Online wagering enhances Churchill Downs FY results

The power of the online wagering sector was again illustrated this week when US horse racing giant Churchill Downs posted its record Q4 and FY results for 2012.

Highlights of the Q4 report included:

* TwinSpires and Luckity online brands delivered one quarter of group net revenues.

* Q4-2012 produced record overall revenues that reached $158.5 million, a 6 percent increase over Q4-2011, with online providing a notable boost.

* EBITDA of $17.6 million, second highest all-time fourth-quarter EBITDA and surpassed only by last year’s Q4 record of $19.6 million

* Riverwalk acquisition helped to drive an 18 percent increase in Gaming EBITDA

For the full year 2012:

* Record net revenues of $732.4 million, up 5 percent over 2011

* EBITDA of $151.5 million, driven by Online and Gaming growth

* Online handle increased nearly 11 percent, and continues to outpace the industry

* Online EBITDA increased 7 percent, or $2.5 million, to $40.3 million over the previous year, reflecting a 10.9 percent increase in pari-mutuel handle driven by organic growth in customers and average daily wagering..

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