Churchill Downs Incorporated is becoming increasing reliant on the online side of their business. Net revenue for the company was up 13% to $166.4m for the quarter and it was partly due online success. Twin-spires.com saw a wagering increase of 4.2% as net revenues for online hit £42m, an increase of 7%. It was over the year to date that performance was most impressive with net revenue showing an increase of 43% to $125.3m.
It has been over a year since they merged their Twin-spires.com site with YouBet.com in a controversial deal. It seems as if all the legal wrangling was worth it. CDI Chairman and CEO Robert L. Evans commented: “Once again, the decline in net revenues and EBITDA—excluding those Trust Fund proceeds—in our Racing Operations was more than offset by significant gains in our Online and Gaming businesses.”
The group was also thankful to the Harlow’s casino business it acquired last year that earned them a tidy $13.4m. That’ll wipe the collective smile from the horses’ faces.
The Borgata lost $10million in revenue thanks to Hurricane Irene. The storm shut down Atlantic City for three days in August and the losses have been felt everywhere. Paul Chakmak, CEO at owners Boyd Gaming, reiterated that the casino would have show increases in Q3 had it not been for the storm. Atlantic City continues to falter with monthly revenues declining consecutively for over three years. Borgata is the best in Atlantic City meaning that it’s like being the best team in last year’s NFC West.
Things aren’t much better in Delaware and this was a point rammed home by Dover Downs’ latest results. Gaming revenues were down 8.3% to $54.9m year-on-year for Q3 and our old friend Irene was being blamed here as well. It’s led us to the conclusion that this Bonfire Night the East Coast’s casino industry will be using Irene. Earlier this week COO at Dover Down Ed Sutor told a local radio station that an “annual license fee of $6,750,000” should be “eliminated.” We’re just surprised no one else has been out to get Irene. Poor bitch.
