CDI sees revenue plummet and losses rise in first half
Churchill Downs Incorporated (CDI) has reported a year-on-year fall in revenue and a net loss for the first half of 2020, primarily due to the impact of the novel coronavirus (Covid-19) pandemic on the operator.
Net revenue for the six months to June 30 amounted to $438.0m, down 41.0% from $742.8m in the corresponding period last year.
Analysing its performance, CDI said that the main reason for this decline was the suspension of operations at its casinos, racetracks and gaming facilities across a number of states in response to restrictions related to Covid-19.
CDI noted declines in revenue across both its Churchill Downs and gaming arms, but was able to report some level of growth within its online gambling business.
The gaming division, which was last year CDI’s primary source of income, saw revenue drop 46.6% from $346.4m to $184.9m, with its gaming properties having been forced to close due to Covid-19, but venues have now started to reopen at limited capacity.