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Churchill Downs Inc. Message Board

  • betonallfours betonallfours Mar 13, 2008 5:04 PM Flag

    As expected, lousy numbers...


    $2.6 million in Q4 on lobbying at Calder (big expense on 13 million shares outstanding, but not $6 million, as the board idiot claims).

    Nothing about offshore, either.

    The best news of the report was the $300/machine numbers recently generated from slots at Fair Grounds. And that's just at the temporary facility.

    Do it right there and do it right at Calder, and the company will see some nice revenue growth.

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    • - revenue from continuing ops up 9% in '07.
      - additional $17.2M final insurance payouts for FG expected to book in 1Q08.
      - can and plan to do poker at Calder.
      - 1Q08 numbers are pointing to growth in as a result of NY content addition.
      - Cmdr Gonzo will be CPO for Derby 2008. (ok, I made that one up).

      Overall - a little too much ambiquity, partially their fault, partially not. Evans stated several times to "be patient" in regards to the ADW performance in '07 due to all the jitter from the various platform consolidations, content restrictions (e.g. AP not avail until mid Aug, Calder not at all). Hopefully his comments regarding 1Q08 performance to date are accurate and the next quarter shows solid improvement in this area that is critical for future growth.

      If you're a believer today sure looks like a buying opportunity.

    • Reading between the lines a little and factoring out ~ $21M from 2006 earnings (between the Fairgrounds insurance payments and the Calder slots lobbying costs), and I see some modest growth here. What am I missing, BOAF? (I've never claimed to know more than you)

      I agree the FG daily machine numbers are very impressive. Not so confident they'll be able to match that kind of return at Calder but we'll see.

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