CDI Releases 2nd Quarter Results

by Rick Howlett on August 6, 2008

Churchill Downs, Incorporated officials say the company’s net earnings held steady during the second quarter of 2008.

Company CEO Bob Evans says net earnings from April through June were just over $29 million, about the same as the second quarter of 2007.

Revenues were up six percent over the previous year, which Evans says is good news given the state of the industry.

He says racetracks across the country are dealing with a drop in betting handle estimated at 3.7 percent.

“Things are tough in the U.S. thoroughbred racing industry and certainly we haven’t escaped that trend,”  Evans said during a Wednesday morning conference call.

Evans says a dispute with horsemen over revenues from advanced deposit wagering, or ADW, cost the company about $1 million during the second quarter.

Horsemen’s groups in Kentucky and Florida want Churchill Downs, Inc. to put a larger percentage of ADW revenue back into track purses and have blocked the simulcast signal of some races to wagering websites.

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