Churchill Downs reports record revenue for Q1
Revenue rose 9 per cent to $642.6m.
US.- Churchill Downs Incorporated (CDI) has reported financial results for the quarter ended March 31. Revenue was $642.6m, up 9 per cent compared to the same period last year amid the continued expansion in historical racing machine (HRM) venues and the April 2024 opening of Terre Haute Casino Resort in Indiana.
Net income attributable to CDI fell 5 per cent to $76.7m. Adjusted EBITDA reached $245.1m, up 1 per cent year-on-year.
Live and Historical Racing revenue was up 11 per cent to $276.4m and adjusted EBITDA reached $102m driven by Virginia HRM venues and Kentucky venues. Gaming revenue was $267.2m, with the opening of Terre Haute contributing $31.6m. The gaming segment recorded $123.5m in adjusted EBITDA, up from $122.8m Q1 last year.
TwinSpires revenue for the quarter was $115.8m, up from $114.1m. This was driven by Exacta, which benefited from expanded HRM operations in Virginia and New Hampshire. TwinSpires Horse Racing added $0.8m but faced higher legal costs, reducing its contribution to EBITDA. The sports betting business saw a $2.2m decline in revenue after the exit from Kentucky’s sportsbook market in February.
Churchill Downs announced that it would delay $880m in planned construction projects at its namesake track in Louisville, though it will make upgrades to existing facilities.
