Delta Downs: Funding Shortfall Could Mean Canceling Of Jackpot, Princess Stakes

by | 09.12.2017 | 8:54am

 

A decline in casino revenue has officials at Delta Downs considering eliminating several stakes races in October and November, including the track’s marquee event, the Delta Downs Jackpot.

The Daily Racing Form reports that much of the facility’s business comes from the Houston area, which was hit by Hurricane Harvey. That has resulted in a decline in casino revenue, which helps fund purses at the track.

According to the Form, Delta’s vice president and general manager Steve Kuypers sent a letter dated Sept. 7 to Louisiana Racing Commission chairman Bob Wright requesting that the LRC approve a request to eliminate eight open stakes races worth a total of $2.3 million.

“The impact of Hurricane Harvey to the people of southeast Texas and southwest Louisiana is having a significant effect on slot revenue and subsequently the track’s purse funds,” Kuypers said in the letter.

Kuypers added, “It is important that we support the local horsemen that fill our overnight races and this action will allow us to do that.”

Read more in the Daily Racing Form

Daily Racing Form Purchased By Z Capital Partners

by | 07.26.2017 | 8:17am

Private equity management company Z Capital Partners has purchased Sports Information Group, the parent company of Daily Racing Form.

The purchase was announced in a July 25 press release from Z Capital Partners, the private equity management arm of Z Capital Group, which describes itself as “a leading global alternative investment manager focused on opportunistic, value-oriented private equity and credit funds” with $2.3 billion of regulatory assets under management.

“The big opportunity for us is to digitize the print side of the business, which the former owners started to do—it’s expensive and there is still a way to go to make it fully function, and then the online gaming offering,” said Z Capital Group CEO James Zenni in an interview with Bloomberg’s Jason Kelly on Bloomberg Markets. Zenni said his company started watching Daily Racing Form about four years ago.

The release said terms of the deal would not be disclosed.

“We are thrilled to join the Z Capital family,” said SIG chairman and CEO John Hartig. “Z Capital’s financial strength, experience, insight, and operational expertise will help Daily Racing Form and the company’s other platforms continue to enhance and expand our digital offerings and better serve our loyal readers and customers, while staying true to the publication’s rich history and its market-leading brand.”

Daily Racing Form was advised in the transaction by JEGI I Clarity.

Daily Racing Form has covered horse racing since 1894, publishes up to 2,000 unique pages of statistical and editorial copy every day, in as many as 20 daily editions, 364 days a year, and includes a companion website that provides news coverage, race results, exclusive handicapping tools, as well as sales and auction coverage through DRF Breeding, and access to the account deposit wagering site DRF Bets.

In February Z Capital Partners completed a purchase of Las Vegas-based Affinity Gaming in a deal that valued the casino owner at $580 million. At the time Affinity Gaming owned 11 casinos, including five in Nevada.

Evangeline Indefinitely Postpones Start of Turf Racing

By Mary Rampellini

http://www.drf.com/news

Evangeline Downs, which had delayed the start of turf racing this meet to a tentative date of Wednesday, May 24, will instead be off the grass indefinitely. The track announced on its latest overnight that it would be “off the turf course for an extended period.”

Evangeline hired a new turf consultant this year and changed maintenance procedures in order to build a better course foundation for the long haul, according to Chris Warren, the track’s director of racing. The turf, however, has not grown in as quickly as anticipated, leaving some bare areas. As part of the renovation of the course, it underwent a “sprigging” process Tuesday, according to the overnight. The date the course will be available for usage is to be announced by officials at Evangeline.

Louisiana bill would cut subsidies to horseracing purses