Churchill Downs Incorporated returns to profit in Q1
Churchill Downs Incorporated (CDI) returned to profit in Q1 of 2021 as revenue grew 28.2% year-on-year to $324.3m, thanks to the acquisition of new race courses and the continued growth of the operator’s online division.
Almost half of CDI’s revenue came from land-based casino gaming away from the Churchill Downs site, up 4.1% to $152.0m from the first quarter of 2020, the final weeks of which were impacted by the novel coronavirus (Covid-19) pandemic.
Breaking this figure down further, CDI’s racino at the Fair Grounds racetrack in New Orleans brought in more gaming revenue than any other site, at $38.3m, up 21.2%. Presque Isle in Maine followed, even though revenue declined to $23.8m. Ocean Downs, Riverwalk and Harlow’s Casinos also saw revenue increase, while it declined at Calder Casino, Oxford Casino and Lady Luck Nemacolin.
The recently rebranded TwinSpires online division, meanwhile, saw revenue increase 44.7% to $99.7m. The vast majority of this came from horse racing, which brought in $92.7m, up 39.2%, while sports betting and casino gaming contributed the remaining $7.0m, up 180.0%.