LOUISVILLE, Ky.—Horse of the Year Curlin closed out his record-setting career at Churchill Downs on Saturday during a parade on the final day of the track’s Fall Meet.

The 4-year-old colt, whose career earnings of $10.5 million set a North American racing record, made his final bow in a procession from the barn of trainer Steve Asmussen to the paddock at Churchill, where he circled with the starters for the fifth race before appearing in a winner’s circle retirement ceremony.

“It’s very emotional,” said Asmussen, who led Curlin to all but one of his 11 career victories....

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