Churchill Downs Inc. posted record revenue in Q3

GamingToday.com is an independent sports news and information service. GamingToday.com has partnerships with some of the top legal and licensed sportsbook companies in the US. When you claim a bonus offer or promotion through a link on this site, Gaming Today may receive referral compensation from the sportsbook company. Although the relationships we have with sportsbook companies may influence the order in which we place companies on the site, all reviews, recommendations, and opinions are wholly our own. They are the recommendations from our authors and contributors who are avid sports fans themselves.

For more information, please read How We Rank Sportsbooks, Privacy Policy, or Contact Us with any concerns you may have.

Gaming Today is licensed and regulated to operate in AZ, CO, CT, IN, LA, MI, NJ, NY, PA, TN, and VA.

Churchill Downs Inc. posted record revenue in Q3 despite weakness in its social casino division.

Data released Thursday show revenue above $303.4 million in the three months ending September 30, an 8% year-on-year gain and a new record. Adjusted earnings fell 7% to $67.3 million while net income more than doubled to $8.7 million.

The company’s advance deposit wagering service Twinspires.com saw revenue rise 9% to $55.1 million as race betting handle rose 14.3%, outpacing the overall US thoroughbred industry growth by a hefty 13.5 percentage points.

Revenue at the land-based casino division was basically flat at $83m but earnings improved nearly 14% to $30.4 million. Revenue was up at its Maine and Florida properties, while Mississippi and Kentucky suffered declines. CDI’s casino portfolio expanded in Q3 via the acquisition of Maryland’s Oceans Down property via a joint venture with Saratoga Casino Holdings.

Weakness was also seen by analysts at CDI’s terrestrial race betting division where revenue was flat at $41.3m, while earnings nudged up one-third to $400,000.

Churchill Downs Incorporated is a racing, gaming and online entertainment company operating in six segments: Racing, Casinos, TwinSpires, Big Fish Games, Inc (Big Fish Games), Other Investments and Corporate.

The racing segment includes: Churchill Downs Racetrack, Arlington International Race Course, Fair Grounds Race Course. 

About the Author

Get connected with us on Social Media