10/21/2003 11:00PM

Churchill income steady


Churchill Downs Inc. had net income of $13.2 million in the third quarter of 2003, or 59 cents per share, essentially identical to the results of the third quarter last year despite a 6.4 percent drop in revenue, the company announced Wednesday.

Churchill, which owns six racetracks, had revenue of $117.5 million in the third quarter of 2003, down from $125.6 million in the third quarter last year. Churchill's CEO, Tom Meeker, said the decline was principally because of lower subsidies from riverboat casinos in Indiana to Churchill's Hoosier Park as well as 37 fewer live racing dates in the quarter compared with last year.

At Hoosier, revenue declined from $14.5 million to $10.7 million in the quarter, down 26.2 percent.

Churchill also owns Churchill Downs, Hollywood Park, Arlington Park, Calder Race Course, and Ellis Park. The company is currently trying to sell Ellis Park, which has had difficulty turning a profit.