Gaming growth drives CDI to record revenue and net profit for third quarter
| By Robert Fletcher
Churchill Downs Incorporated (CDI) saw revenue and net profit reach record levels in the third quarter of its 2021 financial year, primarily due to growth across its gaming and live and historical racing operations.
Revenue for the three months to September 30 amounted to $393.0m, up 16.3% year-on-year from $337.8m in the corresponding period last year.
Gaming remained by far the main source of income for CDI, with revenue in this segment climbing 38.8% to $185.6m. CDI said this increase was due to relaxed novel coronavirus (Covid-19) restrictions at its facilities, with these measures having impacted its results in 2020.
Net revenue increased for all gaming properties, with the exception of the Riverwalk and Fair Grounds and VSI, with the latter two having been impacted by Hurricane Ida, which hit Louisiana in August. This led to the temporary closure of Fair Grounds Race Course & Slots and OTBs.