Churchill Downs enjoys 40% Q1 revenue growth
Churchill Downs Incorporated, the Louisville, Kentucky racetrack operator, has reported Q1 net revenue of $265.4m, a 40% increase year-on-year.
Adjusted EBITDA also increased to $74.6m for the period, a 51% rise.
Net income for the period was $11.6m; it was $182m in the previous year. Churchill Downs sold Big Fish Games for $168.2m in the first quarter of 2018, with adjusted net income up 61% to $25.5m.
The operator says it realigned its segments to “reflect the internal management reporting used by chief decision makers to evaluate results of operations and to assess performance and allocate resources.”
The three key segments are; Churchill Downs, online wagering and gaming.
Net revenue at Churchill Downs saw an increase from $2.3m to $21.4m. Online wagering decreased its revenue by 0.3% to $63.4m and revenue in the company’s gaming sector increased 51.2% to $170m.
Adjusted EBITDA decreased $1m in the online wagering sector as the operator launched its sport betting and online gaming operations in New Jersey in partnership with Golden Nugget Casino.
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