Churchill Downs reports revenue growth of 51.1% in 2021

Churchill Downs Incorporated has reported net revenue of $1.59bn for the year ended December 31.

US.- Churchill Downs Incorporated (CDI) has released financial results for Q4 and full-year 2021. It’s reported net annual revenue of $1.59bn, up 51.1 per cent compared to 2020. The company also celebrated a return to profit, with income of $249.1m compared to a net loss of $81.9m.

Adjusted EBITDA for 2021 was up 119 per cent to $627m in comparison to $286.5m in 2020. Fourth-quarter 2021 net income was $43.3m compared to $17.1m in the prior year’s quarter. CDI’s online wagering platform, TwinSpires, saw adjusted EBITDA of $119m, down 6 per cent year-on-year but up 52 per cent from 2019.

In September, CDI announced the sale of Arlington International Racecourse in Illinois to the Chicago Bears for $197m and of land near Calder Casino in Florida for $291m to Link Logistics. Also last year, CDI reported record revenue at its Derby City Gaming historical horse racing parlor and growth in net revenue at its Oak Grove Racing, Gaming & Hotel.

This week, CDI announced an agreement to acquire most of the assets of Peninsula Pacific Entertainment (P2E). CDI will assume control of P2E’s assets in Virginia, New York and Iowa in a $2.49bn transaction.