Racetrack and gaming operator Churchill Downs Incorporated (CDI) made a loss of $81.9m in 2020 as revenue dropped 207% to $1.05bn, but the business experienced a strong Q4 recovery, with profit increasing by more than 300%.
While land-based and racing revenue fell, online revenue from CDI’s Twin Spires online product brought in $403.4m, up 40.7%. Almost all of this came from its online horse race wagering platform, while $4.3m came from its sports betting and casino brand, which was rebranded under the Twin Spires umbrella earlier this year.
The Churchill Downs site brought in $142.8m, down 48.0%, with $63.3m coming from the racetrack and $79.5m from the Derby City racino at the track.
Venues besides Churchill Downs remained CDI’s largest source of revenue, however, bringing in $441.4m, though this was down 36.3%. The Fair Grounds in Louisiana brought in $97.6m of this total, while Presque Isle in Maine brought in $75.2m and Ocean Downs in Maryland $60.2m. All venues saw revenue decline year-on-year.
CDI brought in a further $61.5m from other sources.