Churchill Downs revenue decreases 5% for Q1
Churchill Downs Incorporated reported that net revenue dropped 5% for Q1 while adjusted EBITDA fell 26%, an indication of the detrimental effect COVID-19 has put on the horse racing industry.
The Louisville-based company earned net revenue of $253m and adjusted EBITDA of $55.3m for the quarter.
Bill Carstanjen, Chief Executive Officer of Churchill Downs, said: “Our strong balance sheet and the deep experience and resilience of our team will enable us to emerge from these challenging times as a stronger company ready to execute on all of the growth opportunities we have shared with our investors.”
Churchill Downs imposed a temporary suspension of horse racing on 14 March as a precautionary step to prevent further spread of the coronavirus.
A day later Churchill Downs postponed The Kentucky Derby for 5 September. It was originally supposed to run in May.
To provide the company with additional financial flexibility, Churchill Downs borrowed $675m in revolving credit to give the company total unrestricted cash and cash equivalents of $701m as of 31 March.
Later in March Churchill Downs announced temporary furloughs of employees and significant salary decreases for senior level executives.
The TwinSpires mobile betting app produced an 8.3% growth in handle year-on-year, with online wagering revenue up 7% to $67m.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
