financials

After two days of proceedings in a federal bankruptcy court in Chicago Tuesday and Wednesday, judge Timothy Barnes has authorized the release of funds to pay outstanding wages owed to Hawthorne employees and to pay for the necessary equipment to resurface the track in preparation for a Thoroughbred meet, according to Illinois Thoroughbred Horsemen's Association (ITHA) president Chris Block, who attended the hearings. Hawthorne, and its related companies, filed for a Chapter 11 business reorganization Friday. The filing is built around a "debtor in possession" financing mechanism, which is when...

The extent of Hawthorne Race Course's financial troubles, and with it the enormous ramifications for industry stakeholders in the state, were made glaringly clear during Wednesday's Illinois Racing Board (IRB) meeting. On Monday, the racing board suspended the operating license of Suburban Downs, Inc., which manages Hawthorne's harness meet, for "failure to provide documentation demonstrating its financial integrity, and proof that they can meet the minimum standards" as outlined in state law. According to representatives from the Illinois Harness Horsemen's Association (IHHA) who attended Wednesday's meeting, Hawthorne--which is owned and...

All-sources wagering on the 151st running of the GI Kentucky Derby at Churchill Downs Saturday set a new record of $349 million, smashing the previous record of $320.5 million established in 2024. All-sources wagering on the Derby alone was a record $234.4 million, easily surpassing the previous high-water mark of $210.7 million recorded in 2024. The all-sources handle for the week of racing leading up to an including Derby day set a new mark of $473.9 million, up from $446.6 million last May. TwinSpires, the official betting partner of the...

The 2020/2021 racing season in Hong Kong concluded July 14, with the Hong Kong Jockey Club reporting turnover in excess of HK$130 billion (£12.1b/€14.2b/US$16.7b) for the first time. A total of 88 meetings--one more than last season--were conducted between September and July, with no programs lost to the coronavirus. The HKJC staged 835 races at Sha Tin and Happy Valley Racecourses, and took 206 races from overseas for simulcasting purposes. Total turnover was HK$136 billion, representing a 12.1% increase over last season. The HKJC is the single largest taxpayer in...