CDI Q3 Earnings Triple From Year-Ago Period On Wagering Business
Churchill Downs Inc.'s (CDI) account-wagering business and a slot-machine parlor at the company's Fair Grounds Race Course & Slots in New Orleans "boosted its sagging racetrack business" during Q3, according to Gregory Hall of the Louisville COURIER-JOURNAL. CDI's net earnings "more than tripled" to $2.47M from $818,000 in the year-ago period, when the Fair Grounds slots parlor was "only open for a portion of the quarter." The company's net revenue dropped 4% to $99.6M from $103.9M last year. Betting handle at CDI properties and through the company's TwinSpires.com account-wagering service declined 12%, "roughly in line with industry declines," though that was "lessened by a 62[%] gain in the online handle" of $56M. CDI Exec VP & CFO Bill Mudd: "All in all, we had a strong quarter. I think that's impressive considering the state of our economy and the challenges we have in the racing industry." Mudd added that "expanded gambling will outpace racing during the January-March quarter, when only one Churchill track offers live racing." Racing will be "bigger during the second quarter" when the Kentucky Derby runs at Churchill Downs (Louisville COURIER-JOURNAL, 11/6). The THOROUGHBRED TIMES' Frank Angst reported net earnings for CDI's racing operations in Q3 were down 39.4% to $4.686M. CDI attributed the decline to "signal problems" at Calder Race Course, as well as a "weak economy, and lower handle throughout U.S. Thoroughbred racing." But Angst noted CDI's total net earnings for the first nine months of '08 are up 48.6% to $32.622M (THOROUGHBREDTIMES.com, 11/5). At presstime, shares were trading at $34.16, down 5.3% from yesterday's close of $36.07 (THE DAILY).
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