GOOD FULL YEAR PERFORMANCE FROM CHURCHILL DOWNS ONLINE
01st March, 2017 at 14:29:38
But impacted by decline in social casino bookings.
Churchill Downs reported a strong full year 2016 performance primarily attributed to its overall social and online divisions despite a decline in social casino.
Key performance highlights for the twelve months ending December 31, 2016 include an increase of $96.3 million in net revenue driven primarily by a $72.5 million increase from Big Fish Games, mainly from casual and mid-core free-to-play game growth, and a $20.4 million increase from TwinSpires which the company attributes to a 23% increase in active players.
TwinSpires delivered a net revenue increase of $20.6 million, up 10 percent, and reported growth in handle of $131.8 million, or 14 percent, outpacing the USA thoroughbred industry performance by 13.1 percent. Adjusted EBITDA grew $6.6 million primarily driven by the favorable impact of increased wagering.
Big Fish Games' casual and mid-core free-to-play bookings grew $59.8 million due to a 29% increase in average paying users and an 8% increase in average bookings per paying user. The strong result was offset by social casino whose net revenue declined $10.9 million due to a reduction in bookings.
HIGH COURT TRIAL DATE SET FOR AMF ALLEGATIONS AGAINST DAVID BAAZOV (update)
Relating to insider trading charges.
A trial date has been set for former chief executive officer and president of Amaya Inc. David Baazov to appear before a Canadian High Court on November 20, 2017.
Slated as the largest insider trading investigation in Canadian history, the Autorité des marchés financiers (AMF) said during a hearing Tuesday, it expects to call around 50 witnesses in support of its allegations against Baazov whom it alleges was involved in a sophisticated system through which kickbacks were paid in exchange for tips on several impending takeover deals, one of which was the acquisition of the Oldford Group Ltd in 2014.
He faces insider trading charges along with Benjamin Ahdoot and Yoel Altman. All three have denied the accusations (see previous reports).
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