Churchill Downs Incorporated has reported record revenue of $572.5m for the third quarter of 2023.
US.- Churchill Downs Incorporated (CDI) has reported financial results for the quarter ended September 30. Revenue was $572.5m, up 49 per cent compared to the same period in the previous year. Net income was 7 per cent higher at $61m.
CDI announced record earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $218.2m, up 34 per cent year-on-year. Live and Historical Racing revenue was up 120 per cent and adjusted EBITDA up 134 per cent compared to the prior year quarter. TwinSpires revenue was up 5 per cent and gaming revenue was up 32 per cent.
CDI noted that it completed the acquisition of Exacta Systems, LLC on August 22 and opened Rosie’s Gaming Emporium in Emporia, Virginia on September 26. The latter is the seventh Rosie’s HRM entertainment venue in Virginia.
The company opened six race and sports books at Kentucky properties on September 7. It is finalising design and construction plans for a new HRM facility on a 20-acre site in Eastern Daviess County near Owensboro, Kentucky, with a target opening date of Q1 2025 and a target spend of $100 to $110m.
CDI’s joint venture, RVA Entertainment Holdings, LLC, launched November referendum campaigns for a casino in Richmond, Virginia and and to develop an HRM entertainment venue in Manassas Park, Virginia.