CDI announces restructuring; Sexton to head new subsidiary

CDI announces restructuring; Sexton to head new

subsidiary

Churchill Downs Incorporated (CDI) Monday

announced that it is restructuring its organization to facilitate implementation

of the company's new growth-based strategic plan. Under the new strategic

plan, CDI will focus on becoming the leading provider of integrated racing,

gaming, and entertainment delivered on-site and online.

"The racing, gaming, and entertainment we provide customers

are very interdependent, regardless of whether they are delivered on-site at

our tracks, casinos and OTBs, or online via TwinSpires.com or other online

sites," said Robert L. Evans, president and chief executive officer of CDI.

"In the currently tough economic environment, many companies are announcing

reorganizations and layoffs intended to reduce costs. Our changes here,

however, are about aligning the right leaders at CDI with the strategic growth

opportunities we believe exist."

A new, wholly owned subsidiary is being created to expand the

company's entertainment management opportunities.  

Steven P. (Steve)

Sexton has been named CEO and president of this subsidiary, responsible for

conceiving, developing, producing, and managing new entertainment activities,

including new racing events, concerts, and other concepts. Sexton joined CDI in 2001 as president of Arlington Park Racecourse, has been president of

Churchill Downs Racetrack since 2002, and was named executive vice president of

CDI in 2006.

"This is a great opportunity for me in a new role with CDI,"

Sexton said. "There are many opportunities to leverage our team's expertise in

producing and managing major entertainment events. Over the past 25-plus

years, I have worked in various positions with racetracks around the country. That experience has taught me that innovation combined with outstanding service

is the best way to attract and keep customers. If they don't have fun when

they visit our facilities, they are not likely to return."

"Steve is uniquely qualified to take on this important new

senior leadership role," Evans said. "He has managed six runnings of the

Kentucky Derby (G1) and Kentucky Oaks (G1), Breeders' Cups at Arlington Park and Churchill

Downs, concerts by The Rolling Stones and The Police, plus a myriad of other

major racing and entertainment events."

William C. (Bill) Carstanjen has been promoted to the

position of chief operating officer of CDI, responsible for all on-site

operations, including racing and gaming at Arlington Park Racecourse, Calder

Race Course, Churchill Downs Racetrack, Fair Grounds Race Course and Slots, and

all of the company's off-track betting facilities. Carstanjen joined CDI

in July 2005 as executive vice president and chief development officer. Since early 2008, he has also had operational responsibility for Fair Grounds

Race Course and Slots and Calder Race Course.

"While we have expanded the scope of our entertainment products by adding

gaming and online offerings, everything we do is dependent on our core racing

business," Carstanjen said. "I look forward to

strengthening racing at all of our facilities and preserving CDI's position at

the forefront of American racing."

"Bill has been broadly involved in our racing operations

since he joined CDI," Evans said. "His experience with live racing,

gaming, simulcasting, and account wagering make him an outstanding choice to

lead on-site operations at our racetracks and gaming venues."

The company announced it will immediately begin the search

for a new president of Churchill Downs Racetrack with both internal and external

candidates considered. The Company will reserve further public comment on

the search process until a successor is named.

James E. (Ted) Gay has been promoted to the position of

senior vice president responsible for the company's business development

activities, replacing Carstanjen.  Gay joined CDI in 2003 and has been

instrumental in crafting new strategy, the formation of TrackNet Media, and the

acquisitions of AmericaTab and Bloodstock Research Information Services.