Churchill Downs Partnering With Magna In European Simulcasts

CDI And Magna Partner To Simulcast Races Into European Nations

Churchill Downs is partnering rival Magna Entertainment Corp. (MEC) to “bring simulcasts of U.S. horse races to European countries,” according to Robert Schoenberger of the Louisville COURIER-JOURNAL. The races form 18 U.S. tracks will be carried by a Magna subsidiary in Austria. Churchill Downs Simulcast Network President Karl Schmitt said that Congress’ revocation of laws placing a 30% tax on winnings of some foreign nationals on U.S. horse races “made the new venture attractive.” Schmitt added that Magna “offered a ready-built system for carrying races,” and the deal “gives both companies a better chance to attract new bettors.” Referring to the Preakness Stakes, Arlington Million, Santa Anita Derby and other events, MEC President & CEO Jim McAlpine said of the deal, “While we don't anticipate a material financial impact in the immediate future, we do expect European race fans to welcome a product that will feature such world-class events.” Schoenberger notes the European partnership “could be the first step to Magna/Churchill partnerships in other markets.” and Schmitt said that Asia is a “likely market because of the popularity of racing” (Louisville COURIER-JOURNAL, 12/23).

MORE ON MAGNA: Youbet.com has signed an agreement with MEC that gives Youbet customers live video and wagering access to all of the horse races staged at Magna tracks in ’05. The agreement means that Youbet will once again carry content from the ten tracks Magna owns and operates outside of California (Youbet.com).