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(AP) NEW YORK — Churchill Downs Inc. said Monday it will increase its annual dividend by 20 percent to 60 cents per share.
The Louisville, Ky., racetrack operator and gambling company said it raised the dividend to reflect its strong financial results so far this year. The company more than tripled its profit in the first nine months of the year as it added sales from a recent acquisition of Harlow's Casino Resort & Hotel, and as online wagering sales rose.
Churchill Downs will pay the dividend on Jan. 23 to investors of record on Dec. 30. Its previous annual dividend was 50 cents per share.
The company owns and operates the Churchill Downs Racetrack, home of the Kentucky Derby, as well as racetrack and casino operations and a poker room in Miami Gardens, Fla.; racetrack, casino and video poker operations in New Orleans, La.; racetrack operations in Arlington Heights, Ill.; and a casino resort in Greenville, Miss.
