Business

First-quarter loss for Churchill Downs

Louisville-based Churchill Downs announced first-quarter earnings this week.

Revenue rose to $73.7 million from $65.7 million in the same period in 2008. Net income fell to a loss of $4.8 million from a profit of $742,000 last year.

Earnings per share were a loss of 36 cents compared to 5 cents last year.

Earnings were down compared to a year ago because the company last year received a one-time boost from $17.2 million in insurance payments from damages sustained at facilities during Hurricane Katrina. The company said its parimutuel handle fell 6 percent year-over-year during the quarter, though its online business saw a 19 percent increase in revenues. Its gaming operations grew to $17.9 million in net revenue, up 43 percent from a year ago.

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