Churchill Downs posts record revenue and income for Q2
Churchill Downs Incorporated has reported net revenue of $582.5m.
US.- Churchill Downs Incorporated (CDI) has released financial results for the second quarter of the year. It’s reported record net revenue of $582.5m and net income of $339.3m. Adjusted EBITDA for a quarter that saw the 148th Kentucky Derby was $291.2m compared to $233.3m in the second quarter of 2021.
CDI reported that it sold 15.7 acres of excess land near Calder Casino for $291m to Link Logistics, a Blackstone portfolio company. The Company received cash proceeds of $279m. It’s planning to use proceeds of the sale to purchase property as part of its Peninsula Pacific Entertainment (P2E) acquisition and to invest in other replacement properties.
The company reported on March 22, 2022, it entered into a definitive purchase agreement to acquire Chasers Poker Room in Salem, New Hampshire. Chasers is a charitable gaming facility located approximately 30 miles from Boston, Massachusetts, that offers poker and a variety of table games.
Churchill Downs expects the total investment in Salem, inclusive of the purchase to be approximately $150m. The transaction is expected to close in the third quarter of 2022.
