During a conference call to report 4th quarter results, Churchill Downs officials said the company will discontinue its online sports betting and internet gaming operations. However, Churchill Downs will still offer retail, and brick-and-mortar sportsbooks. Churchill Downs CEO Bill Carstanjen said, “continued efforts in online sports betting and iGaming by the company didn’t make economic sense as he sees little chance of growth or return for shareholders in the highly competitive market.”
Churchill Downs (CHDN) on Wednesday reported Q4 adjusted net income of $1.27 per share, compared with $0.19 per share in the year-ago quarter.
Analysts polled by Capital IQ were expecting EPS of $1.13.
Revenue for the quarter ended Dec. 31 was $364.8 million, compared with $278.2 million in the year-ago period. Analysts were expecting revenue of $364.2 million.
Shares were up about 6% in the after-hours session.
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