Expanded casino estate boosts CDI revenue in 2019
Churchill Downs Incorporated’s net revenue for 2019 increased 33.0% to $1.33bn, thanks mostly to the building and acquisition of new casinos, though this expansion also weighed on the operator's bottom line.
Casinos away from the Churchill Downs site were the largest source of revenue for CDI, at $692.4m, up 54.0%.
Much of this was due to the acquisition of new casinos. Presque Isle in Erie, Pennsylvania, and Lady Luck Nemacolin in Farmington, Pennsylvania were purchased in January 2019, while the acquisition of Ocean Downs Casino in Berlin, Maryland - in exchange for its ts 25% Interest in the Saratoga Casino - was completed in September 2018.
Presque Isle, in its first year under CDI ownership, was the operator’s most successful property, bringing in $138.5m in revenue. Lady Luck brought in $29.3m while Ocean Downs contributed $85.9m.