Churchill Downs experiences growth in Q1
Churchill Downs reported a 40% year-on-year growth during the first quarter of 2019.
US.- Churchill Downs Incorporated has revealed that during the first quarter of the year its finances reported growth, and net revenue totalled US$265.4 million. This figure represents a 40% increase when compared to the same three-month period in 2018.
The company’s EBITDA rose 51% to US$74.6 million between January 1 and March 31, while net income was US$11.6 million. Churchill Downs Incorporated revealed that it realigned its segments in order to make them reflect the internal management reporting used by chief decision makers to evaluate results of operations and to assess performance and allocate resources.
The company’s three segments are online gambling, gaming and Churchill Downs. Net revenue at the facility experienced an increase from US$2.3 million to US$21.4 million. On the other hand, online betting revenue fell by 0.3$ to US$63.4 million. Furthermore, revenue in the gaming sector reached the US$170 million figure, which represents a 51.2% increase.
Adjusted EBITDA in the online gambling sector fell US$1 million in a period in which the operator launched sports betting and online gaming operations in New Jersey along with Golden Nugget Casino.
