|CDI news release
CHURCHILL DOWNS INCORPORATED NAMES NEW LEADERSHIP FOR ILLINOIS AND KENTUCKY RACING OPERATIONS
Goodrich to Lead Illinois Operations; Sexton Takes Helm in Kentucky
LOUISVILLE, Ky. (Dec. 10, 2002) -- Thomas H. Meeker, president and chief executive officer of Churchill Downs Incorporated ("CDI") (Nasdaq: CHDN), and Richard L. Duchossois, chairman of the board of Arlington Park and CDI's largest shareholder, have named Clifford C. Goodrich and Steve Sexton to new leadership positions within the Company's Illinois and Kentucky racing operations.
Goodrich has been named executive vice president of Arlington Park and will assume the role of president of the Arlington Heights, Ill., racetrack and senior vice president of CDI's Illinois operations following a brief transition period. Steve Sexton has been appointed senior vice president of the Company's Kentucky operations and will serve as president of historic Churchill Downs in Louisville, Ky., and Ellis Park in Henderson, Ky. Sexton will take the reins at the home of the Kentucky Derby following Goodrich's transition at Arlington Park.
In addition to their responsibilities as racetrack presidents, both Goodrich and Sexton will oversee CDI's Trackside Off-track Betting ("OTB") operations in their respective states. Sexton will also manage the Company's interest in Kentucky Off-Track Betting Inc., a collection of OTB facilities owned in partnership by Kentucky's Thoroughbred racetracks, and Kentucky Downs, a Thoroughbred racing and simulcast facility located in Franklin, Ky.
Clifford C. Goodrich brings a background rich in racetrack management and operations to Arlington Park, now celebrating its 75th year as the Chicago area's most prestigious racing facility. Goodrich takes the reins at the home of the America's first million-dollar race, the Arlington Million, after serving for two years as chief executive officer of the California Thoroughbred Horsemen's Foundation Inc., a $2 million non-profit organization primarily responsible for the operation of in-house medical and dental clinics for stable-area workers. Previously, Goodrich served as president, chief operating officer and a board member of Santa Anita Park in Arcadia, Calif., where he was promoted through the management ranks after first joining the racetrack as assistant general manager in 1980. Goodrich first worked with Sexton when they both served on the Santa Anita Park management team in the mid-1980s.
As president and chief operating officer of the famed Southern California racing facility, Goodrich was responsible for all facets of the track's daily operations, assisted with business and strategic planning and supervised a staff of more than 3,000 full- and part-time employees. Goodrich also distinguished himself as the primary spokesman for Santa Anita Park and served as the track's community, governmental and legislative liaison. Key accomplishments during his 19-year tenure with the track included coordinating a legislative lobbying effort that resulted in $40 million in annual saving for the horseracing industry, and the investment of significant capital dollars in the track's television broadcast facilities in order to improve its simulcast signal and increase sales.
Prior to joining Santa Anita Park, Goodrich served as the vice president and general manager of Golden Gate Fields in Albany, Calif.
"Cliff Goodrich brings a wealth of industry experience and a 'hands-on' approach to management that is a perfect complement to our leadership style and operational philosophy at Arlington Park," said Duchossois. "From its inception, Arlington Park has been committed to excellence -- excellence in the way we manage our facilities and employees and in the way we treat our horsemen and guests. That commitment was rewarded last October as Arlington played host to the Breeders' Cup World Thoroughbred Championships, which was both a huge financial success and a superior on-track experience. Tom Meeker and I have worked closely with Cliff through his service as president of the Thoroughbred Racing Associations and as a long-time colleague in the horseracing industry. We have every confidence in his ability to lead our team and build upon what has been an incredible year for Arlington Park."
"Arlington Park's reputation for quality is second to none, and I am excited to join this top-rate management team as it celebrates such an outstanding performance," said Goodrich. "I am eager to return to racetrack management and thrilled by the prospect of overseeing day-to-day operations for the most beautiful racing facility in America. Arlington is also blessed with a motivated team of employees, and I look forward to working with them and Dick Duchossois to build on Arlington's tradition of excellence."
Sexton joins the Churchill Downs management team after serving as president of Arlington Park and head of CDI's Illinois operations since August 2001. During his tenure at Chicago's premier racing oval, Sexton guided the Arlington Park team through preparations for the first Breeders' Cup World Thoroughbred Championships to be presented by an Illinois racetrack; and under his leadership, Arlington Park hosted the most financially successful Breeders' Cup in the 19-year history of the event on Oct. 26, 2002.
"Steve Sexton's accomplishments since joining CDI just 18 months ago are not only impressive, they speak volumes about his ability to manage a first-class racing facility and successfully lead its team of employees through the most challenging of circumstances," said Meeker. "Steve's diverse background in the racing industry has included key management positions at tracks in five major metropolitan markets, and his broad professional experience and leadership ability make him uniquely qualified to take the helm of our flagship operation at a critical time in Churchill Downs' history."
Throughout his extensive racing career, Sexton has marketed and managed top horseracing facilities throughout the country, including Santa Anita Park, Golden Gate Fields, Canterbury Park and Lone Star Park in Grand Prairie, Texas, which he helped establish as a new and vibrant Southern racing center. Sexton also consulted on the marketing of Ladbrokes' Wyoming OTB network, which included six sites and assisted with the overall implementation of the 15-site Northern California OTB network.
"I am honored to join the management team of America's most storied racetrack and to be entrusted with one of the most coveted positions in the horseracing industry," said Sexton. "Churchill Downs faces many opportunities -- and challenges -- in the coming years. The $121 million 'Master Plan' renovation project now underway will create a new and vibrant Churchill Downs, better suited to providing guests with an exceptional on-track experience. This massive construction project also comes with operational challenges that must be overcome. I look forward to working with Churchill Downs' talented team of employees as we rebuild and modernize this sports icon and continue to grow our Company's greatest asset -- and horseracing's marquee event -- the Kentucky Derby."
"Steve Sexton played an integral role in our Breeders' Cup success and in helping grow our Illinois operations," Duchossois added. "Arlington's management team and employees greatly appreciate the leadership and dedication Steve demonstrated during his time with us, and we wish him well as he accepts new challenges on behalf of the Company."
A conference call regarding this release is scheduled for Wednesday, Dec. 11, at 10 a.m. EST. Investors and other interested parties may listen to the teleconference by dialing (913) 981-5510 at least 10 minutes before the appointed time. An eight-day telephonic replay will be available two hours after the call ends by dialing (719) 457-0820 and entering 682646 when prompted for the access code.
Arlington Park, Chicago area's premier Thoroughbred racetrack located in Arlington Heights, Ill., will run a 104-day meet in 2003 from Friday, May 9 to Saturday, Sept. 27. Arlington Park, which merged with Churchill Downs Incorporated (Nasdaq: CHDN) in September 2000, also operates six off-track, simulcast-wagering facilities -- "Trackside" Arlington Park (Arlington Heights), Quad City Downs (East Moline), Chicago, Rockford and Waukegan, and Longshots Bar & Grill featuring Trackside OTB in S. Elgin, Ill. For further information on Arlington Park and Trackside OTBs, visitwww.arlingtonpark.com.
Churchill Downs Incorporated ("CDI"), headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues throughout the United States. In 2003, the Company's racetracks in California, Florida, Illinois, Indiana and Kentucky will host 115 graded-stakes events and many of North America's most prestigious races, including the Kentucky Derby and Kentucky Oaks, Hollywood Gold Cup and Arlington Million. CDI racetracks have hosted nine Breeders' Cup World Thoroughbred Championships - more than any other North American racing company. CDI also owns off-track betting facilities and has interests in various television production, telecommunications and racing services companies that support CDI's network of simulcasting and racing operations. CDI trades on the Nasdaq National Market under the symbol CHDN and can be found on the Internet at www.churchilldownsincorporated.com.
Clifford C. Goodrich
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