03/11/2007 11:00PM

Churchill's revenue rises


Churchill Downs Inc., the publicly traded owner of four racetracks, had net income of $29.8 million in 2006, or $2.21 a share, on net revenue of $376.7 million, according to financial statements released late Monday.

Income for 2006 was down compared with income in 2005 of $78.9 million, but Churchill recorded $69.9 million in a gain on the sale of Hollywood Park in 2005. In 2006 Churchill had net income of $4.3 million on the sale of assets.

The revenue from wagering and non-wagering sources of $376.6 million was up 5.7 percent compared with revenue from the same sources in 2005. Operating expenses increased 4.0 percent from $290.1 million to $301.6 million.

During the year, Churchill hired a new chief executive officer, hosted the Breeders' Cup event, and reached an agreement to sell its share of Hoosier Park in Indiana. The company recorded a $7.87 million write-down on the value of Hoosier Park in the fourth quarter of 2006. The sale of Hoosier is expected to be finalized this month.