Churchill Downs, Boyd impress analysts

Churchill Downs‘ second quarter was “solid” (Daniel Politzer) to say the least. Revenue shot past Wall Street‘s consensus expectation of $132 million to ring the bell at $185 million. Credit goes to a 27% increase in Internet-gaming revenue, including $100 million in handle despite horse races yet to be run. Casino revenue is also up 9% at CHDN properties since they have reopened. So confident is management that it has upped its capital commitment to Turfway Park from $150 million to $200 million. Historical horse racing was the bomb, generating $521/slot/day at Derby City last month, numbers that would make most casino executives swoon with bliss. Today should bring further revelations regarding the fate of the Kentucky Derby, of 670 new gaming positions at Rivers Casino Des Plaines and the $300 million hotel slated for CHDN’s titular raceway.