the idea, however, saying the Senate should stick to regular order and vote on the defense spending bill this month as scheduled, reported the Hill.“We set a spending level. We did it in the budget. When we finish the National Defense Authorization Act, we’ll go to the defense appropriations bill,” McConnell said.“There’s been a lot of big talk about stopping bills. We’ll see whether they really want to do that,” he stated.Meanwhile, the White House issued a veto threat over the House’s FY 2016 defense spending bill, primarily due to its reliance on DOD’s overseas contingency operations account to bolster DOD’s base budget while retaining the statutory spending caps. last_img read more