Despite posting record first quarter revenues, Churchill Downs Inc. posted a net loss of $8.67M, or 64 cents per share. Nevertheless, CFO Bill Mudd is ‘pleased with the results’, largely because in the struggling horse racing business, simply opening one’s gates each morning is viewed as a moral victory. Interestingly, racetrack revenues fell while the company’s online wagering service posted gains. But this is Kentucky, I hear you saying — isn’t online gambling a dastardly criminal scourge that must be eradicated from the face of the earth by any means necessary? Now where could we have got that impression from? Read more.
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