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Non-Tech : CDWN - Colonial Downs (1st Horse Track in VA since 1800s)
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To: Dick Jaffe who wrote (43)8/21/1997 8:09:00 AM
From: H.J. Schellenberg   of 158
 
Hot off the wire.....

This morning's Virginian Pilot (Norfolk, VA) quoted Colonial Downs' race director as saying that the track had more horses than needed to fill the field for the series of opening-day races on 1 September.

Virginia Governor George Allen will attend the opening ceremony at Colonial Downs and will officially open the track for the first legalized horse betting in Virginia since the year 1880.

Speculation had run high in investment circles that CDWN would not be able to attract enough horses to run all of the races in the series. I expect the stock to begin climbing this week and hit fair value of $15-20 by mid-September.

To answer your questions, CDWN's races will be simulcast. Also, two this year will be televised on ESPN. CDWN is receiving revenue from the two OTBs at an average bet of $210.00, versus $80.00 for the US average. Revenue for the Hampton facility is projected to be in the millions per annum. Pepsi is their corporate sponsor.

Horse racing is a Virginia tradition. CDWN will have the largest turf track in the US. The operation is being bankrolled by "old money". I expect success. Virginia is a big state and CDWN has no competition and no other gambling choices.
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