Churchill Downs has reported that it registered US$1.3 billion in net revenue in 2019, a 32% increase over 2018.
US.- Churchill Downs Incorporated has reported business results for the quarter and full year ended December 31, 2019. Last year, Churchill Downs registered US$1.3 billion in net revenues, improving its performance over 2018 by 32%.
Net income attributable to Churchill Downs was US$137.5 million, compared to US$352.8 million in 2018. It registered a record adjusted EBITDA of US$451.4 million, up 37% compared to US$328.8 million in the prior year.
In 2019 it achieved 10th consecutive year of record-setting financial performance for Derby Week and The Kentucky Derby. It also completed the acquisitions of Presque Isle Downs & Casino, the management of Lady Luck Casino Nemacolin, and Turfway Park.
Fourth quarter results
The company’s fourth quarter 2019 net income was US$4 million, comprised of US$4.2 million in net income from continuing operations and US$500k in net loss from discontinued operations, and excluding US$300k in net loss attributable to non-controlling interest, compared to US$11.4 million in the prior year quarter, comprised of US$7.3 million in net income from continuing operations and US$4.1 million in net income from discontinued operations.
The Company’s fourth quarter 2019 net loss from discontinued operations increased by US$4.6 million compared to the prior year quarter due to an income tax benefit incurred during the fourth quarter of 2018 related to a change in estimate for state apportionment treatment of the discontinued operations in certain states in which recent tax reform had been passed, which did not occur in the fourth quarter of 2019.