On September 11th, 2008, the Churchill Downs Incorporated has finalized an agreement on a contract to operate slot machines on the Florida racing track. The ten year agreement calls for the Florida Thoroughbred Breeders Association Incorporated to receive 0.75% of the slots profits from the Calder Race Course, which is owned and managed by the Churchill Downs Incorporated from Louisville.
The organization has already finalized an agreement with the Florida Horsemen’s Benevolent and Protective Association on a 2008 purse agreement and slots agreement, both of which possess a ten year term. Churchill Downs plans to invest tens of millions of dollars into constructing and managing a slots establishment at the Calder Race Course, which estimates could result in about $50 million for breeder and horsemen over the span of the agreement.
The Churchill Downs has already invested millions of dollars into getting alternative gambling approved in the state of Florida, including $3.1 million for a 2008 referendum in Miami-Dade County. The Churchill Downs officials hope that the slot machines will be a great attraction for their customers, which in turn will produce a lot of profit for the racing course as well as for the state and the racing industry in Florida.