LOUISVILLE, Ky. – Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) CEO Bill Carstanjen released the following statement today in response to the Kentucky House passage of Senate Bill 120 (“SB 120”), legislation to keep historical horse racing (“HHR”) in Kentucky:
“I commend the House for their action today that keeps historical horse racing in Kentucky, preserves the strength of our state’s signature industry and protects thousands of jobs that are dependent upon it. With the passage of Senate Bill 120 in the Senate and now the House, our legislators have made clear their support of historical horse racing in the Commonwealth.
I wish to personally thank Governor Beshear for his unwavering support of the horse industry and the leadership of bill sponsor Senator Schickel, President Stivers, Majority Leader Thayer and Minority Leader McGarvey, of the Kentucky Senate as well as Speaker Osbourne and Minority Leader Jenkins of the Kentucky House of Representatives in securing SB 120’s passage in the General Assembly today. We, of course, look forward to Governor Beshear’s signage of SB 120, which he has stated publicly he will do.
Tens of thousands of Kentuckians have contributed to the growth and success of our racing circuit and equine industry. I am thankful not only for the important work they do each day to keep our industry moving forward, but for taking the time to reach out to their legislators on this critical issue. Your voices truly made a difference in the effort to keep HHR in Kentucky.
Following discussions today with Governor Beshear, Minority Leader McGarvey and Minority Leader Jenkins, I reiterate our commitment to working constructively to revise and raise the tax structure on historical racing machines, including consideration of a fair and equitable graduated tax structure. Additionally, I reaffirm our commitment, upon SB 120 becoming law, to immediately reengage on our capital investment project planning in Kentucky which, in turn, when implemented will create millions of dollars in economic impact and hundreds of construction and permanent jobs in the Commonwealth.
I look forward to moving on from the uncertainty our industry has faced over the past several months and to our continued investment in the Commonwealth of Kentucky.”
Keeneland Statement on Kentucky House Passage of SB 120
LEXINGTON, Ky. – Horse industry leaders from Keeneland, Churchill Downs Incorporated, Ellis Entertainment LLC, Red Mile Racetrack, and Kentucky Downs released the following statement regarding the passage of Senate Bill 120 today by the Kentucky House of Representatives:
“On behalf of our team members, our horsemen and all of the citizens of the Commonwealth who earn their pay checks directly or indirectly from the horse industry, we applaud the Kentucky House of Representatives for the passage today of SB 120. The future of the Commonwealth’s signature industry and those who support it is secure.
We had extensive discussions with Governor Beshear and given his longstanding and unwavering support of the horse industry, we anticipate that he will sign SB 120 into law.
We express our profound gratitude to President Stivers and Minority Leader McGarvey of the Kentucky Senate and Speaker Osbourne and Minority Leader Jenkins of the Kentucky House of Representatives for their leadership in securing SB 120’s passage in the General Assembly.
On behalf of the Commonwealth’s race tracks, we also confirm and reiterate our discussions with Governor Beshear, Minority Leader McGarvey and Minority Leader Jenkins that we will work constructively to revise and raise the tax structure on historical racing machines, including consideration of a fair and equitable graduated tax structure. We look forward to those discussions in the near term and confirm our commitment to the Commonwealth to build on our tax and job base through sound capital investments and good corporate citizenship.”