Gulfstream-Calder deal approved

The deal between The Stronach Group (TSG) and Churchill Downs Incorporated (CDI)

was approved Tuesday. The two parties announced in late May that they had

entered into a binding agreement under which TSG would operate live racing and

maintain certain facilities used for racing and training at Calder Race Course

near Miami Gardens, Florida.

As a result of the deal, Gulfstream Park will be the only track operating in

South Florida through the end of September, with live racing four days a week (Thursday-Sunday).

"We would like to thank the horsemen, the breeders, the Division of

Pari-Mutuel Wagering, and The Stronach Group for their cooperation in finalizing

an agreement which is in the best interest of South Florida Racing," Calder

President and General Manager Maureen Adams said. "Today, we received regulatory

approval which allows The Stronach Group and Gulfstream Park to operate racing

in South Florida. Live racing will return to Calder in October under the

operation of The Stronach Group and Gulfstream Park."

TSG will run at Calder the minimum number of race days required by Florida

law while also running live racing during the course of the rest of the year at

Gulfstream Park. TSG has leased Calder's racetrack and certain other racing and

training facilities, including a portion of the barns on Calder's backside

consisting of approximately 430 stalls.

TSG will be responsible for substantially all of the direct and indirect

costs associated with these activities and receive the associated revenues. CDI

will continue to own and operate the Calder Casino.

"After Tuesday, July 1, simulcasting will no longer be available in the

Calder Grandstand or Casino," Adams said. "Studz Poker Club closed Monday, June

30, however, all other gaming operations in the Calder Casino are not affected

by this agreement and will continue under the leadership of Calder and Churchill

Downs Incorporated. Again, we would like to thank all parties for their hard

work in reaching an agreement which allows for the long-term preservation of

racing in South Florida on a year-round basis."

The arrangement will be in effect through the end of 2020.

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