Amid Pandemic, CDI Reports TwinSpires Growth

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Churchill Downs | Coady Photo

Predictably, Churchill Downs, Inc. (CDI), on Wednesday reported 2020 first-quarter revenue drops because of the COVID-19 pandemic that has shut down racing and gaming throughout the nation since mid-March.

But CDI noted within those results that it experienced “strong performance” from its TwinSpires advance-deposit wagering platform, with handle growth of 8.3% over the prior year’s quarter.

“For the first quarter of 2020, net revenue increased $4.3 million from the prior year quarter primarily due to a $3.7 million increase at TwinSpires,” CDI reported in its Apr. 29 United States Securities and Exchange Commission filing.

“Thoroughbred industry handle decreased 1.0% during the first quarter of 2020 compared to the prior year quarter,” the filing continued. “Although horse racing content for wagering decreased …our customers wagered more on the content that was available. Active players increased 11.6% for the first quarter of 2020 compared to the prior year quarter while net revenue per active player declined 3.5%.”

Other first-quarter figures reported by CDI were:
• Net revenue of $252.9 million, down 5% over the prior year quarter.
• Net loss attributable to CDI of $23.4 million compared to net income attributable to CDI of $11.6 million in the prior year quarter.
• Adjusted net income of $2.0 million, compared to $25.5 million in the prior year quarter.

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