Duluth, GA, July 31, 2024 (GLOBE NEWSWIRE) -- Pace-O-Matic, the nation’s leading developer of skill games, congratulates Churchill Downs Inc. (CDI) on a record second quarter for 2024. CDI representatives continue to launch misleading campaigns attacking small businesses and fraternal clubs, such as American Legions and VFWs, that operate skill games. Yet, according to an earnings report released this month, CDI saw a record second quarter in 2024.
In the second quarter of 2024, CDI saw a net revenue of $890.7 million, up $122.2 million from the second quarter of last year. In fact, CDI reported a record second-quarter revenue across all of its reporting segments. Live and historical horse racing revenue was up 25%, TwinSpires (CDI’s online betting platform) revenue was up 36%, and gaming revenue was up 14% compared to the second quarter of 2023 (all adjusted EBITDA). Additionally, the gaming giant opened a casino resort and a hotel in the second quarter of this year.
On a recent earnings call, Bill Carstanjen, CEO of Churchill Downs Inc. said, “The second quarter was great for us, with all-time record financial results.” When asked if working to keep skill games out of their markets impacted the positive earnings, Carstanjen said, “That helps our facility, that definitely is a positive thing...certainly it’s something our company focuses on.”
Small local businesses and non-profits rely on supplemental income from skill games to pay bills, create jobs, offer competitive wages, provide employee benefits, donate to charitable causes, and much more. Yet, CDI has spent millions to attack legal games of skill in multiple markets, putting thousands of small businesses at risk.
“It’s no secret that Churchill Downs has waged a war against and is ‘focused’ on destroying small businesses and fraternal clubs across the country to protect their bottom line,” said Chief Public Affairs Officer for Pace-O-Matic, Mike Barley. “While they make unfounded claims that skill games threaten their business, they continue to rake in hundreds of millions in profits and break revenue records. At the same time, local small businesses legally operating games of skill are struggling to keep their doors open. It’s the definition of David vs. Goliath.”
“Let’s be clear: this is not your father’s Churchill Downs that focused on live horse racing. The Churchill Downs of today does not want to expand or operate live horse racing. The company’s entire focus is centered on operating and expanding their slot machine and casino business,” added Barley.
CDI and other global casino giants are determined to eliminate any perceived competition in the gaming market, often claiming that legal skill games impact their growth. Yet the company continues to thrive even in markets where games of skill are operating and regulated, such as Wyoming. Regardless of what CDI and other big casinos say, Pace-O-Matic remains committed to providing engaging skill-based entertainment to players while supporting the heart and soul of America – local small businesses.
About Pace-O-Matic (POM)
Pace-O-Matic is the leading developer of games of skill in the United States. Its games are played in thousands of local small businesses including restaurants and bars as well as fraternal organizations such as VFW halls, American Legion posts, fire halls, and others. Pace-O-Matic games generate millions of dollars in revenue for businesses and clubs across the United States.
