Churchill Downs Incorporated turns a profit in Q1

Churchill Downs Incorporated

Churchill Downs Incorporated (CDI) returned to profit in Q1 of 2021 as revenue increased 28.2% year-on-year to $324.3m. It was due to the acquisition of new racecourses and the continued growth of the operator’s online division.

Around half of CDI’s revenue from land-based casino gaming away from the Churchill Downs site increased 4.1% to $152.0 million in Q1 of 2020. Though, it was impacted by the pandemic in the final weeks.

More specifically, CDI’s racino at the Fair Grounds racetrack in New Orleans brought in more gaming revenue than any other site, with $38.3 million, a 21.2 % increase. Even though revenue fell to $23.8 million, Presque Isle in Maine came in second. Revenue increased at Ocean Downs, Riverwalk, and Harlow’s Casinos. At the same time, it decreased at Calder Casino, Oxford Casino, and Lady Luck Nemacolin.

Meanwhile, revenue for the recently rebranded TwinSpires online division increased by 44.7 percent to $99.7 million. The vast majority of this came from horse racing, which brought in $92.7 million, up 39.2%, with the remaining $7.0 million coming from sports betting and casino gaming, up 180.0%.

 

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Nassima Azmzm

Nassima Azmzm

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