Churchill Downs revenue up in Q1
Thursday April 24 ,2014 : CHURCHILL DOWNS BOOSTS REVENUE BUT PROFITS DECLINE
Online operations perform well.
The Kentucky racing, casino and online betting company Churchill Downs reported group revenues up in the first quarter of 2014, but nevertheless incurred a $700,000 loss.
Total revenue from operations was up 13 percent to a record $167.3 million for the quarter, with revenue from casinos up 20 percent to $86.6 million.
Revenue from online gambling operations was $46.1 million, up 7 percent, and revenue from racing operations was $30.6 million, up 10 percent.
On the negative side, operating expenses were up 14 percent, while interest expenses up $3.5 million, sending the overall results into the red with a loss of $700,000.
In the first quarter of 2013, Churchill had net income of $1.1 million.
Management reported that the company's account-wagering site, Twinspires.com, was up 8.8 percent in the quarter, at a time when the racing industry is struggling overall.
Twinspires.com had handle of approximately $1 billion in 2013 – almost 10 percent of all handle in the United States, making the account-wagering company the online market leader.