Churchill Downs Inc. posted net earnings of about $800,000 in the first quarter of 2008, compared with a net loss of $8.4 million for the same period a year ago, the company announced May 6.
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.
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.
- By Ryan Conley
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.
- By Ryan Conley
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.
- By Tom LaMarra
Play at poker tables in their first few weeks of operation at Mountaineer Race Track & Gaming Resort has exceeded expectations.
- By Tom LaMarra
The financial results of the two biggest racing days for Churchill Downs Inc. show the company's new revenue model for account wagering can be successful, a company official said.
Louisiana operations helped Churchill Downs Inc. narrow its first-quarter loss, the company reported May 8.
Gemstar TV Guide International Inc., publisher of TV Guide magazine and parent company of TVG Network, reported higher first-quarter profit May 3, as its interactive program guides for cable and satellite TV drove revenue.
Churchill Downs reported net revenues of $376.67 million for 2006, a 5.71% increase over 2005, according to financial data released March 12.
Churchill Downs Inc. reported Tuesday that earnings tumbled in the third quarter, as the year-ago period benefited from a hefty gain on the sale of assets.
- By Ryan Conley
Magna Entertainment officials parried with contentious callers during an earnings conference call Nov. 2.
Victory by Discreet Cat in the UAE Derby (UAE-I) moved him to the top of the list of leading Kentucky Derby (gr. I) hopefuls by graded stakes earnings.
Churchill Downs Inc. reported net earnings of $71.6 million for the third quarter of 2005, up from a loss of $3.8 million for the same period last year, thanks to the sale of Hollywood Park in Southern California.
- By Tom LaMarra
Magna Entertainment Corp. expects to have partners lined up for some of its pending racetrack gaming operations before the end of this year, and hopes to have a presence in Nevada, where account wagering could be offered in the future.
- By Tom LaMarra
Magna Entertainment Corp., which registered a $25-million decline in net income in the last year, expects to post a net loss for 2005 but is banking on profitability--and operation of slot machines in three states--by the end of 2007.
Magna Entertainment Corp. reported a net loss of $4.12 million for the first quarter of 2005, down from net income of $21.11 million for the comparable period in 2004.
With seven weeks remaining in the calendar and racing year, jockey John Velazquez is well ahead of Edgar Prado and Jerry Bailey in the race to be leading rider by earnings.
Churchill Downs Inc. officially reported Tuesday that its results for the third quarter that ended Sept. 30 would be down from its earlier projections.
Canterbury Park Holding Co. reported a decrease in net income for the first three months of 2003 compared with the same period in 2002, but an increase in revenue for the three-month period.
Magna Entertainment Corp. reported a $6-million decrease in net income for the first quarter of 2003 compared with the same period in 2002, according to a financial statement released April 30.
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.
Magna Entertainment reported across-the-board declines in revenue, net income, and earnings per share for the third quarter ending Sept. 30. The Ontario-based racing conglomerate also announced the resignation of two more directors, John York II and James Nichol, from its board of directors.
Penn National Gaming, Inc. (PENN: Nasdaq) today reported record third quarter results for the period ended September 30.
Gtech Holdings, a lottery operator and one-third owner of Turfway Park, doubled its profits for its fiscal second quarter ending Aug. 24.
- By Ron Mitchell
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 took another major hit in the stock market Monday when its stock dropped 14% to $3.45.
Magna Entertainment's stock plunged Friday on the heels of a second quarter earnings report that failed to meet analysts' projections. The stock fell 20.6%, a loss of $1.04, on heavy trading to $4.01.
Magna Entertainment's buying spree is over for the time being. The Ontario-based racing conglomerate has shifted its focus toward making the 10 racetracks it owns and manages more efficient and profitable.
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.
Maxxam, the industry conglomerate that owns Sam Houston Race Park, posted a huge first quarter loss after its aluminum operation declared bankruptcy. The bankruptcy is not expected to affect racing operations.
Canterbury Park Holding reported an 11.4% increase in revenue and a 28.6% increase in net income for the first quarter ending March 31. Revenue of $8.9 million and net income of $931,038 were records.
Gemstar-TV Guide International, parent company to the TV Games Network, posted a steep first quarter net loss due to $297.8 million write-off and declining revenu
Higher insurance costs and a lack of live racing caused Churchill Downs' first quarter losses to deepen.
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.
Scientific Games reported $5.4 million, a gain of 10 cents per common share, in net income for the three month period ending March 31. For the same period a year ago, the company reported a net income of $4.1 million or a loss of 10 cents per share.
Canterbury Park announced record revenue and net income for 2001. A full year of revenue from its Card Club allowed the Minnesota racetrack to increase revenue by nearly 22% and raise net income by 116.5%.
MTR Gaming Group, owner of Mountaineer Park, reported double digit increases in revenue, net income, and earnings for the fourth quarter and 2001. The West Virginia company (Nasdaq:MNTG) also reported decreases in earnings per share for the quarter and for the year.
Gemstar-TV Guide stock plummeted Tuesday morning on the heels of poor fourth quarter and year-end results. As of 3 p.m., the parent company of the TV Games horse racing network was down $4.21 to $17.52, a drop of 19.4%.
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.
Penn National reported a record fourth quarter Monday with revenue climbing 48.1% and net income jumping 105.2%. The Pennsylvania racetrack and casino company also announced it will be offering 2.5 million in additional shares of common stock, which should generate about $74 million. Another 1 million shares will be offered at the same time by the Carlino Family Trust.
Gtech Holdings, a co-owner of Turfway Park and lottery system operator, reported Monday an 18% increase in fiscal third-quarter profits due to the sale of terminals and software to the United Kingdom. Net income rose to $21.6 million, or 73 cents a share, in the three months ending Nov. 24 from $18.3 million, or 53 cents a share, a year earlier.
Canterbury Park reported increased revenue and decreased net income for the third quarter ending Sept. 20. Revenue for the Minnesota racetrack was up 4.3% to $12.1 million, but net income for the third quarter fell 21% to $378,103, or 10 cents per share.
The TV Games Network's parent company reported a 13.5% increase in net loss for the third quarter ending Sept. 30. The increase in losses was attributed to charges related to the merger between Gemstar and TV Guide in July 2000 and to higher operating expenses.
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