Just in time for Derby Week, gaming operator Churchill Downs Inc. (CD() reported new earnings and revenue records in Q1 2015
CDI reported revenue of $250.9m in the three months ending March 31, a 50% gain over the same period last year. Adjusted earnings were up 97% to $48.3m and cash from operating activities rose 73% to $89.7m.
The figures were boosted by CDI’s late-2014 acquisition of social and mobile gaming operator Big Fish Games, but expenses associated with that $885m purchase resulted in a $19.3m net loss for the quarter. On the plus side, the company’s net debt decreased by $70m to $700m.
CDI’s new Big Fish toy is now its top earner, contributing $91.9m in revenue and $20m in earnings. Big Fish’s social casino games provided the bulk ($49.3m) of total bookings and marked a 67% year-on-year improvement. Quarterly average paying users rose 50% and average daily bookings per paying user rose 12%.