Churchill Downs Incorporated (CDI) returned to profit in the first half of its financial year as revenue almost doubled year-on-year following the easing of novel coronavirus (Covid-19) restrictions in the US.
Revenue for the six months to June 30 amounted to $839.4m (£601.1m/€706.7m), up 91.6% from $438.0m in the corresponding period last year.
CDI said this increase was primarily due to the withdrawal of many Covid-19 measures, with these having severely impact its performance in H1 of 2020. Last year, its casinos, racetracks and gaming facilities were forced to temporarily close in mid-March in response to state orders to combat the spread of Covid-19.
However, CDI was able to operate its land-based facilities throughout the first half of this year, albeit with some restrictions, including capacity limits and social distancing, still in place.
Gaming was the main source of income for CDI in H1, with revenue here rising 84.5% to $338.0m. Live and historical racing revenue rocketed 365.2% to $239.1m, TwinSpires revenue climbed 23.6% to $235.3m and other revenue more than doubled from $13.0m to $27.0m.
