Churchill Downs Q4 revenue climbs 32%

Gaming remained the primary source of revenue, generating $210.9m in Q4.

02/23/23

Churchill Downs Incorporated has reported revenue of $480.1m for the fourth quarter of 2022.

US.- Churchill Downs Incorporated (CDI) has reported financial results 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.

Gaming remained the primary source of revenue, generating $210.9m in revenue, up 22.6 per cent year-on-year as a result of the additional properties now operating as part of CDI’s network. Live and historical racing revenue increased by 94.2 per cent to $175.4m, while the revenue from the discontinued TwinSpires business fell 6.5 per cent to $93.1m. Other revenue totalled $700,000.

Operating expenses increased 41.9 per cent to $468.4m and other costs reached $14.8m, leaving a pre-tax loss of $3.1m, compared to a $53.7m profit in 2021. CDI reported fourth-quarter net income of $1m.

For the full year, the company reported net revenue of $1.81bn, an increase of 13.3 per cent year-on-year. This included $755.9m from gaming, up 8.6 per cent year-on-year, while live and historical racing revenue was up by 50.2 per cent to $614.6m. TwinSpires revenue decreased 3.4 per cent to $436.1m, while other revenue for the year amounted to $2.9m.

Operating expenses climbed 13.4 per cent to $1.49bn. CDI paid $169.4m in tax, resulting in a net profit of $439.4m for the year, an increase of 76.4 per cent year-on-year. Adjusted EBTIDA was 21.8 per cent higher at $763.6m.

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