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2006 Annual Report

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2006 Annual Report 010001011010101010100110101010 1 1 11 101110101110101010101010101010 01 01 101 101 001 1001 101010111110101010100110010010 1001 00011 11011 1 110111 1 001001 11 101010100010110101101011101101 1010001 01 0010011 111 1111101 111 00001101 011 10001101 1111 011111111 0111 011101011101110110111011010101 010101011 10001 1110001011 10011 0000010001 11011 10000111011 100101 11111101111 111001 111010001011010101010100110101 010011101101 1001001 000001011001 0000001 0010111011111 10001101 1000011110101 01101101 01011101101101 100100101 00001000101101 111101001 010101110101110101010101010101 011101011001101 001101011 0111111111111011 1011011001 1010011101101111 1111100011 00010010001110101 10011010101 010011001100111001 10010010111 010101010111110101010100110010 110011011000101101 100100010001 0111110110101010111 011011011101 01101111010011000011 1010110110111 11111011100010110011 11100010001111 001011101110111010011 01111101001001 1000101001001111001111 011011001100011 010101010100010110101101011101 01111000000000110000001 111100100110011 001110110010100110011111 1001111000001101 1100111011101011101110111 0001000111010101 01101010101011100110001111 10001001101111111 011011111000010111100000101 101010101000110011 101011101011101110110111011010 1001010101011101110001011101 1011101110111011101 01110110110010001111010100111 1111110110110001011 1101110110101111110000000001001 11101110111100000111 100110111011011101100111111100001 100010001001011110111 100011111100000011111000001010101111 0110110110110111011001 0111101101010101010000110011000100100100001111100011001 1 1000100111001010100111 101111010001011010101010100110 111110011110001110001011001001111111100110101 00001000010110101100111 111111101000101101001001110001001001110 011111011110101010011001 0111101101110011100110000110000100 1001110000111110001110011 1001100110001100011110001100 00000010011000010001100001 011111101001000001111001 1111110101100100100110011011 101010101110101110101010101010 11110101010101010101 10001001110001010101100110011 01111010101000000 111000000101111000101110001001 10001100110011 00000000010000010001100000011011 1111111111 0011110100110101011110011101110111 1001000 000 100011100111110000011010010100101110011010110001000001110 00110 11110111001101110111011011111011110111110111101 101010101010111110101010100110\ 1110 01111000001111011011011100111100001000011 00 100000111110100011000101010110011000 1 111000110100110011111111001111 0000111011000101001100110 111010011100011100111 010010101010100010110101101011 000000011111111111 100010101100111 100001001100 011101101 0111001 01101 101101011101011101110110111011 101 1 010101111010001011010101010100 110101010101110101110101010101 2006 Annual Report 2974_wrap.indd 1 4/19/07 10:53:38 AM 22974_wrap.indd974_wrap.indd 2 44/18/07/18/07 110:55:400:55:40 PPMM 010001011010101010100110101010 101011101110110111011010101111 101110101110101010101010101010 100010110101010101001101010101 10101011111010101010011001001Dear Shareholder, 0 Each year, we put a lot of thought into the image we place on the cover of our Annual 1110101110101010101010101010Report. For the 2006 edition, we considered all of the traditional options – cheering fans, 10 10101010001011010110101110110racetracks, racehorses…even some pretty roses. Ultimately, we selected an image that 1 unites our past with our future. Because when you combine the strength of the Churchill 010111110101010100110010010Downs brands with the opportunities that technology and the Internet give us to deliver 101 our high-quality products and services to new customers and new markets, you’ll 01110101110111011011101101010understand why the symbol of our more than century old Twin Spires goes perfectly with 1 10100010110101101011101101computer code. 0111 11101000101101010101010011010But before we focus on the future, let’s take a quick look back at 2006 – a year we believe 1 1011101110110111011010101was an important period of successful transition for our Company. 11101 01010111010111010101010101010To recap 2006… 1 001011010101010100110101• We grew our 2006 net revenues from continuing operations by 5.7 percent, to a total010101 $376.7 million, while our 2006 net earnings from continuing operations of $30.2 01010101011111010101010011001million more than doubled from the previous year. 0 10101110101010101010101• We put our hurricane-damaged Louisiana Operations back together and watched0101010 01010101010001011010110101110business levels at our off-track betting (“OTB”) facilities climb dramatically due to the 1 strength of our simulcast-wagering and video poker operations. We reopened Fair 0111110101010100110010Grounds Race Course on Thanksgiving Day and set a modern-day record for 01010101on-track attendance, as eager fans welcomed the return of live racing to the Big Easy. 10101110101110111011011101101 0 • In Kentucky, our fl agship racetrack, Churchill Downs, hosted another record-setting 100010110101101011101Kentucky Oaks and Derby weekend in the spring and exceeded previous101011101 benchmarks 10111101000101101010101010011for on-track and all-sources wagering while hosting the Breeders’ Cup Championships 0 in November 2006 for a record sixth time. We also created one of the most memorable 11101110110111011010moments in Churchill Downs’ history by hosting the legendary rock1011110100 band The Rolling 10101010111010111010101010101Stones in our very fi rst major concert event to a sell-out crowd of more than 44,000. 0 • At Calder Race Course in Florida, we had a solid year and experimented with a reduced 1011010101010100110racing schedule mid summer that resulted in increases in wagering10101010111 and fi eld size. 10101010101011111010101010011• In Chicago, Arlington Park made headlines in the fall after announcing it would be the 0 101110101010101010fi rst in our stable of racetracks to install a synthetic racing surface,101010101010 Polytrack, in time for 01001010101010001011010110101Arlington’s 2007 racing season. 1 • We also completed the sale of Ellis Park and negotiated the sale of Hoosier Park (the 11110101010100110Hoosier Park sale closed in March 2007), two racing properties0100101010101 that are no longer strategic holdings for our Company. We believe both tracks will do well under their new 10110101110101110111011011101owners while continuing their affi liation with our simulcast distribution network. 1 0010110101101011• We accomplished all of this while managing a mid-year10110101110101 change at the top of our 01010111101000101101010101010executive team, welcoming a new president and chief executive offi cer to Churchill 0 Downs Incorporated after expressing our sincere gratitude to outgoing CEO Thomas H. 101110110111011Meeker for his 22 years of vision, dedication and010101111010001 outstanding leadership. 110101010101110101110101010101 While we’re pleased with what we accomplished last year, we’re even more excited about 11010101010100what’s on the horizon for 2007 and beyond.1101010101011101 111010101010101010101010101011 2974_wrap.indd 3 4/19/07 10:37:43 AM 0 1010001011010101010100110101010010111011101101110110101011110 1 10111010111010101010101010101011 10001011010101010100110101010Over the next few years we are going to focus on improving the performance of our 10 Thoroughbred racing business. Thereafter, we anticipate looking at ways we can expand 1 101010111110101010100110010010beyond Thoroughbred racing into other areas. However, starting with our core racing 1 1110101110101010101010101010business forces us to do three things: 1011 101010100010110101101011101101 1. Evaluate our real estate assets on an ongoing basis to ensure that each of our four 0 racetrack operations continues to fi t with our strategic plan and has potential for 010111110101010100110010010growth. To the extent that we own real estate not currently occupied by racing surfaces, 1010 grandstand and clubhouse facilities and stabling areas – and that could be used for 0 011101011101110110111011010101other development purposes – we believe it is best to approach such opportunities with 1 10100010110101101011101101a long-term view in order to maximize the value of our real estate assets; 011101 111010001011010101010100110101 2. Build our technology skills and assets, such as our 1 1011101110110111011010101TwinSpires (www.twinspires.com) account wagering 111010 platform, so that we can make the most of our 0 001010111010111010101010101010101011010101010100110101technology investments in the future; and 0101011 0 3. Create a sound and consistent fi nancial foundation for our racing business, from 0 010101010111110101010100110010which we can determine how much internally generated capital is available to fund 1 10101110101010101010101our possible entry into other businesses in the future. 01010101 There is still much we can do to improve the fi nancial performance of our core horse 0 010101010100010110101101011101racing business, beyond adding alternative gaming at our tracks as enabling legislation 0 0111110101010100110010allows us to do so. The conventional wisdom seems to be that Thoroughbred010101010 racing is a low-growth business, with the prospect of gradual but persistent erosion in profi tability 1 101011101011101110110111011010over time. If that is true, how do we plan to make the horse racing business more 1 100010110101101011101successful at Churchill Downs Incorporated? 10101110101 11011110100010110101010101001101101110110111011010To begin, let’s think of the business in three parts: 10111101000 1 First, we offer various types of races and wagers. These are the products our customers 1 101010101110101110101010101010purchase.
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