- 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) -- In a release published earlier today by Churchill Downs Incorporated (Nasdaq:CHDN), please note that the diluted weighted shares outsanding for the year ended December 31, 2010, should be "15,666,000," not "15,664,000" as previously indicated. The corrected release, in its entirety, follows:
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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV