July 27, 2011

Churchill Downs Incorporated Reports 2011 Second-Quarter Results

  • Net earnings from continuing operations climb 41 percent over Q2 of 2010
  • Online and Gaming businesses drive quarter-over-quarter increases in net revenue from continuing operations and EBITDA
  • Kentucky Oaks and Derby Week EBITDA grows $6.4 million over prior year
  • Free cash flow used to reduce long-term debt by $80.2 million since end of 2010

LOUISVILLE, Ky., July 27, 2011 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated ("CDI" or "the Company") (Nasdaq:CHDN) today reported business results for the second quarter and six months ended June 30, 2011.

Net revenues from continuing operations for the quarter grew 16 percent compared to the prior-year period—to $249.7 million from $215.4 million—primarily due to the continued expansion and growth of CDI's Online and Gaming business segments, which now include the Company's 2010 acquisitions. CDI's Online and Gaming segments recorded increases in net revenues from continuing operations of $16.7 million (up 56 percent) and $13.6 million (up 38 percent), respectively, when compared to the second quarter of 2010. The Online segment's results for the second quarter of 2011 include three months of Youbet.com results as opposed to approximately one month of Youbet.com revenues reported during the second quarter of 2010. CDI's most recent acquisition, Harlow's Casino Resort & Hotel, generated $9.5 million in net revenues during the quarter, despite being forced to close for 25 days in May due to Mississippi River flooding, while Calder Casino's net revenues improved $3.5 million over the comparable period in 2010.

EBITDA (earnings before interest, taxes, depreciation and amortization) for the second quarter of 2011 grew to $85.0 million, an increase of 41 percent from EBITDA of $60.4 million recorded in the second quarter of 2010. Racing Operations EBITDA increased $9.0 million quarter over quarter, driven primarily by Kentucky Oaks and Derby Week increases in sponsorship, admissions, corporate hospitality and broadcast right fees that generated an extra $6.4 million of Kentucky Oaks and Derby Week EBITDA compared to the prior year. During the second quarter, Churchill Downs Racetrack also benefited from a $2.9 million reduction in operating expenses related to a tax-increment financing agreement with the Commonwealth of Kentucky. CDI's Online and Gaming businesses also recorded quarter-over-quarter EBITDA increases of $6.7 million and $6.1 million, respectively.

Net earnings from continuing operations for the period were $40.0 million, or $2.36 per diluted common share, an increase of 41 percent from net earnings from continuing operations of $28.3 million, or $1.90 per diluted common share, in the second quarter of 2010.

"This was the first quarter to fully reflect the impact of our growth-through-diversification strategy that we adopted a few years ago," CDI Chairman and Chief Executive Officer Robert L. Evans said. "Revenues, EBITDA and net earnings from continuing operations set all-time records in the second quarter despite having to close our Harlow's casino property for 25 days due to Mississippi River flooding. We have estimated an EBITDA loss of approximately $3 million related to Harlow's temporary closure, and are working with our insurance carriers to recover that amount as part of our business interruption claim. We continue to use the growing free cash flow generated by our operating activities to pay down long-term debt, which decreased by $80.2 million since the end of 2010, while examining other strategic ways in which we can deploy our capital.

"Looking ahead, we see continue to see four paths to additional growth for our Company. First, we believe our existing businesses will benefit if the economy continues to improve. Second, we are cautiously optimistic about the resolution of the Illinois gaming bill that would allow us to operate up to 1,200 slot machines at Arlington Park and up to 900 slot machines at Quad City Downs. Third, we believe there are opportunities ahead for our Online business through the growth of TwinSpires.com, as bettors shift their wagers to the online channel, and through the possible expansion of legal Internet gaming in the United States. Finally, our business development processes and capabilities are significantly stronger, and we have the balance sheet capacity to continue to look for acquisition opportunities in regional casino gaming and elsewhere."

A conference call regarding this news release is scheduled for Thursday, July 28, 2011, at 9 a.m. EDT. Investors and other interested parties may listen to the teleconference by accessing the online, real-time webcast and broadcast of the call at http://ir.churchilldownsincorporated.com/events.cfm or by dialing (877) 372-0878 and entering the conference ID number 52962971 at least 10 minutes before the appointed time. International callers should dial (253) 237-1169. An online replay of the call will be available at http://ir.churchilldownsincorporated.com/events.cfm by noon EDT. A copy of the Churchill Downs Incorporated's news release announcing quarterly results and relevant financial and statistical information about the period will be accessible at www.churchilldownsincorporated.com

In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), CDI has provided a non-GAAP measurement, which presents a financial measure of earnings before interest, taxes, depreciation and amortization ("EBITDA"). CDI uses EBITDA as a key performance measure of results of operations for purposes of evaluating performance internally. CDI believes the use of this measure enables management and investors to evaluate and compare, from period to period, CDI's operating performance in a meaningful and consistent manner. This non-GAAP measurement is not intended to replace the presentation of CDI's financial results in accordance with GAAP. A reconciliation of EBITDA to net earnings is included in the Supplemental Information by Operating Unit table within this news release.

Churchill Downs Incorporated ("CDI") (Nasdaq:CHDN), headquartered in Louisville, Ky., owns and operates four world-renowned Thoroughbred racing facilities: Arlington Park in Illinois, Calder Casino & Race Course in Florida, Churchill Downs Racetrack in Kentucky and Fair Grounds Race Course & Slots in Louisiana.  CDI operates Harlow's Casino Resort & Hotel in Greenville, Miss., as well as slot and gaming operations in Florida and Louisiana. CDI tracks are host to North America's most prestigious races, including the Arlington Million, the Kentucky Derby and the Kentucky Oaks, the Louisiana Derby and the Princess Rooney. Churchill Downs Racetrack will host the Breeders' Cup World Championships for a record eighth time Nov. 4-5, 2011. CDI also owns off-track betting facilities; TwinSpires.com and other advance-deposit wagering providers; United Tote; television production, telecommunications and racing service companies such as Bloodstock Research Information Services; and an interest in the national cable and satellite network, HorseRacing TV. Information about CDI can be found online at www.churchilldownsincorporated.com.

Information set forth in this discussion and analysis contains various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 (the "Act") provides certain "safe harbor" provisions for forward-looking statements. All forward-looking statements made in this Quarterly Report on Form 10-Q are made pursuant to the Act. The reader is cautioned that such forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from expectations include: the effect of global economic conditions, including any disruptions in the credit markets; a decrease in consumers' discretionary income; the effect (including possible increases in the cost of doing business) resulting from future war and terrorist activities or political uncertainties; the overall economic environment; the impact of increasing insurance costs; the impact of interest rate fluctuations; the effect of any change in our accounting policies or practices; the financial performance of our racing operations; the impact of gaming competition (including lotteries, online gaming and riverboat, cruise ship and land-based casinos) and other sports and entertainment options in the markets in which we operate; our ability to maintain racing and gaming licenses to conduct our businesses; the impact of live racing day competition with other Florida, Illinois and Louisiana racetracks within those respective markets; the impact of higher purses and other incentives in states that compete with our racetracks; costs associated with our efforts in support of alternative gaming initiatives; costs associated with customer relationship management initiatives; a substantial change in law or regulations affecting pari-mutuel and gaming activities; a substantial change in allocation of live racing days; changes in Kentucky, Florida, Illinois or Louisiana law or regulations that impact revenues or costs of racing operations in those states; the presence of wagering and gaming operations at Indiana and other states' racetracks and casinos near our operations; our continued ability to effectively compete for the country's horses and trainers necessary to achieve full fields horse races; our continued ability to grow our share of the interstate simulcast market and obtain the consents of horsemen's groups to interstate simulcasting; our ability to enter into agreements with other industry constituents for the purchase and sale of racing content for wagering purposes; our ability to execute our acquisition strategy and to complete or successfully operate planned expansion projects; our ability to successfully complete any divestiture transaction; market reaction to our expansion projects; the inability of our totalisator company, United Tote, to maintain its processes accurately or keep its technology current; our accountability for environmental contamination; the loss of key personnel; the impact of natural and other disasters on our operations and our ability to obtain insurance recoveries in respect of such losses (including losses related to business interruption); our ability to integrate Youbet, Harlow's and any other businesses we acquire into our existing operations, including our ability to maintain revenues at historic levels and achieve anticipated cost savings; the impact of wagering laws, including changes in laws or enforcement of those laws by regulatory agencies; the outcome of pending or threatened litigation; changes in our relationships with horsemen's groups and their memberships; our ability to reach agreement with horsemen's groups on future purse and other agreements (including, without limiting, agreements on sharing of revenues from gaming and advance deposit wagering); the effect of claims of third parties to intellectual property rights; and the volatility of our stock price.

The reader should read this discussion in conjunction with the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q and the Company's Annual Report on Form 10-K for the year ended December 31, 2010 for further information, including Part I — Item 1A, "Risk Factors" for a discussion regarding some of the reasons that actual results may be materially different from those we anticipate, as modified by Part II — Item 1A, "Risk Factors" of this Quarterly Report on Form 10-Q.

CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF NET EARNINGS
For the three months ended June 30, 2011, and 2010
(Unaudited)
(in thousands, except per common share data) 
       
 Three Months Ended
 June 30,
 20112010% Change
Net revenues      
 Racing  $ 148,205  $ 147,440 1
 Gaming  49,459  35,848 38
 Online  46,526  29,847 56
 Other  5,496  2,260 F
   249,686  215,395 16
Operating expenses      
 Racing  91,090  96,770 (6)
 Gaming  38,237  31,617 21
 Online  28,851  20,912 38
 Other  5,732  2,154 U
 Selling, general and administrative expenses  18,301  15,617 17
       
 Operating income  67,475  48,325 40
       
Other income (expense):      
 Interest income  56  17 F
 Interest expense  (3,461)  (1,420) U
 Equity in earnings (loss) of unconsolidated investments    460   (290)  F
 Miscellaneous, net  3,158  359 F
   213  (1,334) F
       
Earnings from continuing operations before provision for income taxes  67,688  46,991  44
       
Income tax provision  (27,698)  (18,722) 48
       
Earnings from continuing operations  39,990  28,269 41
       
Discontinued operations, net of income taxes:      
 Loss from operations  --   (664) F
 Gain on sale of assets  157  -- F
       
Net earnings  $ 40,147  $ 27,605 45
       
Net earnings per common share data:      
Basic      
 Earnings from continuing operations  $ 2.38  $ 1.90 25
 Discontinued operations  0.01  (0.05) F
 Net earnings  $ 2.39  $ 1.85 29
       
Diluted      
 Earnings from continuing operations  $ 2.36  $ 1.90 24
 Discontinued operations  0.01  (0.05) F
 Net earnings  $ 2.37  $ 1.85 28
       
Weighted average shares outstanding      
 Basic  16,444  14,440  
 Diluted  16,935  14,895  
       
NM: Not meaningful   U: > 100% unfavorable   F: > 100% favorable
 
CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF NET EARNINGS
For the six months ended June 30, 2011, and 2010
(Unaudited)
(in thousands, except per common share data) 
       
 Six Months Ended
 June 30,
 20112010% Change
Net revenues      
 Racing  $ 179,833  $ 180,453 NM
 Gaming  108,546  69,596 56
 Online  83,329  48,142 73
 Other  9,532  2,367 F
   381,240  300,558 27
Operating expenses      
 Racing  136,675  142,835 (4)
 Gaming  79,639  60,524 32
 Online  55,216  33,392 65
 Other  10,783  2,611 U
 Selling, general and administrative expenses  34,305  28,656 20
       
 Operating income  64,622  32,540 99
       
Other income (expense):      
 Interest income  124  128 (3)
 Interest expense  (5,921)  (2,678) U
 Equity in earnings of unconsolidated investments   44  153 (71)
 Miscellaneous, net  3,615  653 F
   (2,138)  (1,744) 23
       
Earnings from continuing operations before provision for income taxes  62,484  30,796 F
       
Income tax provision  (25,680)  (10,671) U
       
Earnings from continuing operations  36,804  20,125 83
       
Discontinued operations, net of income taxes:      
 Earnings (loss) from operations  1  (1,188) F
 Gain on sale of assets  157  -- F
       
Net earnings  $ 36,962  $ 18,937 95
       
Net earnings per common share data:      
Basic      
 Earnings from continuing operations  $ 2.19  $ 1.39 58
 Discontinued operations  0.01  (0.08) F
 Net earnings  $ 2.20  $ 1.31 68
       
Diluted      
 Earnings from continuing operations  $ 2.18  $ 1.39 57
 Discontinued operations  0.01  (0.08) F
 Net earnings  $ 2.19  $ 1.31 67
       
Weighted average shares outstanding      
 Basic  16,401  14,027  
 Diluted  16,899  14,490  
       
NM: Not meaningful    U: > 100% unfavorable    F: > 100% favorable      
 
CHURCHILL DOWNS INCORPORATED 
SUPPLEMENTAL INFORMATION BY OPERATING UNIT
For the three months ended June 30, 2011, and 2010
(in thousands, except per common share data)
       
 Three Months Ended
 June 30,
 20112010% Change
       
Net revenues from external customers:      
 Churchill Downs  $ 95,839  $ 92,019 4
 Arlington Park  22,050  23,950 (8)
 Calder  19,412  20,647 (6)
 Fair Grounds  10,904  10,824 1
 Total Racing Operations  148,205  147,440 1
 Calder Casino  21,711  18,219 19
 Fair Grounds Slots  9,458  9,092 4
 VSI  8,789  8,537 3
 Harlow's Casino  9,501  -- F
 Total Gaming  49,459  35,848 38
 Online Business  46,526  29,847 56
 Other Investments  5,358  2,264 F
 Corporate  138  (4) F
 Net revenues   $ 249,686  $ 215,395 16
       
Intercompany net revenues:      
 Churchill Downs  $ 3,464  $ 2,428 43
 Arlington Park  1,159  919 26
 Calder  486  351 38
 Fair Grounds  --   8 U
 Total Racing Operations  5,109  3,706 38
 Online Business  219  217 1
 Other Investments  1,153  642 80
 Eliminations  (6,481)  (4,565) 42
 Net revenues   $ --   $ --   
       
Reconciliation of Segment EBITDA  to net earnings:      
 Racing   $ 58,447  $ 49,428 18
 Gaming  12,798  6,706 91
 Online   11,308  4,654 F
 Other Investments  1,045  907 15
 Corporate  1,385  (1,311) F
 Total EBITDA  84,983  60,384 41
 Depreciation and amortization  (13,890)  (11,990) 16
 Interest (expense) income, net  (3,405)  (1,403) U
 Income tax expense  (27,698)  (18,722) 48
 Earnings from continuing operations  39,990  28,269 41
 Discontinued operations, net of income taxes  157  (664) F
 Net earnings   $ 40,147  $ 27,605 45
       
NM: Not meaningful    U: > 100% unfavorable    F: > 100% favorable
 
CHURCHILL DOWNS INCORPORATED 
SUPPLEMENTAL INFORMATION BY OPERATING UNIT
For the six months ended June 30, 2011, and 2010
(in thousands, except per common share data)
       
 Six Months Ended
 June 30,
 20112010% Change
       
Net revenues from external customers:      
 Churchill Downs  $ 98,161  $ 94,604 4
 Arlington Park  31,398  33,786 (7)
 Calder  22,080  23,619 (7)
 Fair Grounds  28,194  28,444 (1)
 Total Racing Operations  179,833  180,453 NM
 Calder Casino  42,323  31,759 33
 Fair Grounds Slots  21,630  20,650 5
 VSI  18,216  17,187 6
 Harlow's Casino  26,377  -- F
 Total Gaming  108,546  69,596 56
 Online Business  83,329  48,142 73
 Other Investments  9,323  2,364 F
 Corporate  209  3 F
 Net revenues   $ 381,240  $ 300,558 27
       
Intercompany net revenues:      
 Churchill Downs  $ 3,612  $ 2,536 42
 Arlington Park  1,692  1,343 26
 Calder  547  375 46
 Fair Grounds  778  547 42
 Total Racing Operations  6,629  4,801 38
 Online Business  415  381 9
 Other Investments  1,752  1,015 73
 Eliminations  (8,796)  (6,197) 42
 Net revenues   $ --   $ --   
       
Reconciliation of Segment EBITDA to net earnings:      
 Racing   $ 45,809  $ 36,565 25
 Gaming  30,331  11,645 F
 Online   18,853  8,649 F
 Other Investments  953  1,125 (15)
 Corporate  211  (2,623) F
 Total EBITDA  96,157  55,361 74
 Depreciation and amortization  (27,876)  (22,015) 27
 Interest (expense) income, net  (5,797)  (2,550) U
 Income tax expense  (25,680)  (10,671) U
 Earnings from continuing operations  36,804  20,125 83
 Discontinued operations, net of income taxes  158  (1,188) F
 Net earnings   $ 36,962  $ 18,937 95
 
CHURCHILL DOWNS INCORPORATED 
SUPPLEMENTAL INFORMATION BY OPERATING UNIT
For the three and six months ended June 30, 2011, and 2010
(in thousands, except per common share data)
         
 Three Months Ended June 30,Change
 20112010$%
Management fee expense (income):        
Racing Operations  $ 4,528  $ 5,027  $ (499) -10%
Gaming  880  316  564 U
Online Business  1,058  640  418 65%
Other Investments  155  107  48 45%
Corporate  (6,621)  (6,090)  (531) -9%
Total management fees  $ --  $ --  $ --  
         
 Six Months Ended June 30,Change
 20112010$%
Management fee expense (income):        
Racing Operations  $ 5,990  $ 7,472  $ (1,482) -20%
Gaming  3,487  2,314  1,173 51%
Online Business  2,690  2,026  664 33%
Other Investments  356  143  213 U
Corporate  (12,523)  (11,955)  (568) -5%
Total management fees  $ --  $ --  $ --  
 
CHURCHILL DOWNS INCORPORATED 
SUPPLEMENTAL INFORMATION BY OPERATING UNIT
For the three and six months ended June 30, 2011, and 2010
(in thousands, except per common share data)
       
 Three Months Ended June 30, 2010
 Previously  Effect of 
 ReportedRevisedChange
       
Net revenues from external customers:      
 Churchill Downs  $ 89,390  $ 92,019  $ 2,629
 Arlington Park  23,050  23,950  900
 Calder  18,294  20,647  2,353
 Fair Grounds  9,898  10,824  926
 Total Racing Operations  140,632  147,440  6,808
 Calder Casino  12,779  18,219  5,440
 Fair Grounds Slots  8,625  9,092  467
 VSI  6,782  8,537  1,755
 Total Gaming  28,186  35,848  7,662
 Online Business  29,393  29,847  454
 Other Investments  2,305  2,264  (41)
 Corporate  (4)  (4)  --
 Net revenues from external customers  $ 200,512  $ 215,395  $ 14,883
       
 Six Months Ended June 30, 2010
 Previously  Effect of 
 ReportedRevisedChange
       
Net revenues from external customers:      
 Churchill Downs  $ 91,530  $ 94,604  $ 3,074
 Arlington Park  32,088  33,786  1,698
 Calder  21,244  23,619  2,375
 Fair Grounds  26,425  28,444  2,019
 Total Racing Operations  171,287  180,453  9,166
 Calder Casino  21,745  31,759  10,014
 Fair Grounds Slots  19,116  20,650  1,534
 VSI  13,657  17,187  3,530
 Total Gaming  54,518  69,596  15,078
 Online Business  47,350  48,142  792
 Other Investments  2,404  2,364  (40)
 Corporate  3  3  --
 Net revenues from external customers  $ 275,562  $ 300,558  $ 24,996
 
CHURCHILL DOWNS INCORPORATED
CONDENSED, CONSOLIDATED BALANCE SHEETS
As of June 30, 2011, and 2010
(in thousands)
     
 June 30,December 31, 
 20112010
ASSETS    
Current assets:    
Cash and cash equivalents  $ 31,031  $ 26,901
Restricted cash 67,371  61,891
Accounts receivable, net of allowance for doubtful accounts of $4,032    
in 2011 and $4,098 in 2010 41,196 33,307
Deferred income taxes 17,875  16,136
Income taxes receivable  --   11,674
Other current assets 20,210  20,086
Total current assets 177,683 169,995
     
Property and equipment, net 486,973  507,476
Goodwill 213,752  214,528
Other intangible assets, net 109,632  113,436
Other assets 10,463  12,284
Total assets  $ 998,503  $ 1,017,719
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 56,302  $ 47,703
Bank overdraft  6,819  5,660
Purses payable  18,293  12,265
Accrued expenses  49,191  49,754
Income taxes payable  19,658  -- 
Dividends payable  --   8,165
Deferred revenue  14,388  24,512
Deferred riverboat subsidy  44,239  40,492
Total current liabilities  208,890  188,551
     
Long-term debt  184,961  265,117
Convertible note payable, related party  --   15,075
Other liabilities  16,035  17,775
Deferred revenue  15,518  15,556
Deferred income taxes  8,803  9,431
Total liabilities  434,207  511,505
     
Commitments and contingencies    
Shareholders' equity:    
Preferred stock, no par value; 250 shares authorized; no shares issued  --   -- 
Common stock, no par value; 50,000 shares authorized; 17,150 shares issued    
at June 30, 2011 and 16,571 shares issued at December 31, 2010  257,623  236,503
Retained earnings  306,673  269,711
Total shareholders' equity  564,296  506,214
Total liabilities and shareholders' equity  $ 998,503  $ 1,017,719
 
CHURCHILL DOWNS INCORPORATED
CONDENSED, CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended June 30, 2011, and 2010
(unaudited)
(in thousands)
     
 20112010
Cash flows from operating activities:    
Net earnings  $ 36,962  $ 18,937
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization  27,878  22,015
Asset impairment loss  157  1,598
Gain on asset disposition   (46)  (12)
Gain on sale of assets  (271)  --
Gain on derivative instruments  (3,096)  (408)
Share-based compensation   2,966  1,586
Deferred tax provision  (1,566)  --
Other  1,990  748
Increase (decrease) in cash resulting from changes in operating assets and     
 liabilities, net of business acquisitions:    
 Restricted cash  (4,607)  (15,834)
 Accounts receivable  (7,810)  (4,943)
 Other current assets  (5,136)  (6,677)
 Accounts payable  10,865  9,448
 Purses payable   6,028  6,039
 Accrued expenses  4,312  6,646
 Deferred revenue  3,306  10,441
 Income taxes payable   31,097  6,690
 Other assets and liabilities  1,780  1,612
 Net cash provided by operating activities  104,809  57,886
Cash flows from investing activities:    
Additions to property and equipment  (10,867)  (52,148)
Acquisition of business, net of cash acquired  --  (32,408)
Acquisition of gaming license  (2,250)  --
Proceeds on sale of property and equipment  46  13
Change in deposit wagering asset  (873)  (873)
 Net cash used in investing activities  (13,944)  (85,416)
Cash flows from financing activities:    
Borrowings on bank line of credit  157,403  132,498
Repayments on bank line of credit  (237,560)  (66,075)
Repayment of note payable, related party  --  (24,043)
Change in book overdraft  1,159  3,390
Payment of dividends  (8,165)  (6,777)
Repurchase of common stock   (445)  (1,187)
Change in deposit wagering liability  873  332
 Net cash (used in) provided by financing activities  (86,735)  38,138
Net increase in cash and cash equivalents  4,130  10,608
Cash and cash equivalents, beginning of period  26,901  13,643
Cash and cash equivalents, end of period  $ 31,031  $ 24,251
CONTACT: Julie Koenig Loignon

         (502) 636-4502 (office)

         (502) 262-5461 (mobile)

         Julie.Koenig@kyderby.com


Close window | Back to top


Copyright 2017 Churchill Downs, Incorporated