Colonial Downs Holdings Inc. Will Announce Strategic Plan in 60 Days.NEW KENT, Va.--(BUSINESS WIRE)--October 21, 1998--(Nasdaq: CDWN) After the monthly Virginia Racing Commission meeting today Jeffery P. Jacobs, Colonial Downs Colonial Downs is a horse racing track in New Kent, Virginia adjacent to Interstate 64, halfway between Richmond, Virginia and Williamsburg, Virginia. History and information The track opened on September 1, 1997. More than 13,000 attended the track on opening day. President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , announced that in the next 60 days the Company expects to announce a strategic plan designed to improve the Company's financial condition. In preparing the plan, the Company is considering all options including reorganization under Chapter 11. Mr. Jacobs also announced that the Company will seek the support of stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. in the Virginia horse industry including the Virginia Racing Commission and horsemen's groups to pursue a legislative amendment to the law that requires the Company to race 150 days a year by the year 2002. Jacobs said, "The law, in its present form, impedes increasing the number of live race days in Virginia because it is an impediment A disability or obstruction that prevents an individual from entering into a contract. Infancy, for example, is an impediment in making certain contracts. Impediments to marriage include such factors as consanguinity between the parties or an earlier marriage that is still valid. to raising additional capital and consequently the expansion of the Virginia horse industry. It has the exact opposite effect on the growth of live racing that it was intended to have. I am hopeful of potential legislative support because Colonial Downs means jobs, economic development, tourism and tax revenue to the citizens of Virginia." In other news: -- The Company is unlikely to seek a referendum for an additional racing center in the short-term. Mr. Jacobs stated, "I understand political winds, and the current political winds are not conducive to passing a racing center referendum in Virginia. However, I will continue to explore other investment opportunities on behalf of Colonial Downs that will allow us to grow our number of live thoroughbred Thoroughbred Light breed of racing and jumping horse descended from three desert stallions brought to England between 1689 and 1724. Thoroughbreds have a delicate head, slim body, broad chest, and short back. Most are bay, chestnut, brown, black, or gray. race days." -- The Company is compiling its 3rd quarter earnings results and warned that earlier predictions of a loss of $4-6 million for 1998 appear to be consistent with 3rd quarter results. -- Darrell Wood has been appointed as the new Director of Marketing. Wood had served as the Director of Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most for Colonial Downs and served in a similar position at Buffalo Raceway in Buffalo, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of before coming to Colonial Downs in the spring of 1998. Colonial Downs Holdings, Inc. is a Virginia corporation organized in November 1996 to pursue opportunities for horse race wagering in Virginia. The Company through its subsidiaries holds the only unlimited licenses to own and operate a pari-mutuel horse racing horse racing, trials of speed involving two or more horses. It includes races among harnessed horses with one of two particular gaits, among saddled Thoroughbreds (or, less frequently, quarterhorses) on a flat track, or among saddled horses over a turf course with course and satellite wagering facilities/racing centers in Virginia. Colonial Downs Holdings, Inc. became a publicly-held company in March 1997 and trades on the NASDAQ National Market System under the symbol CDWN. |
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