Churchill Downs Inc. reduced loss in 2008 4Q

Mar 24, 2009 4:09 PM
Earnings by Ray Poirier |

Looking to see slots legislation approved in Kentucky, Churchill Downs Inc. (CHDN) said it had reduced its loss in the fourth fiscal quarter of 2008.

The loss from continuing operations was $3.5 million or $0.26 per share compared to a loss of $5.1 million or $0.38 a year earlier.

Admitting that on-track wagering has slowed, Robert Evans, president and CEO, noted that customers were increasingly choosing to wager online, and that slots and online betting combined to account for about 24% of revenue for the year.

The company has installed slot machines at its racetrack in Florida and said it will benefit from having observed how other racinos have operated.