April 29–Churchill Downs Inc., the parent of the Louisville track that will host the Kentucky Derby on May 7, announced plans to build a new $25 million hotel at its casino in Oxford, Maine.

The announcement on Thursday followed the release of first-quarter earnings that showed record earnings thanks to continued gains from its online gaming company, Big Fish.

The hotel will include an expansion of the existing Oxford Casino facility, plus 100 new guest rooms, more dining options, and meeting and banquet space.

"Churchill Downs Incorporated is thrilled to expand our presence in Maine," said Bill Mudd, president and COO. "The new hotel will be a great addition to the Oxford Casino property and is a sign of our commitment to provide a first class facility in southern Maine."

This is the second time CDI has invested in and expanded the Oxford, Maine, casino since buying the property in July 2013.

For the quarter, Churchill reported profits of $2.8 million, or $0.16 per diluted share, up from a loss of $1.6 million, or $.09 per diluted share, in the same quarter of 2015.

"We delivered record net revenue and adjusted EBITDA this quarter and are encouraged by the early 2016 results in each of our segments," CEO Bill Carstanjen said in a news release. "With a strong first quarter behind us, we are now focused on the 142nd Kentucky Derby on May 7th and we are very excited to have our fans enjoy the new improvements and amenities that have been added to Churchill Downs Racetrack."

Churchill Downs executives will discuss the results with analysts in a conference call at 9 a.m. Friday.

Churchill's racing division reported an increase in revenue but still finished the quarter with a loss, while revenue from the casino division was flat and revenue from the TwinSpires advance-deposit wagering division was up slightly.

However, Big Fish Games showed a significant gains, growing from $91.9 million in the first quarter of 2015 to $122.1 million in 2016. Top games include Gummy Drop!, Dungeon Boss, Fairway Solitaire Blast and Sunken Secrets.

For the quarter, total bookings (payments players make in the game) grew $23.4 million, or 22%.