The Kentucky Derby was very good for Churchill Downs, but Big Fish has been even better. The Louisville-based gambling and racetrack company announced late Wednesday that it had record revenue of more than $409 million in the quarter that ended June 30.
For the quarter, Churchill reported earnings or profits were down 3 percent to $55 million, or $3.10 per diluted share. Year-to-date, Churchill has reported earnings were down 6 percent to $53.5 million, or $3.02 per diluted share.
However, the revenue picture was bright, showing a 35 percent increase over the same quarter of 2014, due to a $6 million increase in profitability for 2015 Kentucky Derby week and especially to the payoff from Big Fish Gaming, the online game company Churchill now owns.
"While all of our segments showed improvements, Big Fish Games was our largest growth catalyst for the quarter and further validates our strategy to enter the online and mobile games segment," said CEO Bill Carstanjen in a news release.