Churchill Downs Q1 revenue increases 54%
Churchill Downs recorded $559.5m in net revenue for Q1
US.- Churchill Downs has recorded $559.5m in net revenue for Q1 2023, up 54 per cent compared to the same period in 2022 ($364.1m). The company’s adjusted EBITDA was $222.9m, up 73 per cent.
The company’s live and historical racing net revenue for Q1 increased from $87.2m to $215.8m. Its adjusted EBITDA was $82.1m, up 194 per cent compared to the same period last year.
For 2022, the company registered a record $1.8bn in annual revenue. For the quarter ended December 31, revenue was $480.1m, up 31.6 per cent compared to the same period in the previous year. Adjusted EBITDA was 42.3 per cent higher at $180.7m.
Churchill Downs Racetrack has released details of plans for the 150th Kentucky Derby Run for the Roses, which includes a year-long celebration. It plans to add more social areas, another 3,600 new seats and 3,250 new standing-room tickets.
The plans also include enhancements to Twin Spires that will give horseracing fans access to additional vantage points. The Paddock will undergo a $200m renovation that will expand its walking ring, doubling its current size.
In February, Churchill Downs Incorporated completed its sale of the 326-acre Arlington Racecourse in Arlington Height, Illinois, to the Chicago Bears. The final purchase price for the sale agreed in September 2021 was $197.2m.
CDI applied the proceeds toward the purchase of gaming and racing properties it agreed to acquire from Peninsula Pacific Gaming last year. CDI assumed control of P2E’s assets in Virginia, New York and Iowa in a $2.49bn transaction. The deal covers Colonial Downs Racetrack in New Kent, Virginia, and six Rosie’s Gaming Emporium horse racing facilities in Virginia.
