Churchill Downs reports revenue of $590.9m for Q1
Revenue for the first quarter increased 5.6 per cent year-on-year.
US.- Churchill Downs Incorporated (CDI) has reported financial results for the quarter ended March 31. Revenue was $590.9m, up 5.6 per cent compared to the same period last year and an all-time quarterly high for CDI.
Net income dropped was down 48 per cent to $80.4m. Adjusted EBITDA was a record $242.5m, up by 9 per cent.
Live and historical racing revenue increased by 15 per cent and adjusted EBITDA by 23 per cent compared to the first quarter of 2023. This was attributed to increased revenue from Kentucky HRM properties, Virginia properties and the opening of Rosie’s Emporia property in September 2023.
TwinSpires, the company’s online betting platform, reported revenue growth of 18 per cent and a 35 per cent increase in adjusted EBITDA. Th gaming segment saw a decrease in revenue by $8.4m, mainly due to the company’s decision not to renew its management agreement at Lady Luck Casino Nemacolin and inclement weather affecting gaming properties in January 2024.
CDI has announced plans for The Rose Gaming Resort, scheduled to open in late September 2024 and Owensboro Racing & Gaming, planned for the first quarter of 2025. The company has also completed the sale of 49 per cent of United Tote Company to NYRA Content Management Solutions and continued its share repurchase program, repurchasing $22m of shares in the first quarter of 2024.
