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Online business helps Churchill Downs’ bottom line

American operator of the online wagering service has reported a 13 percent year-on-year increase in overall net revenues.

Friday 28th October 2011

American horseracing and casino operator Churchill Downs Incorporated has released its financial results for the third quarter of 2011 showing a record 13 percent year-on-year increase in net revenues to $166.3 million. Louisville-based Churchill Downs also operates the online wagering service and revealed that earnings before interest, tax, depreciation and amortisation for the three-month period more than doubled to $43 million from the $17.1 million it recorded for the third quarter of 2010. Churchill Downs put the rise in net revenues for the third quarter primarily down to the inclusion of the $13.4 million generated by Harlow’s Casino Resort and Hotel, which it acquired in December, as well as the improved quarter-over-quarter performance of Calder Casino and its online segment. experienced a 4.2 percent year-on-year increase in wagers for the three-month period due to growth in new customers and an increase in average-daily wagering. The Kentucky firm stated that earnings before interest, tax, depreciation and amortisation for the third quarter were affected by the impact of $19.3 million in Illinois Horse Racing Equity Trust Fund proceeds it received along with the inclusion of four million dollars from Harlow’s Casino Resort and Hotel. Earnings before interest, tax, depreciation and amortisation from Calder Casino also rose by $900,000 year-on-year while contributed four million dollars more than it did for the same period in 2010 due to a rise of $2.2 million in parimutuel revenues as well as the impact of charges related to the integration recorded over the identical stage last year. “It was a very good quarter even when we exclude the impact of the Illinois Horse Racing Equity Trust Fund proceeds,” said Robert Evans, Chairman and Chief Executive Officer for Churchill Downs. “Once again, the decline in net revenues and earnings before interest, tax, depreciation and amortisation, excluding those Trust Fund proceeds, in our racing operations were more than offset by significant gains in our online and gaming businesses. We used the resulting cash flow to pay down another $28.6 million in long-term debt during the third quarter, bringing our debt reduction for the first nine months of the year to $108.8 million.”

Source: OnlineCasinoNews

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