iGaming Business – US racetrack and casino owner Churchill Downs said that despite achieving record levels of revenue and adjusted EBITDA during the 12 months through to December 31, 2013, it had planned to do “even better”.
The firm posted full-year revenue of $779.3 million (€564.8 million), a record amount that was 7% higher than the $731.3 million achieved previous year.
Adjusted EBITDA also grew by 11% from $158.3 million in 2012 to a record $176.2 million in the past 12 months.
The successful full-year figures were boosted by Churchill Downs’s performance in the three months through to December 31, 2013.
The company posted net revenue of $162.4 million in the fourth quarter, a figure that was also a record amount for the firm, and a 3% increase on the same period in 2012.
Churchill Downs did suffer a 4% decline in adjusted EBITDA in the fourth quarter of 2013 due to greater segment losses in Racing Operations.
Robert L. Evans, chairman and chief executive officer of Churchill Downs, said: “2013 was a good year, but we had planned to do even better.
“While total year net revenues were up 7% to a record $779.3 million, adjusted EBITDA was up 11% to a record $176.2 million, and our common stock price increased 35% during the year, general economy softness, notably in job growth and personal disposable income growth, along with state-specific changes in legislation and regulation, and one-time expenses combined to negatively affect our performance, particularly in the fourth-quarter.”
