Earnings

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Youbet.com Reports Small First-Quarter Loss

Youbet.com reported a small loss for the first three months of 2010, noting there would have been a similar gain if not for $1 million in expenses tied to its impending merger with Churchill Downs Inc.

Churchill Posts Slight Increase in Earnings

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Churchill Posts Slight Increase in Earnings

Churchill Downs Inc. released its second-quarter results after the close of the stock market July 29, with a slight increase in earnings due to its advance deposit wagering system and slot-machine gaming.

Youbet Looking Beyond Racing for Growth

Youbet Looking Beyond Racing for Growth

Flush off a quarter in which it saw increased handle and profit, Youbet.com said May 13 it would look at possibly establishing a presence in another country in an effort to expand its wagering offerings beyond horse racing.

Stronach Critical of Certain MID Investors

Magna Entertainment Corp. chairman Frank Stronach criticized certain hedge-fund investors for putting "unwarranted" pressure on the bankrupt racetrack company's parent entity, suggesting May 8 that those antagonists could start their own company if they didn't like what they saw.

CDI: Revenues Up, Earnings Down

CDI: Revenues Up, Earnings Down

Citing the absence of insurance payments received in 2008, Churchill Downs Inc. reported a net loss of $4.8 million in the first quarter of the year, but said a 12% increase in net revenues were attributed to strength in its Louisiana gaming business and on-line wagering operation.

MEC 2008 Loss Highest in Company History

One day after reporting Magna Entertainment Corp. would not release an annual report due to its ongoing bankruptcy proceedings, controlling shareholder MI Developments released data showing MEC posted its highest-ever annual loss in its brief history, though it's not exactly clear what the final tally is.

Deal to Sell TVG in 'Final Phases'

Deal to Sell TVG in 'Final Phases'

TVG has been classified as a discontinued operation by parent company Macrovision Solutions Corp., which says it in the "final phases" of negotiations to sell the horse racing network.

Magna Official Says He Will Step Down

Following a transition period, MI Developments chief executive officer and board member John Simonetti said he will leave his post, but he offered no timeline Aug. 8 during a conference call on the company's second-quarter earnings.

MTR Gaming Aims to Reduce Debt

MTR Gaming Inc. has defined as core assets its two Thoroughbred racinos and an Ohio harness track, and will examine sale possibilities of all other properties to reduce debt and raise shareholder value, the company said July 30.

Track Owner Boosts Stake in MTR Gaming

Track Owner Boosts Stake in MTR Gaming

Jacobs Entertainment Inc. and its affiliates have recently increased their overall stake in MTR Gaming Group, a move that follows a January announcement that the owner of Colonial Downs was shifting its focus towards facilities that feature multiple forms of gaming.

CDI: 2007 Challenges, 2008 Opportunities

CDI: 2007 Challenges, 2008 Opportunities

Churchill Downs Inc. is asking for patience in seeing financial rewards from what it termed an $80 million investment into the advance deposit wagering industry in 2007, and promises to act on opportunities for the company's progress in 2008.

'Groundhog Day:' MEC Losses Mount

'Groundhog Day:' MEC Losses Mount

With one analyst tagging the proceedings "Groundhog Day," Magna Entertainment Corp. announced Feb. 29 more losses during a short, testy conference call that discussed year-end financials for 2007.

CDI Keeping an Eye on the Future

CDI Keeping an Eye on the Future

Churchill Downs Inc. reported a 7.1% increase in net revenue for the third quarter of 2007, but realized a 62.9% decline in net earnings, as the company's chief executive voiced hope for the future on a variety of fronts during a Nov. 8 conference call.

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