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Churchill Downs report improved third quarter results

Churchill Downs Incorporated, an iGaming American horseracing and casino operator revealed a 13% increase in net revenues to $166.3 million over last year in their recently released financial results for the third quarter of 2011.

TwinSpires.com, an iGaming wagering service is operated by Churchill Downs who also revealed that their earnings before interest, tax, depreciation and amortisation for the third quarter has risen from $17.1 million, last year’s figure to  $43 million, which is more than double the amount when compared to last year.

According to Churchill Down, these results were influenced by the inclusion of the $13.4 million generated by Harlow’s Casino Resort and Hotel as well as a superior performance of its online segment, TwinSpires.com who reported a 4.2% increase in wagers for the third quarter because of new customers as well as an increase in average-daily wagering and the superior performance of Calder Casino who also reported an improved quarter-over-quarter results.

Churchill Down stated that the 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 and the addition of Harlow’s Casino Resort and Hotel’s $4 million. Calder Casino reported that their earnings before interest, tax, depreciation and amortisation increased by $900,000 when compared to last year’s figure while TwinSpires.com reported a $4 million, which is more than last year’s figure due to a rise of $2.2 million in parimutuel revenues as well as the impact of charges related to the YouBet.com integration recorded over the identical stage last year.

Robert Evans, Churchill Down’s Chairman and Chief Executive officer stated that “It was a very good quarter even when we exclude the impact of the Illinois Horse Racing Equity Trust Fund proceeds.”

“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.”

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