Churchill Downs reports record net revenue in Q2
The company reported $934.4m in net revenue and adjusted EBITDA of $451m.
US.- Churchill Downs Incorporated (CDI) has reported financial results for the second quarter of 2025. The company generated net revenue of $934.4m, up five per cent, and adjusted EBITDA of $451m. It’s the fifth consecutive second quarter that the company has seen new highs for both.
Live and historical racing revenue increased by $50.7m, with Virginia historical racing machine (HRM) venues reporting an increase of $23.8m and Kentucky HRM venues an increase of $22m. Gaming revenue decreased by $8.1m due to a $5.2m decrease from the cessation of HRM operations in Louisiana and a $2.9m net decrease at Churchill Downs’ nine gaming properties.
Bill Carstanjen, chief executive officer, said: “This year, we once again set all time records for wagering on the Derby race, the full Derby Day program, and Derby Week as a whole. Wagering on the Derby race was up 11 per cent over last year’s all time high. Derby Day wagering increased nine per cent over the previous record, and wagering for derby week rose six per cent above last year’s benchmark. By continuing to attract the best horses from around the world and benefiting from the derby’s expanding cultural relevance, we are seeing consistent growth in wagering across the week.”
He added: “This also helps our TwinSpires horse racing business to attract both serious as well as casual betters. TwinSpires horse racing set records this year for wagering, new registrations, and active players during Derby Week. Our partnerships with FanDuel and DraftKings also set new Derby Week wagering records. We intend to continue building on these positive trends.”
“HRM facilities in new markets like Northern Virginia take time to attract, develop, and retain customers. We saw meaningful growth in the gross gaming revenues each month during the quarter when normalized for calendar differences, and we are continuing to build our customer database. In Central Virginia, we are on schedule and on budget with our growth project at the Richmond HRM venue.
“We continue to make great progress in building the Roshire gaming parlor in Henrico County. We are excited for the planned opening of this upscale entertainment venue in October, ahead of schedule and on budget.” In Kentucky, the company is progressing on the Marshall Yards HRM facility in Calvert City.
In New Hampshire, the company is to acquire the majority of Casino Salem.
