Churchill Downs reports record revenue for 2024

Revenue rose 11 per cent to $2.7bn for the year.

US.- Churchill Downs Incorporated (CDI) has reported revenue of $2.7bn for full-year 2024. That’s a rise of 11 per cent compared to 2023. The opening of the Terre Haute Resort Casino added $96.6m.

Net income attributable to CDI reached $426.8m, up $9.5m or 2 per cent year-on-year. The company posted adjusted earnings before interest, taxes, depreciation and amortization of $1.2bn, up $135.3m or 13 per cent year-on-year.

For the fourth quarter, Churchill Downs reported net revenue of $624.2m, an increase of 11 per cent compared to the same period in 2023. Net income attributable to CDI rose by 24 per cent to $71.7m, while adjusted EBITDA increased by 8 per cent to $236.6m. 

Churchill Downs also announced a series of capital projects that it calls “the largest expansion and renovation undertaken in the 150-year history of CDI.”

The Skye Reconstruction and Expansion Project will replace 11,500 existing uncovered box seats and dated areas with 13,300 seats. The Conservatory Project will replace 2,100 temporary suites in the infield which line the homestretch of the racetrack with permanent structures, including 36 suites. The Infield General Admission Project will introduce three new permanent buildings within the infield to provide enhanced amenities for the Kentucky Derby.

Churchill Downs CEO Bill Carstanjen said: “These projects, as well as key infrastructure improvements, reflect the company’s commitment to providing world-class hospitality and premium seating options for guests for many decades to come. We have a proven track record of prudently investing capital in the Kentucky Derby to create once-in-a lifetime experiences for our guests while also creating significant long-term value for our shareholders.”