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By Gregory A. Hall • The Courier-Journal • October 16, 2009 Kentucky's two most prominent racetracks have received tax refunds because of a drop in their daily average on-track betting on their races. Churchill Downs Inc. received a $1.7 million refund for the fiscal year that ended June 30 because gamblers at the track wagered, on average, less than $1.2 million on live races each race day. The refund was disclosed in a quarterly filing with the Securities and Exchange Commission. Tracks with handle greater than that pay 3.5 percent state pari-mutuel excise tax while tracks with lower handles pay 1.5 percent. The $1.7 million refund means Churchill's on-track handle on live races was $85 million, or about $1.18 million per race day for the year. Churchill does not disclose on-track wagering totals directly. Under the track's... [read full story]
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