Kentucky Business Network » economy

Churchill Reports Q1 Loss Despite Record 75.1 Million Revenue

admin — Sun, 09 May 2010 14:24:34 +0000

Even after the opening of Calder Casino in Florida and record revenues of 75.1 million, Churchill Downs, Inc reported a Q1 loss. This low point in their fiscal year is not uncustomary since there are few races in the first three months of the year.

Churchill’s president and CEO, Bob Evans, stated that “[they] continue to believe the Calder Casino will operate at between $80 million and $100 million in gross gaming revenue on an ongoing, annualized basis.” Churchill Downs, Inc also gave credit to TwinSpires.com, the company’s advance-deposit wagering platform, for building the record revenue.

Gambling Revenue Dropped 5 Percent in 2009

admin — Sat, 08 May 2010 03:12:07 +0000

In 2009, gross gambling revenue dropped 5 percent according to reports from the American Gaming Association (AGA). The survey focused on how much money casinos made–not how much was offered in bets.

Racetrack casino gambling, revenue in contrast, rose 5 percent in 2009. This was due in a large part to new casinos in Indiana and Pennsylvania. The number of jobs at racetrack casinos fell in that same period by 0.1 percent despite the increase in revenue.

Food Prices Up 5.6% In 2009

admin — Mon, 11 Jan 2010 12:08:36 +0000

According to the Kentucky Farm Bureau’s quarterly survey, food prices raised 5.6% for 2009. The increases in prices include poultry, eggs, milk, sausage, tomatoes, corn and bread.

During the 2nd quarter of 2009, food prices overall had slightly decreased (year to year). Food prices began to increase by the third quarter of 2009–marking the first increase in 12 months.

Source: kyfb.com, Kentucky Farm Bureau

Lexington To Host Creative Cities Summit In April

admin — Sun, 10 Jan 2010 18:52:49 +0000

This spring, Lexington will host the “Creative Cities” summit, which will be a chance to put Kentucky’s innovative talent on display as well as a way for Kentucky businesses to network and share creative strategies. The Creative Cities Summit is a multi-disciplinary conference that brings together creative leaders from around the world to build and showcase creative business approaches and thinking. The conference will focus on several key areas, including: talent attraction & retention, innovation, developing entrepreneurship, community design and civic engagement. The typical audience for the Creative Cities Summit will include: economic development professionals, artists, arts and cultural advocates, government, business leaders, various professionals, entrepreneurs, planners, architects, venture capitalists, and, of course, college students. Currently the Lexington summit is expected to have 600 attendees. Organizers of the conference have raised more than $200,000 in donations to host on the conference in Lexington. The largest gift was donated from the John S. and James L. Knight Foundation.

How do I sign up?
Visit the Creative Cities newsletter form for more information and sign up details: http://creativecitieslexington.us1.list-manage.com

Kentucky Non-Employer Businesses Up From 2006 – U.S. Census data

admin — Tue, 25 Aug 2009 08:53:17 +0000

U.S. Census data showed that non-employer businesses were up 4.1 percent since 2006. The total number of non-employer businesses in Kentucky are 278,100–up from 267,161 in 2006. Non-employer businesses are typically self-employed individuals with unincorporated businesses.

Incentive Program For Kentucky Businesses

admin — Wed, 12 Aug 2009 19:40:26 +0000

Governor Steve Beshear signed into law House Bill 3 in June of 2009. This bill, known as Incentives for a New Kentucky (INK), will help streamline and modernize Kentucky’s business incentive program. This bill will help encourage small business, tourism and other forms of development across the state.

Here are some of the details of INK:

Provides a program for existing manufacturers who need to make a significant capital investment in Kentucky facilities in order to remain competitive;
Consolidates KIDA, KREDA, KJDA & KEOZ into a single, more flexible tax incentive program for new and expanding businesses;
Provides a sales and use tax refund for companies that are heavy users of computer and telecommunications equipment; and,
Expands KEIA to allow sales tax refunds for the purchase of electronic processing systems costing $50,000 or more.

Funding Sources For High-Tech Firms In Kentucky

admin — Sun, 09 Aug 2009 22:37:44 +0000

Get Seed Funding For Your Kentucky-Based Business

The growth of high-tech firms in the state of Kentucky is dependant on new forms of capital in order to help further economic development in Kentucky’s recession-stricken economy. The research for and implementation of new products and technologies can be beyond the means of start-up companies who strain to come up with the private investment funds. Newer firms need alternative forms of funding to turn to must turn to alternative financing, commonly referred to as, “pre-seed” or “seed” funding.

Pre-seed as well as seed funding sources are often provided by both federal and state financial programs. Private venture capital companies make up the other sources for the initial funding. Numerous additional forms of funding incentives are offered to local Kentucky firms either looking to locate or further-develop their business within Kentucky.

To learn more about High Tech seed funding

You can visit Kentucky.gov, for more information on sources of funding for High-Tech firms in the Bluegrass state.

For a community based business resource navigator, follow the link (below) and select your desired community. You will be able to select relevant information within the online “Small & Minority Business Branch”. Simiply select whether you are a new business or an existing business. The category “Years 3-5 (Sustaining)”, provides useful ongoing advice for your existing business as well.
http://www.thinkkentucky.com/SMBD/ERN/ernMain.aspx

Seed funding awards: a list of one term’s receipiants and award levels
http://kentucky.gov/Newsroom/thinkkentucky/hightechinvestmentpool013108.htm

Concerning KY Community Business Info and General Research Questions:
Office of Research & Information Technology
Phone: (502) 564-4886
Email: econdev@ky.gov

Small Business Advocacy
For more information or assistance,
please email Ken.Robinson@ky.gov
or call Kentucky Commission on Small Business Advocacy at 877-355-3822.

Private Venture Capital

For a list of private venture capital sources:
Private Venture Capital in Kentucky

Commonwealth Seed Capital, LLC

Commonwealth Seed Capital is dedicated to creating high-technology jobs and will provide the needed seed capital for high growth potential, high-technology companies. They select companies that have a tendency towards innovation, have a meaningful Kentucky presence, and are expected to generate significant profits for investors. Their typical investment size is up to $250,000 per round. CSC also invests differing amounts in other angel, seed or venture capital funds. To inquire contact:
Primary contact: Commissioner Deborah Clayton,
Department of Commercialization
and Innovation at the Kentucky Cabinet for Economic Development
Or, Growth Services, the CSC fund manager,
www.GrowthServicesLLC.com
300 West Broadway,
Old Capitol Annex,
Frankfort KY 40601
www.thinkkentucky.com/DCI/DCIStateRes.aspx
(502) 564-7670.