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Gaming Business Fuels 24-Percent Year-Over-Year Increase in Net Revenues from Continuing Operations Setting New Record for Net Revenues
Growth of Gaming and Online Businesses Produces Record Full-Year EBITDA of $80.4 Million and Record Fourth-Quarter EBITDA of $8.0 Million
Net Earnings from Continuing Operations Increase 11 Percent Year-Over-Year
LOUISVILLE, Ky., March 14, 2011 (GLOBE NEWSWIRE) --
Churchill Downs Incorporated ("CDI" or "the Company") (Nasdaq:CHDN) today reported business results for the fourth quarter and year ended Dec. 31, 2010.
2010 Year-End Results of Operations:
Net revenues from continuing operations for the full year 2010 were $585.3 million, an increase of $114.8 million, or 24 percent, over the prior year's net revenues from continuing operations of $470.5 million. The growth in net revenues from continuing operations was due primarily to the operation of Calder Casino, which opened on Jan. 22, 2010, the Company's acquisition of the Youbet.com business and the continuing growth of CDI's Online business segment, including its branded account-wagering platform, TwinSpires.com.
EBITDA (earnings before interest, taxes, depreciation and amortization) grew to $80.4 million in 2010, an increase of 23 percent, from 2009's total of $65.5 million. Gaming EBITDA increased by $10.2 million year over year due to the opening of the Calder Casino, improved results from Fair Grounds' slot machine gaming facility and the addition of Harlow's Casino Resort & Hotel ("Harlow's"), which the Company acquired in December 2010. Additionally, EBITDA from CDI's Online business increased $3.3 million as the Company benefited from the June 2010 acquisition of Youbet.com, which was operationally integrated with TwinSpires.com in November 2010.
Net earnings from continuing operations for 2010 were $19.6 million, or $1.26 per diluted common share, compared to net earnings from continuing operations of $17.7 million, or $1.27 per diluted common share, for the prior year.