|Churchill Downs Incorporated, or CDI, have released that they are the opening bidder in the auction currently underway for bankrupt Fair Ground Corporation’s racetrack and other betting assets. CDI is the owner of many of the USA’s leading racetracks which are the hosts to many of the nation’s biggest races, including the Kentucky Derby and Kentucky Oaks, the Hollywood Gold Cup, and Arlington Million. On top of this, racetracks owned by CDI have hosted more World Thoroughbred Championships than any other North American company- currently standing at a total of nine. CDI also own off-track betting facilities, a television production company, as well as holding interests in a variety of other telecommunications and racing services companies.|
The opening bid for failing company Fair Grounds is US$45billion. President and Chief Exec of CDI, Thomas H. Meeker, released a statement to accompany the announcement of the bid, in which he commented: 'We are pleased to be in this position and hope through the auction process that we will be able to further build the Churchill Downs Incorporated brand by acquiring this quality racetrack…Fair Grounds offers CDI a winter Thoroughbred racing meet and alternative gaming in a historically strong racing market. We believe that should Fair Grounds become part of our racing portfolio, the racetrack would benefit from CDI's industry-leading branding, operational expertise and simulcast distribution network. We view Fair Grounds and CDI as a good strategic fit.'