Churchill Downs, a US based horseracing and gambling group has recently reveled its financial results for the second quarter of 2011. As per Churchill Downs, increase in net revenues 16% year on year to $249.7 million was because of the continuous expansion and growth of its online gambling sector. Total earnings of Churchill Downs is $40 million. In all, its online business has enjoyed 56% increase year on year to $16.7 million in the second quarter of 2011.
Robert Evans, CEO of Churchill Downs said, several years ago, group has adopted some diversification strategy, whose impact is clearly reflected in first quarter.
Robert Evans commented, "Depreciation, Revenues, tax, net earnings and earnings before interest have set a new record in the 2nd quarter that too when Harlow's casino property was temporary."