Business

Churchill Downs second-quarter revenues, income set records

Louisville-based Churchill Downs Inc. announced late Wednesday that second-quarter net revenue of $283.8 million and net income of $50.3 million set records.

The company, which owns the namesake track in Louisville, several other tracks and casinos, attributed the 5 percent year-over-year increase in revenue primarily to expansion of its gambling segment after it bought Riverwalk Casino Hotel in Vicksburg, Miss., in October.

Gaming revenue increased 30 percent, or $15.5 million, reflecting $14.1 million in revenue generated by Riverwalk, the company said in a news release.

Kentucky Oaks and Derby week's earnings before taxes and other factors were up $5.8 million.

Chairman and CEO Robert L. Evans said 2013 was the third consecutive year that adjusted income from the track's premier racing events exceeded $5 million.

Despite the strong performance in the first week in May, racing revenue overall decreased $3.1 million, or 2 percent, from $160.4 million to $157.4 million, compared to the same period last year.

Oaks and Derby week's performance was dragged down by the revenue losses at Calder Race Course in south Florida, the company said.

Online business revenues, including from Twinspires.com, were virtually unchanged, Churchill Downs said.

Evans said Churchill Downs Inc. planned to spend about $3.2 million to expand the gambling floor at its newly acquired Oxford Casino in Maine.

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