Churchill Downs reports record revenue of $890.7m for Q2

Revenue for the second quarter increased 14.7 per cent year-on-year.

US.- Churchill Downs Incorporated (CDI) has reported financial results for the quarter ended June 30. Revenue was $890.7m, an all-time quarterly high and up 14.7 per cent compared to the same period last year.

Net income attributable to CDI rose 46 per cent to $209.3m. The operator also achieved an all-time high adjusted EBITDA of $444.8m, up 22 per cent from Q2 2023.

The Live and Historical Racing segment’s revenue increased by 20 per cent to $490.2m, driven by a record-breaking Kentucky Derby Week and expansions in Virginia. Adjusted EBITDA for this segment grew by 25 per cent to $279.2m. TwinSpires, CDI’s online and retail sports betting platform, saw revenue growth of 15 per cent to $159.9m, with adjusted EBITDA rising 36 per cent to $46.2m.

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The Gaming segment reported a revenue increase of 11 per cent to $274.4m following the opening of the Terre Haute Casino Resort in April 2024. Adjusted EBITDA increased 14 per cent to $140.7m. Revenue in the ‘All Other’ category, including intercompany revenue from the captive insurance company established in April 2024, was $1.9m. Adjusted EBITDA decreased to $21.3m, driven by increased corporate compensation and administrative expenses.