Churchill Downs reports record Q3 revenue of $572.5m

Churchill Downs has released its Q3 financial report for 2023, which showed record revenue for this particular time of year, an increase of 49% to $572.5m. Net income for this quarter was also up 7% year-over-year to $61m.

The company, which owns and operates the home of the Kentucky Derby, Churchill Downs Racetrack, was part of some controversy in Q2 this year. A greyhound protection group flew a plane over the Kentucky Derby urging Churchill Downs and its online betting arm, Twinspires, to stop supporting dog racing.

Following the Kentucky Derby, Churchill Downs also had to suspend racing activity in June due to an abnormally high number of equine fatalities. However, after a safety review, the company announced the return of live racing in August.

Q2 in 2023 generated higher revenue, and saw a higher handle for the derby, but net income fell by 59%, possibly due to the above disruptions. By comparison, Q3 this year saw year-over-year increases of both revenue and income, as well as record adjusted EBITDA of $217.2m, a rise of 34% year-over-year.

Live and historical racing revenue specifically was up 120% year-over-year to $225.5m, while TwinSpires revenue rose 5% to $112.4m and gaming revenue increased by 32% to $244.9m. The increases in live and historical racing were attributed to: Virginia properties acquired, properties acquired in the Ellis Park and Chasers Transactions, the opening of Turfway Park, and increases from both Derby City Gaming and Oak Grove locations.

Churchill Downs also opened Rosie’s Gaming Emporium in September and completed the acquisition of Exacta Systems in August. With Kentucky’s recent launch of sports betting, the company also opened six race and sportsbooks in the state during Q3.

Most recently, Churchill Downs CEO Bill Carstanjen discussed the 150th anniversary of the Kentucky Derby at the Global Gaming Expo (G2E) earlier this month. The company has also already launched a Q4 November 2023 referendum campaign, seeking approval to develop an eighth historical horseracing venue in Manassas Park, Virginia.

Stephanie Feeley

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