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Non-Tech : CDWN - Colonial Downs (1st Horse Track in VA since 1800s)
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To: BigLouie who wrote (38)8/19/1997 7:47:00 AM
From: H.J. Schellenberg   of 158
 
Mario - In a word, they are counting on the OTBs. As the prior head of Pimlico and Laurel (Maryland Jockey Club), Mr. Peterson knows only too well that running a track is a low margin operation.

He plans to open up to 200 OTBs in Virginia only, where Colonial Downs has a 5-year, exclusive agreement with the State of Virginia.

As far as horses are concerned, CDWN will have to compete with other tracks. However, it's fair to note that with the largest turf track in the US, Colonial Downs will have an advantage over other tracks in attracting talented horses; Owners prefer to run their horses on long turf, but it is just not available in the US. CDWN also expects to draw a fair number of European horses.

Keep the faith on the stock; it has weathered a major downdraft in the stock market and remains at $9.00. PENN trades at 37 times earnings and isn't nearly as attractive a company as CDWN. I figure CDWN will go to $15-20 after the successful opening in September.
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