Despite an announced attendance of 155,804, high television ratings, and record revenues of $75 million, the rest of the Churchill Downs picture is not quite as bright
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The company saw its losses for the first quarter, traditionally a tough time, rise from $4.83 million a year ago to $8.67 million this year. The big increase was attributed to expenses in buying Youbet.com and $1.1 million in startup costs for the January opening of its Calder Casino and Race Course slots parlor, according to the Louisville Courier-Journal.
Quarterly losses of 64 cents a share compared to 36 cents a share a year ago, when revenues were $73.74 million for the quarter. Chief financial officer Bill Mudd told the newspaper that “Overall, we’re pleased with the results.” Churchill’s Twin Spires ADW betting was up 8% for the quarter.
(Harness Tracks of America)