Tuesday November 6,2012 : CHURCHILL DOWNS DELIVERS LACK-LUSTRE RESULTS
But growth opportunities expected to pay off going forward
Louisville, Kentucky-based horse racing firm Churchill Downs Incorporated released uninspiring third quarter results presenting flat growth in overall revenues.
While the Company's online business fared better than its terrestrial horse racing divisions showing a net revenue growth of 9 percent, EBITDA was negatively affected by launch costs of its new real-money gaming site Luckity.com as well as continued expenditure on the development of an exchange wagering platform.
Its equity investment in horseracing television network HRTV also delivered a loss of $0.4 million .
CDI chairman and chief executive officer Robert L. Evans said the Company has made a lot of progress building its portfolio of growth opportunities in the third quarter and in the few weeks since and expects those to deliver in the near future.