Churchill Downs Inc. posts record earnings for quarter

Churchill Downs Inc. had record net earnings in the second quarter of 2012 of $48.6 million, according to financial statements it released late on Monday. Revenue in the quarter of $270.8 million also set a record, the company said.

Revenue for the quarter from the company’s racing operations increased $12.1 million, or 8 percent, compared with the second quarter of last year, according to the statements. The company’s flagship racetrack, Churchill Downs in Louisville, Ky., hosted the Kentucky Derby and Kentucky Oaks during the quarter, and earnings from the two race days were a strong factor in the growth in racing revenue, Churchill officials said in a release accompanying the financial statements.

Churchill also posted a 13 percent gain in revenue from its Internet wagering operations during the quarter, with revenue rising to $52.7 million from $46.5 million. In the release, Churchill said that betting through its online operation, Twinspires.com, was up 29.7 percent compared with the second quarter last year.

Casino gambling revenue was up 4 percent, from $49.5 to $51.4 million, according to the financial statements. Churchill owns and operates a freestanding casino in Mississippi and casinos that are adjacent to its Calder Race Course in Miami and Fair Grounds in New Orleans.