Churchill Downs (CHDN) informed the Louisiana Racing Commission that it intends to give up its racing and gambling licenses for Fair Grounds Race Course in New Orleans and its off-track betting parlors because of dissatisfaction over a recent state Supreme Court ruling and its own unsuccessful efforts to gain relief from the legislature, Matt Hegarty of Daily Racing Form reports. Churchill Downs CEO Bill Carstanjen said in a letter sent to the commission on Monday that the company does not anticipate legislation being passed this year that would mitigate the effects of a Supreme Court decision in March invalidating the operation of historical horse racing machines, according to DRF. Churchill Downs closed Wednesday down 1% to $100.65.
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