Big Fish Games reeled in record quarterly revenues for Churchill Downs Inc., the company reported Monday.
For the first quarter, Churchill reported net revenues of $250 million, up 50 percent over the same quarter of 2014.
The company also recorded more than double the quarterly loss, too, largely due to accounting measures. Big Fish generated $19.3 million in acquisition-related charges and deferred revenue that weighed down the bottom line.
For the first quarter, Churchill reported a net loss of almost $1.6 million, or 9 cents a share, compared to a loss of $700,000, or 4 cents per share, in the same quarter of 2014.
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Big Fish revenue of almost $92 million outstripped every other segment of Churchill's portfolio, including casinos, at $85 million; TwinSpires, Churchill's account deposit wagering platform, at $45 million; and racing, at $24 million.
Most importantly, Big Fish reported a 40 percent increase in "bookings," in-game purchases by players, over the same quarter the previous year. In 2014, Big Fish reported $75 million in bookings; for 2015, it reported $104.8 million. The biggest chunk of those bookings was in social casino games, which also were rising the fastest.
"Our Big Fish Games acquisition, completed late in the fourth-quarter, helped drive record first-quarter results and provided further validation of our strategy to enter the growing online and mobile games segment," said Bill Carstanjen, CEO of Churchill Downs Inc.
He said there was "encouraging" growth in all of the segments, with adjusted earnings for the casino segment up 6 percent, for TwinSpires up 12 percent and racing up 10 percent. And Churchill also was able to pay down long-term debt by $70 million in the first quarter, an indication of significant cash flow increases.
"We are looking forward to another spectacular Kentucky Oaks and Kentucky Derby this weekend," Carstanjen said. "We think fans will appreciate the improvements made to Churchill Downs Racetrack, and our team is very excited to once again welcome everyone who attends or watches on television to 'the greatest two minutes in sports.'"
Churchill Downs executives will discuss the results with stock market analysts at 9 a.m. Tuesday. Investors may access the call at Churchilldownsincorporated.com.