CDWN - Colonial Downs (1st Horse Track in VA since 1800s) Message Board

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Non-Tech : CDWN - Colonial Downs (1st Horse Track in VA since 1800s)

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To: H.J. Schellenberg who wrote ()	7/7/1999 6:23:00 PM
From: leigh aulper	Read Replies (1) of 158

Colonial Downs Holdings Inc. Announces New Developments NEW KENT, Va.--(BUSINESS WIRE)-- July 7, 1999--Colonial Downs Holdings, Inc. (NASDAQ-SmallCap: CDWN) which through its subsidiaries holds the only unlimited licenses to own and operate a pari-mutuel horse racing course and satellite wagering facilities in Virginia, yesterday announced at its annual shareholders meeting plans to seek a license to build a multi-use racing and simulcast center in Northern Virginia. The Company has signed a letter of intent to purchase 85 acres of land in the town of Dumfries in Prince William County, Virginia. The Company plans to construct a $20 million steeplechase and full-card simulcast facility in partnership with the horsemen of Virginia. The facility is expected to host steeplechase racing and equine related activities as well as full-card simulcast racing. The facility is expected to generate over $1 million in state and local tax revenue as well as approximately 200 new jobs. At yesterday's annual shareholders' meeting, Jeffrey P. Jacobs, Chairman of the Colonial Downs Board of Directors and Chief Executive Officer, also announced that he agreed to commit up to $20 million in additional equity investment to the Company. These funds are intended to be used for the acquisition of businesses to diversify the Company's revenues. The Company expects to focus on businesses involved in real estate development and financial services. "I want to expand the Company's asset base to grow and diversify this Company," said Mr. Jacobs. "My investment signals a renewed commitment to the Company in light of the progress with the thoroughbred horsemen and a viable opportunity in Northern Virginia to expand racing and to move the Company in new directions." The terms of Mr. Jacobs' equity investment are to be negotiated with a special committee of the Company's independent members of the Board of Directors. Over the 4th of July weekend, the Company recorded its largest attendance since opening day in 1997. More than 10,000 paid guests visited Colonial Downs for a day of harness racing. Ian M. Stewart, President of Colonial Downs, commented, "This was a terrific day for Colonial Downs as we were able to expose our facility and sport to a large number of people while at the same time effectively handling the crowd. I'm looking forward to an even bigger fireworks show and crowd next year.

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