Despite record net revenue from its TwinSpires Horse Racing business in 2020, Kentucky Derby owner Churchill Downs made a net loss of $81.9m.
The US company said net revenue was $1.05bn, down 21 per cent, and EBITDA was down 37 per cent at $286.5m. The company had managed to run the iconic horse race in September.
The company suspended operations at its properties in March of 2020, gradually reopening with restrictions in May. Some closed again in July and reopened in August and more closed in November until January.
The one bright spot was online wagering, which rose during the year in terms of net revenue to $409.9m compared with $291.6m, mostly from the TwinSpires Horse Racing.