This year a record-breaking 164,858 people attended the 137th running of the Kentucky Derby, breaking a 37 year record. The race was watched by an additional 14.5 million people on television.
The stock price of the Derby owner, Churchill Downs Inc. jumped to a new 52-week high on the news, and in response to an earnings report that showcased strong revenues from a number of recent acquisitions. Shares of Churchill Downs (NASDAQ: CHDN) climbed to $45.08 on May 12.
The acquisitions helped boost the results at Churchill Downs. To diversify away from horse racing, a seasonal industry, Churchill Downs has been buying up other types of gaming properties. Revenues in the first quarter jumped 54% compared to the previous year after Churchill Downs bought Youbet.com, Harlow’s Casino and Resort Hotel, and Calder Casino.
The revival in Derby interest along with strong increases in revenues make Churchill Downs Inc. this week’s Market Mover.