April - Harness Tracks of America, Inc.

HARNESS TRACKS OF AMERICA
Executive Newsletter
A daily fax and e-mail report on racing and gaming developments in North America and beyond
Stanley F. Bergstein, Editor
UNITED TOTE’S FULLER TO RETIRE
Don Fuller, president and chief executive officer
of United Tote, announced his retirement effective
August 1, 2002, after 37 years in the parimutuel
industry. Fuller began his totalisator career
at Charles Town Race Course as data processing
manager in 1965. After several years, he
joined AmTote, where he rose to the position of
executive vice president of sales and service.
Fuller left AmTote in 1994 and shortly thereafter
joined United Tote as senior vice president. In
1997 he was promoted to chief operating officer;
Fuller added the title of president in 1999 and in
2000 became the company’s president and CEO.
“I want to thank my many friends and colleagues
who have made my totalisator career very pleasant
and enjoyable,” Fuller said in a statement released
by United Tote. “I know that I will miss my
friends and fellow employees as I wind down my
career, but it is time to move on and enjoy my home
with my wife Susie and my grandson Ridge. To
my fellow employees and my many good friends in
the industry, I wish the best. If I can ever be of
help, please call.” Succeeding Fuller will be Joe
Tracy, who has been named managing director of
United Tote as of August 1, 2002. Tracy has over
20 years experience managing system installations,
service and marketing programs in the gaming
industry. Most recently, Tracy managed the
Maryland Lottery account for Automated Wagering
International, Inc., a wholly owned subsidiary
of International Game Technology.
NEW PRES. AT GEMSTAR-TV GUIDE
Gemstar-TV Guide International, Inc., parent company
of Television Games Network (TVG) on
Monday named Fox Cable Networks group president
and chief executive Jess Shell as its copresident
and chief operating officer. The
move comes as Gemstar tries to counter
a wave of bad news that has cut its stock price
in half. Shell’s appointment comes less than
April 16, 2002
a month after Peter Boylan resigned as Gemstar
co-president and the company’s stock started its
slide from the low $20s to less than $10. In the
first quarter of 2000 the stock reached a peak price
of over $90 per share.
CHURCHILL NAMES AUDITOR
Churchill Downs Incorporated (CDI) has named
Brian S. Johnson director of internal audit for the
Louisville, Kentucky-based racing company.
Johnson will report directly to CDI President and
CEO Tom Meeker and to the audit committee of
the company’s board of directors. According to a
CDI press release, in his newly created position,
Johnson will analyze the effectiveness of various
company-wide financial, operational and compliance
practices, provide risk assessment, and identify
issues and potential improvements related to
these practices. Johnson is a CPA and previously
served as an audit manager for Pricewaterhouse
Coopers LLP, where he headed the audit team that
regularly reviews financial reports for CDI and its
racing facilities. “Churchill Downs Incorporated
has experienced exponential growth over the past
decade, and as we work to integrate six racing
properties and nine off-track betting facilities under
a common brand, it’s vital to continually examine
our across-the-board business practices and
look for ways to improve them,” said Meeker.
“The creation of an internal audit position demonstrates
our commitment to fiscally prudent management
and delivering value to our shareholders.”
MAGNA NETS $143 MILLION
Magna Entertainment Corp. (MIEC), parent company
of HTA member The Meadows, estimates
the proceeds from its recently completed public
offering of 20 million Class A voting shares
of stock at $143 million.