Churchill Downs said T. Kevin Flanery, president of the company’s iconic racetrack, will retire at the end of 2020 after 11 years in the position.
The Louisville, Kentucky-based casino and racetrack operator said it would commence a search to fill the position. Bill Mudd, president and COO of the company will act as interim president of the racetrack until a successor is named.
Churchill Downs CEO Bill Carstanjen said Flanery’s “bold capital investments and unmatched fan experiences” had a positive impact on the Kentucky Derby, the track’s flagship race.
He said Flanery help to navigate the traditional first leg of horse racing’s Triple Crown this year from its normal first Saturday in May date to Labor Day weekend due to the coronavirus pandemic. It was the first time the Derby hadn’t run on May’s first Saturday since 1945, when, amid World War II, it ran June 9.
Churchill Downs officials lamented the moved race’s fallout — lower ticket revenue, fewer sponsorships, lower wagering — but said the decision to keep reserved seats and grandstands empty made sense.
“Kevin has been a pivotal leader in the growth and evolution of Churchill Downs, not only at the racetrack but across the company,” Carstanjen said. “His has been an important and impactful chapter in the history of Churchill Downs Racetrack.”
Earlier this month, Carstenjen said horse racing fans tuned in to watch the Derby even in its new spot, drawing 20% more viewers than the most-watched sporting event on 2019’s Labor Day weekend.
“In many ways,” he said, “the Kentucky Derby showed its strength as a unique and special asset. … It’s a great economic engine.”
While overseeing the racetrack, Flanery led several significant capital investments that greatly improved the live racing experience, including permanent track lighting and the big board. He also oversaw major expansion projects including the Paddock Plaza, The Mansion, the Starting Gate Suites and Rooftop Lounge, the Colonnade, the new Infield Gate. In 2020, Churchill Downs completed the equine medical center and Matt Winn’s Steakhouse.
“It has been an honor to work with a team that constantly strives to protect the legacy of the Kentucky Derby while creating experiences that resonate in our modern world,” Flanery said.
Shares of Churchill Downs, traded on the Nasdaq, closed at $180.47 Wednesday, down $2.24, or 1.23%.
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
