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Kentucky Derby 141 Starting Gate

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  • American Pharoah, Rest Of Derby'sTop Three Have Preakness On Radar

    To set the stage for his press conference Sunday morning to reflect on this fourth victory, Hall of Fame trainer Bob Baffert brought the star of the 141st Kentucky Derby -- American Pharoah -- out of the barn to pose for the cameras.

    Bribing him with carrots, Baffert led the Zayat Stables colt to different parts of the circle of media and fans for photos and admiration. Several people reached out and petted the colt’s nose. After about 10 minutes of show, Baffert sent American Pharoah back to his stall and moved into the tell part of the program.

    Baffert said the one-length victory was about the horse, not him. American Pharoah and third-place finisher Dortmund may both go on to the Preakness Stakes (GI) at Pimlico on May 16.  Baffert, 62, won the Derby with Silver Charm in 1997, Real Quiet in 1998 and War Emblem in 2002 and has waited a dozen years for No. 4. He got it done with the 5-2 favorite, who ran down Dortmund and runner-up Firing Line in the stretch.

    “It’s fun to come here, but I think this win was different than my other ones,” Baffert said. “I needed to get it done. I needed to win it. Something was building that something good was going to happen. And it did. It was a big sigh of relief. I was like ‘mission accomplished.’  That’s the feeling I have at this time.”

    Baffert said his sons were very excited about the victory and that he was surprised that Justin Zayat, the stable’s racing manager, had gotten sick to this stomach at the end of the race.

    “It just goes to show you how much it meant to them,” Baffert said. “It was for them. It wasn’t for Bob Baffert. Getting the fourth Derby means nothing to me. It means that they gave me a really good horse and I didn’t screw it up. I had the talent. Anybody could have trained this horse and won it. I don’t feel like I did anything special.”

    American Pharoah sat third, not far off the pace, under jockey Victor Espinoza for the first half of the race. Espinoza urged him to accelerate near the half-mile pole and he moved up to engage Firing Line and Dortmund through a mile in 1:36.45. Racing wide down the stretch he reached the front inside the sixteenth pole and finished the 10 furlongs in 2:03.02.

    Baffert acknowledged that American Pharoah accomplished a lot, winning the sternest test of his career. At the annual question about whether the winner has what it takes to win the Triple Crown, Baffert provided a clue but not a direct answer.

    “If you look back at all the Triple Crown runners, they ran a lot,” he said. “I think a lot has to deal with who you are running against and how tough it is. This was such a tough Derby. This was the toughest Derby I’ve been in.”

    American Pharoah and Dortmund will stay at Baffert’s stable at Churchill Downs this week. The decision on whether Dortmund will go on to the Preakness will be made when Baffert returns from California next weekend. Baffert said that as of Sunday that he could see of no reason why Dortmund -- who set the pace for a mile and continued on bravely to hold the show position - would not go on to Balitmore. Baffert revealed that Dortmund’s Derby start was in jeopardy for several hours on April 25 when he had a slight bout with colic after a workout at Santa Anita Park.

    Baffert said that owners who send horses to his barn understand that they might be running against stablemates in big races such as the Triple Crown, which is why Dortmund is a candidate for the Preakness.

    “My job is to get my people there,” he said. “If the horse is doing well do we run him there or wait for the Belmont? I don’t know. Let’s say if ‘Pharoah’ didn’t win the Preakness, I don’t think I would run him in the Belmont.

    “It’s one of those things where I will sit down and discuss it with Kaleem Shah. I’m sure he’s going to want a little revenge. His horse ran a really good race. If ‘Pharoah’ is that good he’s going to have to run hard. Right now I would say if all’s well (he would run); and Dortmund looked good.”

    Baffert said that his Derby celebration was a fairly quiet: dinner with his family and the Zayats, then watching the Mayweather-Pacquiao fight on television.

    “We just talked about how relieved and lucky we are that the horses ran so well and that we won another Derby,” he said. “We were pretty tired, pretty worn out. It’s been a really hectic week. When you have that kind of pressure on you that everybody puts you in the winners’ circle (in advance), it’s added pressure. It was a different feeling. It was a lot of relief.”

    As for carrot-loving American Pharoah, his performances, five wins in six starts, do the talking, though Baffert was quick to explain his brilliance.

    “He was just born with that talent,” Baffert said. “He has that long stride. He’s quick. He’s got a really good mind. He just floats over the ground. He’s different, just the way he’s made. What we saw yesterday is that he’s not one-dimensional, which is so nice to have.

    Bodemeister (the Derby runner-up in 2012) had to just be out there. He’s quick. He’s handy. You can move on him at any time. I think with more racing he’s getting smarter. He wasn’t rank with Victor at all. So he can sit there and pounce, run by you and go a mile and a quarter. He is competitive. He wants to win. He knows he’s special.”


    FIRING LINE (Second) – “I’m proud of the race he ran. Our team had him spot on to run. We got a very good ride from Gary (Stevens) and in the end there were no excuses. We got beat by a very good horse.”

    Trainer Simon Callaghan had nothing but good things to say about his charge Firing Line Sunday morning at Barn 42 on the Churchill Downs backstretch. The well-made colt by the young stallion Line of David had turned in an excellent performance Saturday to finish a game second by a length to American Pharoah in Kentucky Derby 141.

    The conditioner reported that his colt had come out of his two-fronted battle with trainer Bob Baffert’s pair of American Pharoah and Dortmund (who finished third, two lengths behind Firing Line) in good order. He said he ate up Saturday night and was showing no ill effects from his hard effort in the mile and a quarter.

    Owner Arnold Zetcher  was also at the barn and spoke glowingly of his latest top runner. “We’re all exhausted and he’s not,” he said. Zetcher, a 74-year-old native of St. Louis who now calls Los Angeles home, has had a fair share of luck with stakes horses since he came into the game in 2000, notably multiple-stakes winner Richard’s Kid, as well as Kentucky Derby runners Midnight Interlude (16th in 2011) and Liaison (sixth in 2012). But he said that Firing Line has worked his way up near the top of his list of favorites off his recent exploits.

    Both owner and trainer were leaning heavily toward a next start in the second Triple Crown race, the Preakness Stakes on May 16.

    “You’d have to think if all is well that he’s earned that right,” Callaghan said. “We were glad we finally got to best Dortmund after he’d beaten us twice (in photo finishes). And we believe we can be right there with American Pharoah. We’ll walk him here for the next three or four days and monitor him. We’ll then train him with the Preakness in mind. Maybe we’ll breeze him, or maybe we’ll just gallop him. We’ll let the horse tell us. If we go, we’ll probably ship up there at some point next week.”

    Callaghan and Zetcher had a plane back to California scheduled for Monday. The horse will stay on with assistant trainer Carlos Santamaria and exercise rider Humberto Gomez.

    FROSTED (Fourth) – Godolphin Racing’s Frosted exited his late-closing fourth-place finish in Saturday’s Kentucky Derby in good order, reported trainer Kiaran McLaughlin Sunday morning.

    “He came out of the race in good shape, better than me. I’m tired,” he said.

    The Wood Memorial (GI) winner was 15th in the 18-horse field after six furlongs had been run in the 1 ¼-mile Derby before making a sweeping five-wide move on the turn and closing to fourth, a neck behind third-place finisher Dortmund.

    “He ran the best race of his life I think,” the trainer said. “He ran a winning race. Congratulations to the winner and their connections. It was 1-2-3 for California. We were the only ones closing ground.”

    McLaughlin said the Frosted is unlikely to be pointed to the Preakness.

    Frosted is scheduled to ship back to New York Monday.

    DANZIG MOON (Fifth) – Trainer Mark Casse reported that John Oxley’s Danzig Moon came out of his Derby run in good shape and said that although the $1 million Queen’s Plate at Woodbine is the prime target for the Canadian-bred colt, “We’ll take a look at the Preakness. The Queen’s Plate is not until July 5. We probably won’t talk about it for a day or two.”

    Danzig Moon was caught up in traffic in the run to the first turn and got jostled around.

    “He broke sharper than we thought he would,” said Mark’s son, assistant trainer Norman Casse. “He got caught in the rush to the first turn. He just happened to be caught in the middle of it. A lot of horses would have spit the bit there, but once he got clear, he got comfortable.”

     Danzig Moon was only a little more than three lengths behind the leading trio at the head of the stretch.

    “I am proud of him,” Norman Casse said. “I had a little flutter at the top of the stretch to think we might have a chance to win this thing. He only got beat 6 ½ lengths. It was a good weekend for us. We got nosed out of a Grade II and a Grade I and won a Grade II.”

    MATERIALITY (Sixth)/ITSAKNOCKOUT (Ninth)/CARPE DIEM (10th) Trainer Todd Pletcher’s trio of Materiality, Itsaknockout and Carpe Diem were reported to be well and happy Sunday morning following their efforts in Kentucky Derby 141 Saturday.

    Pletcher had headed back to his New York home Saturday night to be on hand for a confirmation service for one of his sons on Sunday, but assistant trainer Dermot Magnier was at the controls and said the threesome had eaten up Saturday night and bright-eyed Sunday morning.

    “We took them out and jogged them alongside the barn and they were moving fine,” the Irishman said. “We would have liked better results with them yesterday, of course, but they came out of it well and now will ship up to Belmont Monday.”

      Though no official word was heard on next starts for the colts, Pletcher has a history of not running Derby starters back in the Preakness if a Triple Crown is not to be had.

    Another Pletcher colt, however, could be a Preakness possibility. The Louisiana Derby (GII) runner-up, Stanford, who has multiple owners in Stonestreet Stables, Mrs. John Magnier, Derrick Smith and Michael Tabor and originally  was scheduled to run in the Derby, might now be Maryland bound. The trainer worked the Malibu Moon colt five furlongs Derby morning at Churchill in anticipation of his next start, which he had indicated might be the Preakness (May 16 at Pimlico) or the Peter Pan Stakes (Belmont Park on May 9) in New York.

    Also shipping to New York with the barn’s colts would be their two Kentucky Oaks competitors, Angela Renee and Eskenformoney. Those fillies could next be seen in the Acorn Stakes on Belmont Stakes Day (June 6) at Belmont Park.     

    KEEN ICE (Seventh) – Donegal Racing's Keen Ice came out of the Derby in good shape and will be pointed to the Belmont Stakes, Donegal president Jerry Crawford said Sunday. Keen Ice rallied from far back to finish seventh, 8 3/4 lengths behind American Pharoah. Inside the quarter pole, Keen Ice was blocked behind horses, and jockey Kent Desormeaux had to wait for running room to open.

    "There's no doubt he ran the best race of his lifetime and could be a horse to contend with in the Belmont,'' Crawford said.

    Crawford congratulated Ahmed Zayat, owner of American Pharoah. "Mr. Zayat, it was really his turn,'' Crawford said."I was tickled for him.''

    MUBTAAHIJ (IRE) (Eighth) – Sheikh Mohammed bin Khalifa Al Maktoum’s Mubtaahij (IRE)  already is officially on a schedule leading to the world’s richest race, the $10 million Dubai World Cup (GII), in March 2016. The runaway winner of March’s UAE Derby (GII), held annually at Meydan Racecourse on Dubai World Cup Day, will get the next few months off to recover from his Kentucky Derby experience and, more important to the connections, mature quietly into a full-grown Thoroughbred.

    “He’ll go back to Newmarket and just take it easy for about three months,” said Trevor Brown, assistant to trainer Mike de Kock. “We’ll let him develop; he’s still a young horse. Then we’ll ship him back to Dubai and get him ready for the Dubai season with the World Cup in mind.”

     The Irish-bred son of Dubawi will relax stateside for at least a few more weeks because of FDA regulations for international livestock shipping that include Thoroughbreds.

    “You’re not allowed to ship out until 15 or 30 days after vaccinations so more than likely it’ll be a month until he ships out,” Brown said. Upon arrival at Newmarket, Mubtaahij will be turned out to paddock “for the next few months,” he said.

    Brown was pleased with the way Mubtaahij came out of his Derby effort and continues to be impressed by the way he has handled the demands of shipping from Dubai and racing against 17 others in a notoriously hectic event. “Doesn’t look worse for wear or tired,” Brown said. “He came out of the race well.”

    FRAMMENTO (11th) – Mossarosa’s Frammento  returned to Keeneland Sunday morning and then will head to trainer Nick Zito’s home base at Belmont Park midweek.

    “He came out of the race fine,” Zito said. “We will go back home and get ready for the Belmont (June 6) and see what happens.”

    BOLO (12th) – Trainer Carla Gaines reported that all was well with her Kentucky Derby runner Bolo, who ate up Saturday night and looked in fine fettle at Barn 45 on the Churchill Downs backstretch Sunday morning.

    “He’s doing fine,” the conditioner said of her sophomore son of the young stallion Temple City who had finished 12th in the 18-horse field of Derby 141. “I’m proud of him. He handled this whole experience well and that made it special for me. He’s never shipped before and, of course, he’s never had to handle a crowd like he did yesterday. He passed both tests with flying colors.

    My owners loved the experience, too. They would have liked a better outcome, but they all enjoyed themselves completely.  As for me, I’m feeling like I got hit with a Mack truck. An amazing week: so many things to do, the media attention surprised me. I was just another horse in this race, but we were treated like stars. Bolo really got to like it; he liked all the people coming to see him and he liked the cameras clicking.  All in all, I’m glad we came and got to do it. I wouldn’t mind if we got to do it again. And I’m hoping it will make Bolo a better horse.

    “What we know now for sure is that he’s a grass horse. (Jockey) Rafael (Bejarano) got off him yesterday and said, no doubt, he’s better on grass. He said he really didn’t have any problems out there, but he just wasn’t getting over the track like he does on a turf course.

    “The plan now is to look for turf stakes for him. I sort of had a turf campaign mapped out before we got on this Derby run, so now I’ll have to go back and see what will still work. I’m not sure if we’d be eligible for it, but the Belmont Derby (July 4, 10 furlongs, turf) was on the agenda. And Del Mar has a grass series for 3-year-olds (culminating with the Del Mar Derby at nine furlongs Sept. 6) that we’ll look at.”

    Gaines was off to California by private jet Sunday, while Bolo will fly there Tuesday  with several other West Coast horses.

    MR. Z (13th) – Trainer D. Wayne Lukas was brief Sunday morning when describing the run by Zayat Stable's Mr Z to a 13th-place finish in the Kentucky Derby.

    "We were compromised in the first turn,'' Lukas said. “He never really had a chance to run. I have always said that race is won or lost there more than anywhere else.”

    Jockey Ramon Vazquez checked Mr Z several times in tight traffic as he approached the finish line for the first time and moved into the turn.

    Concerning what's next for Mr. Z, Lukas said, "There's no decision on what we'll do.'' Lukas said he's happy for Ahmed Zayat, whose stable also owns winner American Pharoah. "Oh yeah,'' Lukas said. "Wonderful for him.”

    OCHO OCHO OCHO (14th) -- All was well at the barn of DP Racing LLC’s Ocho Ocho Ocho the morning after his longshot Derby try. The son of 2007 Kentucky Derby winner Street Sense managed an excuse-free trip from the rail under Elvis Trujillo and advanced to fifth at the quarter pole, but didn’t have the stamina to hold on, tiring to 14th in the stretch.

    “I’ll probably send him back on the flight to California on Tuesday,” trainer Jim Cassidy said. “I’ll let him take a break and probably bring him back either at the end of Santa Anita or the beginning of Del Mar.”

    Cassidy departed Louisville on a 6 a.m. flight and should be back in Southern California with plenty of time to saddle DP Racing’s quality 3-year-old turf filly Prize Exhibit in Santa Anita’s featured Grade II Honeymoon Stakes today.

    FAR RIGHT (15th) – Trainer Ron Moquett said that Harry Rosenblum and Robert LaPenta’s Far Right came out of the Derby in good shape. “He came back fine and cooled out after the race quicker than he ever has,” Moquett said. “Right now I have no plans for him.”

    WAR STORY (16th) – Loooch Racing Stables (Ron Paolucci), Glenn Ellis and Christopher Dunn’s War Story came out of the race in good order.

    “He looks good this morning,” trainer Tom Amoss said. “We were disappointed that we got stopped down the backside and we feel that cost us a respectable showing in the race. Our plans are for a freshening and I think it is safe to say that with Loooch Racing being from Ohio, the Ohio Derby (for $500,000 on June 20 at a mile and a sixteenth) is on our radar.”

    TENCENDUR (17th) – Phil Birsh’s homebred colt Tencendur was none the worse for wear after finishing 17th.

    “The horse came out of it well,” trainer George Weaver said. “No issues. He just didn’t fire his race. I’m sure he will come back and be fine.”

    Weaver said that jockey Manny Franco had the colt in a good position coming out of the first turn.

    “When we turned up the backside, he was laying in mid-pack and in position to make his run if he had it and he just didn’t have it yesterday.”

    Tencendur will ship back to Weaver’s barn in New York on Monday.

    UPSTART (18th) -- Ralph M. Evans and WinStar Farm’s Upstart’s last-place performance in Saturday’s Derby continued to baffle trainer Richard Violette Jr. Sunday morning. “He’s doing quite well this morning,” Violette said.

    The Holy Bull Stakes (GII) winner passed a postrace endoscopic exam Saturday evening and showed no other physical issues. Upstart is scheduled to be shipped to New York Monday.

  • Record Breaking 170,513 fans watch American Pharoah take home 141st ‘Run for the Roses’ in the final stretch

    Highest all-time wagering from all-sources on both the Kentucky Derby Day program and the Kentucky Derby race 

    LOUISVILLE, Ky. (May 2, 2015) – It was ideal weather for the 141st running of the $2 million Kentucky Derby Presented by Yum! Brands as a record 170,513 fans, the highest attendance in Derby history, watched American Pharoah take home the garland of roses in the final stretch. Prior attendance record of 165,307 was set in 2012 when I’ll Have Another won the 138th Kentucky Derby.   

    Wagering from all-sources was the highest all-time on both the Kentucky Derby Day program and on the Kentucky Derby race. 

    Wagering from all-sources on the Kentucky Derby Day program totaled $194.3 million, an increase of 4% over the 2014 total of $186.6 million, and an increase of 4% over the previous record set in 2012 of $187.0 million. Wagering from all-sources on the Kentucky Derby race increased 7% to $137.9 million from 2014’s $129.2 million and a 4% increase over the previous record set in 2012 of $133.1 million. 

    On-track wagering on the Kentucky Derby program of $23.0 million declined 2% from $23.4 million in 2014. On-track wagering on the Kentucky Derby race totaled $12.0 million, an increase of 1% over 2014’s $11.9 million.  

    Churchill Downs returned $154.3 million to bettors on the Kentucky Derby Day race program.  Additionally, purses earned from the Kentucky Derby Day race program approximated $10.7 million that will be paid out to horsemen during the remainder of the 2015 race meets.  


    “We congratulate the connections of American Pharoah on his victory in this year’s 141st running of the Kentucky Derby Presented by Yum! Brands,” said Kevin Flanery, president of Churchill Downs Racetrack.  “It was truly a team effort here at Churchill Downs and I want to thank the horses, jockeys, trainers, owners and employees who created an extraordinary opening week and an unforgettable Derby day. We look forward to an impressive 2015 Spring Meet.”  


    “The Kentucky Derby is an awe-inspiring spectacle and all of us who work here feel privileged to be a part of this experience,” said Bill Carstanjen, CEO of Churchill Downs Incorporated.  “We saw continued improvement again this year and we preliminarily expect record Adjusted EBITDA with growth over last year’s Kentucky Oaks and Derby week of $5.0-to-$6.5 million.” 


    Bettors took full advantage of and the new TwinSpires app for iOS devices to handicap, place wagers, and watch live races. For Derby Day, TwinSpires, the country’s leading online betting platform, handle on all Churchill Downs races for the Kentucky Derby Day program totaled $20.8 million, up 17% over $17.8 million in 2014. For the Kentucky Derby race itself, handle totaled a record $13.2 million on TwinSpires, up 17% from $11.3 million in 2014.  


    All-sources handle for Opening Night, Saturday, April 25, through Derby Day, Saturday, May 2, rose to a record $263.3 million, up 4% from 2014’s $253.8 million, and 2% over the record set in 2013. Attendance for those five days was a record, up 5% to 365,006 from 348,530 in 2014 and up 1.5% over the previous record set in 2011.  


    American Pharoah, owned and bred in Kentucky by Ahmed Zayat, passed runner-up Firing Line in deep stretch to win by a length as the 5-2 favorite, returning $7.80 for each $2 win wager.  Trainer Bob Baffert won for the fourth time with prior victories coming in 1997 with Silver Charm, 1998 with Real Quiet, and 2002 with War Emblem. Baffert also saddled third-place finisher Dortmund.  It was the third Kentucky Derby triumph for jockey Victor Espinoza, who won the race in 2002 aboard War Emblem and last year on California Chrome.

    The winner covered 1 ¼ miles over a fast track in 2:03.02 for his fifth consecutive win and his fifth victory in six career races. The victory was worth $1.4 million and increased American Pharoah’s earnings to $2.8 million. 

    NOTE: Churchill Downs Incorporated uses Adjusted EBITDA, which the Company implemented during the nine months ended September 30, 2013, as a key performance measure of results of operations for purposes of evaluating performance internally. The Company believes the use of this measure enables management and investors to evaluate and compare, from period to period, the Company’s operating performance in a meaningful and consistent manner. This non-GAAP measurement is not intended to replace the presentation of the Company’s financial results in accordance with GAAP.


    Churchill Downs, the world’s most legendary racetrack, has conducted Thoroughbred racing and presented America’s greatest race, the Kentucky Derby, continuously since 1875. Located in Louisville, the flagship racetrack of Churchill Downs Incorporated (NASDAQ: CHDN) also operates Trackside at Churchill Downs, which offers year-round simulcast wagering at the historic track. The 2015 Spring Meet at Churchill Downs runs from April 25-June 27. The track has hosted the Breeders’ Cup World Championships a record eight times. Information about Churchill Downs can be found on the Internet at


    Churchill Downs Incorporated (CDI) (NASDAQ: CHDN), headquartered in Louisville, Ky., owns the world-renowned Churchill Downs Racetrack, home of the Kentucky Derby and Kentucky Oaks, as well as racetrack and casino operations in Miami Gardens, Fla.; racetrack, casino and video poker operations in New Orleans, La.; racetrack operations in Arlington Heights, Ill.; a casino resort in Greenville, Miss.; a casino hotel in Vicksburg, Miss.; a casino in Oxford, Maine; and a 50 percent owned joint venture, Miami Valley Gaming and Racing LLC, in Lebanon, Ohio. CDI also owns Big Fish Games, Inc., one of the world’s largest producers and distributors of casual games; the country's premier online wagering company,; the totalisator company, United Tote; Bluff Media, an Atlanta-based multimedia poker company; and a collection of racing-related telecommunications and data companies. Additional information about CDI can be found online at

    Information set forth in this discussion and analysis 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,” “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 impact of increasing insurance costs; the impact of interest rate fluctuations; maintaining favorable relationships we have with third-party mobile platforms, the inability to secure new content from third-party developers on favorable terms, keeping our games free from programming errors or flaws, the effect if smart phone and tablet usage does not continue to increase; the financial performance of our racing operations; the impact of casino 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 Kentucky, Illinois, Louisiana and Ohio 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 or casino activities; a substantial change in allocation of live racing days; changes in Kentucky, Illinois, Louisiana or Ohio law or regulations that impact revenues or costs of racing in those states; the presence of wagering and casino 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 acquisitions and planned expansion projects including the effect of required payments in the event we are unable to complete acquisitions; 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, keep its technology current or maintain its significant customers; our accountability for environmental contamination; the ability of Big Fish Games or TwinSpires to prevent security breaches within their 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 or anticipated 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 limitation, agreements on sharing of revenues from casinos and advance deposit wagering); the effect of claims of third parties to intellectual property rights; and the volatility of our stock price.