- By Tom LaMarra
Talking out both sides of the mouth ... and trying to make sense of it all. read blog
Talking out both sides of the mouth ... and trying to make sense of it all. read blog
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.
The parent company of Canterbury Park reported a smaller first-quarter profit May 13, blaming current economic conditions and increased competition at the racetrack located in Shakopee, Minn.
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.
The owner of Colonial Downs reported it lost $4.1 million during 2008, due in part to its investment in MTR Gaming Group, it was reported March 18.
After turning over a new leaf in management, Youbet.com's net income for the third quarter of 2008 experienced a significant increase in profit from the year before.
Churchill Downs Inc. more than doubled its net earnings against decreasing revenues from continuing operations in the third quarter, the company announced Nov. 5.
Churchill Downs Inc. said Aug. 6 it was pleased with its second quarter results despite various challenges that left the company with flat earnings in year-over-year comparison, claiming a high-profile dispute with horsemen had "little impact" on certain aspects of its financial performance.
Flush with settlement funds from a failed buyout attempt from private equity groups, Penn National Gaming Inc. said July 24 it is ready to examine the many options it has for its future.
Churchill Downs' 52-day spring meet closed July 6 with steep declines in handle and purses, likely results of a well-publicized clash between track officials and horsemen over wagering revenue.
A leading executive of Churchill Downs Inc. told a gathering of shareholders June 19 that he didn't know when a nasty revenue-sharing dispute with horsemen would be resolved, but promised the company would do its part in reaching a satisfactory conclusion for all.
In a flurry of responses filed recently in federal court, Kentucky horsemen claim Churchill Downs Inc. owes purse funds upwards to $3 million in unpaid fees from wagering revenues, and have asked a judge to force the racetrack company to pay out funds lost from a 20% purse cut.
Players involved in the fractious negotiations with Churchill Downs over revenue sharing on the evening of May 13 exhorted a gathering of more than 150 horsemen to stay the course in the standoff and support their efforts.
The National Thoroughbred Racing Association has largely credited its NTRA Advantage program for a $3.1-million revenue surplus for 2007.
Youbet.com reported March 31 it lost $28.7 million in the fourth quarter of 2007 on the same day it was notified by NASDAQ it faces delisting from the stock exchange.
The parent company of TVG Network reported the horse racing television channel realized a 10% increase in wagers processed for 2007, but saw overall revenues decline slightly for the year.
Churchill Downs Inc. says it is sincerely interested in hosting the Breeders' Cup World Championships, so much so that it offered what it considered an "innovative" multi-year plan for regularly staging the annual event at its signature namesake track starting in 2009.
Youbet.com reported a decline in overall handle and increase in total revenue for the third quarter of 2007, but a related earnings conference call with analysts Nov. 7 was punctuated by discussion of the federal investigation involving the company's off-shore entity, International Racing Group.
A joint resolution that would allow voters of individual Florida counties to decide if they want specified forms of casino gaming is among at least two pieces of gaming legislation filed for the upcoming session of the Florida Legislature, which begins March 5.
MTR Gaming Group, the owner of Mountaineer Race Track and Gaming Resort, hits some new financial records for the third quarter but still reported a decline in earnings per share.
Penn National Gaming, Inc. (PENN: Nasdaq) today reported record third quarter results for the period ended September 30.
Youbet.com is on solid footing, according to the California online horse racing and wagering service's top executive. Chief executive officer David Marshall said he expects substantial increases in revenue and to secure additional capital within the next three months.
The owner of Mountaineer Race Track and Resort in West Virginia took a huge hit in the stock market Friday morning after releasing poor second quarter earnings.
Magna Entertainment reported mixed results for its second quarter on Wednesday and announced it had delayed a major renovation of Gulfstream Park.
Gaming machines at Charles Town Races and expansions at Mississippi casinos helped Penn National report record revenue and earnings for the second quarter ending June 30.
Churchill Downs Inc. hit a couple financial records during its second quarter due to record wagering on Kentucky Derby and Kentucky Oaks days, additional racing days, and growth in its simulcast network.
Churchill Downs Inc. hit several financial records during its second quarter due to record wagering on Kentucky Derby and Kentucky Oaks days, additional racing days, and growth in its simulcast network.
Gtech Holdings, a lottery systems operator and co-owner of Turfway Park, reported first quarter earnings that were 6-7 cents higher than analysts' expectations.
MTR Gaming Group, the owner of Mountaineer Race Track and Gaming Resort, reported double digit increases in revenue, earnings, and net income for the first quarter ending March 31.
Penn National Gaming reported record earnings and revenue for the first quarter ending March 31, but also had profits slip after a large write-off of debt.
Magna Entertainment reported a 28% gain in fourth quarter revenue, but losses in net income and earnings per share for the three-month period ending Dec. 31. For the year, the Canadian racing conglomerate reported a 25.5% increase in revenue, a jump in net income from $441,000 to $13.5 million, and an increase in diluted earnings per share from 1 cents to 16 cents.
Youbet.com will begin taking bets through its new Oregon wagering hub in August, a month earlier than expected. Once the hub is operating, customer can beginning wagering on racetracks once offered exclusively through the TV Games Network. Youbet.com is anticipating significantly higher revenue by the first quarter of next year.
Canterbury Park reported a 114% increase in revenue and a 300% increase in earnings per share for its first quarter. The strong performance is attributed to the Minnesota racetrack's card room. Call Now, the owner of Retama Park, saw revenue increase but so did its net loss.
Youbet.com reduced its net loss for the first quarter of the year by 31% to $2.4 million, or 12 cents per share. During the same period a year ago, the company reported a net loss of $3.4 million, or 17 cents per share. The online horse racing and wagering service also gained 1,400 new subscribers between Jan. 1 and March 31.
Magna Entertainment reported an 87% increase in earnings to 28 cents per share along with double digit increases in revenue and net income for the first quarter ending March 31.
A 45.9% increase in revenue at Charles Town Races helped its parent company Penn National acheive record revenue, earnings, and net income for the first quarter of the year.
A card club that produced revenue of $11.3 million helped Canterbury Park Holding Corp. post record operating results for 2000. The company owns Canterbury Park, the Thoroughbred track located in Shakopee, Minn.
Youbet.com cut its losses by 45% during its third quarter ending Sept. 30. Increased revenue and wagering by subscribers is helping pull the California-based company slowly toward the black side of the balance sheet.
Magna Entertainment Corp. reported an increase in revenue, but losses in earnings and net income for the its third quarter ending Sept. 30. The company also loses its second top executive in a month.
Canterbury Park's card room has substantially increased operating revenue, net income, and earnings for the Minnesota track's third quarter ending Sept. 30.
Churchill Downs reports strong third quarter revenue and earnings gains, but warns the gains could be offset by the end of the year. Penn National also reports strong revenue and earnings.