The Kentucky racing, casino and online betting company Churchill Downs reported group revenues up in the first quarter of 2014, but nevertheless incurred a $700,000 loss.
Total revenue from operations was up 13 percent to a record $167.3 million for the quarter, with revenue from casinos up 20 percent to $86.6 million.
Revenue from online gambling operations was $46.1 million, up 7 percent, and revenue from racing operations was $30.6 million, up 10 percent.
On the negative side, operating expenses were up 14 percent, while interest expenses up $3.5 million, sending the overall results into the red with a loss of $700,000.
In the first quarter of 2013, Churchill had net income of $1.1 million.
Management reported that the company’s account-wagering site, Twinspires.com, was up 8.8 percent in the quarter, at a time when the racing industry is struggling overall.
Twinspires.com had handle of approximately $1 billion in 2013 – almost 10 percent of all handle in the United States, making the account-wagering company the online market leader.