Churchill Downs has unveiled its Q1 triumphs, boasting a stellar $590.9m in revenue. This marks a 6% year-on-year surge, setting a new record. Yet, net income saw a 48% plunge to $80.4m, contrasting the revenue’s ascent. Still, the quarter glowed with a 9% hike in adjusted EBITDA, reaching $242.5m.
Live and Historical Racing soared, with a 15% revenue boost and a 23% EBITDA leap. Kentucky HRM, Virginia properties, and Rosie’s Emporia fueled this growth. Meanwhile, TwinSpires galloped ahead with an 18% revenue jump and a 35% EBITDA spike, thanks to the Exacta deal and sports betting expansion.
Conversely, the Gaming segment faced an $8.4m revenue dip, impacted by a non-renewed Lady Luck Casino contract and January’s harsh weather. Yet, Churchill Downs is expanding, announcing The Rose Gaming Resort and Owensboro Racing & Gaming, set to launch in late 2024 and early 2025, respectively.
The company also sold a 49% stake in United Tote to NYRA Content Management Solutions and bought back $22.0m in shares. Despite a net income drop from $155.7m last year, factors like the Arlington Heights property sale and various expenses played a role.
Churchill Downs’ previous year ended robustly, with a record $2.5bn annual revenue, up 36%. This Q1 report reflects Churchill Downs’ enduring spirit and strategic prowess.