The Chief Executive of Churchill Downs, Inc. told his company's stockholders that his company sees a lot of potential in the company's online betting operations.
Robert Evans was speaking to shareholders after the company released its financial results for the 2011 fiscal yer, which saw big gains thanks to online horse betting and casino gambling when he made the statement.
Commenting on his company's plans for the future, Evans said: We continue to look closely at every casino that’s up for sale, as well as considering additional joint-venture opportunities. We have one of the strongest balance sheets among gaming companies, and we have the financial resources to do more deals.”
Evans also said that Churchill Downs, Inc. will continue to pour money into its account wagering site Twinspires. He said that online betting has shown some of the strongest growth in the slowing horse racing industry.
“While the broad thoroughbred racing industry may be in decline, there is still a growing, profitable market for top-flight racing combined with entertainment." Evans said.
On some of his company's challenges, Evans said that Churchill Downs and other race tracks are losing horses to competitor states that allow tracks to feature slot machines in addition to horse racing.