End Of Racing At Arlington? CEO Hints Property May Be Sold

ARLINGTON HEIGHTS, IL — Though unable to see live action in person due to COVID-19 restrictions, local fans were on top of the world last week with the return of horse racing to Arlington International Racecourse. That excitement was a bit dampened Thursday amid news that the fabled racetrack may be sold in the near future.

During a quarterly earnings call with shareholders, Churchill Downs Incorporated CEO Bill Carstanjen hinted that the property the racetrack sits on might be of more value for something other than racing.

"The long-term solution is not Arlington Park," Carstanjen said. "That land will have a higher and better purpose for something else at some point."

Churchill Downs Incorporated owns and operates a number of racetrack and casino properties across the United States including Churchill Downs (home of the Kentucky Derby) and Arlington. The company bought Arlington in 2000.

While the prospect of building a sports wagering facility at Arlington has been discussed in the past, Carstanjen shot the idea down Thursday and is only committing to the current shortened meet that runs through Sept. 30, despite previously agreeing to racing in 2021.

"We decided to play on at Arlington Park for now, and we reached a two-year agreement with the horsemen (in June)," Carstanjen said. "We're running the race meet right now and have an agreement to run a 2021 race meet if we elect to do so."

Churchill Downs Incorporated has a 61 percent stake in Rivers Casino in Des Plaines, which added a sportsbook in March.

Churchill Downs Incorporated announced Thursday revenue was down 61 percent (net revenue of $185.1 million) in the second quarter compared to the same time frame in 2019. The company was forced to reschedule its biggest day on the horse racing calendar— the Kentucky Derby — from May 2 to Sept. 5 at Churchill Downs.

While racing at Arlington could come to an end, Carstanjen said the company isn't looking to get out of the horse racing business in Illinois.

"We want to work constructively with all of the constituencies in the market to see if there’s an opportunity to move the [Arlington] license or otherwise change the circumstances so that racing can continue in Illinois," he said.

Related:
Live Racing Minus Spectators Returns To Arlington Racetrack
Racecourse, Horsemen Reach Agreement; Racing Returns In July
Arlington Racetrack Signs Off On Racing Without Fans
Pritzker: Horse Racing Can Return To Illinois