The sun rises between the Twin Spires at Churchill Downs on May 2, 2016.

The sun rises between the Twin Spires at Churchill Downs on May 2, 2016.

Chad B. Harmon

Churchill Doubles Third Quarter Net Income

ADW TwinSpires helps fuel successful third quarter.

In a record-breaking third quarter, Churchill Downs reports a 107% increase in net income for the three months ending Sept. 30, 2016 compared with the same three months last year.

Net income for the 2016 third quarter reached $8.7 millon and the company reported record third-quarter net revenue of $303.4 million, up 8% from last year.

Churchill credited the strong quarter in terms of net revenue to an $18.7 million increase from Big Fish Games, primarily from casual and mid-core free to play game growth; a $4.3 million increase from the company's advance-deposit wagering outlet TwinSpires.com; and a $300,000 increase from the casino segment.

The company reports that TwinSpires saw its third quarter net revenue grow from $50.7 million in 2015 to $55.1 million this year. Churchill attributed the improvement to an 8% increase in active players. Those players contributed to a 14.3% growth in total handle at the ADW.

The company did say adjusted earnings (EBITDA) declined $4.9 million, driven by a $9.8 million decrease from Big Fish Games, partially offset by EBITDA increases of $3.7 million from the casino segment and $1.2 million from TwinSpires.