Calder Confirms That It Will Tear Down Grandstand After GP West meet
By Jim Freer and Barry Unterbrink
Wednesday, July 29 – Calder Casino & Race Course announced today that it plans to demolish the facility’s grandstand building, with work commencing late this year following the Gulfstream Park West meet ending on Nov. 28.
Calder’s announcement confirms our story of yesterday, July 28, on the plan for demolition and a similar story that our editor Jim Freer wrote for Bloodhorse.com.
Calder is in Miami Gardens and is a subsidiary of Churchill Downs Inc. In its announcement, Calder said:
* The project will not affect the adjacent casino building or other non-attached racing structures.
* The seven-story structure, built in 1971, would require extensive short-term and long-term capital updates. As demand for racing has decreased over the years, so has the need for space to accommodate racing guests. The size of the structure became unnecessary, as evidenced by condensing of operations and the decision not to include the structure as part of the lease agreement with The Stronach Group.
* For the 2015 meet, Gulfstream officials will utilize the sixth and seventh floors of the existing grandstand to conduct their operations. Demolition of the structure will begin after the 2015 meet.
Also today, Churchill Downs Inc. (Nasdaq: CHDN) reported its results to the SEC for this year’s second quarter, ended June 30.
For the recent quarter it reported revenues of $409.2 million, net income of $55.0 million and income per share of $3.10. The comparable numbers for 2014’s second quarter were $303.5 million, $57.3 million and $3.21. Earnings were lower due to income tax-related issues
Later we will have an expanded story on Churchill Downs Inc’s earnings and on its plans for Calder.