New casinos power Churchill Downs Q2 revenue growth

Churchill Downs reported a 25.8% increase in revenue for the second quarter of 2019 as new and newly-acquired casinos helped the company to a 64.3% rise in off-site gaming revenue.

Revenue from the Churchill Downs racetrack for the three months to 30 June amounted to $161m, up from $154.9m last year, after a record $250.9m handle for Kentucky Derby Day including $165.5m wagered on the race itself.

The Derby City Gaming facility, opened in September 2018 on the Churchill Downs site, took in $21.2m, bringing total revenue from the Churchill Downs site to $182.2m.

The operator’s casino estate increased by three following the acquisitions of Ocean Downs in Berlin, Maryland; Presque Isle in Erie, Pennsylvania and Lady Luck Nemacolin in Farmington, Pennsylvania. The new casinos took in $21.9m, $37.1m and $8.3m respectively, with Presque Isle being the highest-grossing of all Churchill Downs casino properties.

Read more on iGB North America.