Churchill Downs reports net revenue record of $628.5m for Q3 2024
The company also opened The Rose Gaming Resort in Dumfries, Virginia on October 23.
Key Points
- Net income and adjusted EBITDA also reached new record highs, reported to be $65.4m and $235.3m, respectively
- Revenue and adjusted EBITDA for CDI’s three segments including live and HHR, TwinSpires and gaming, were also reportedly record highs for Q3
Churchill Downs (CDI) has announced its financial results for the third quarter of 2024, reporting record highs in numerous categories including net revenue, net income and adjusted EBITDA.
CDI also officially opened a new resort in Dumfries, Virginia on October 23 that will include 1,650 historical racing machines and a 102-room hotel.
The Rose Gaming Resort will host a grand opening ceremony on November 7 to celebrate the debut of the $460m facility.
During the third quarter of 2024, CDI generated a net revenue of $628.5m, an increase of 9.8% from the prior year period and setting a new high for the company. Net income attributable to CDI and adjusted EBITDA were $65.4m and $235.3m for Q3 2024, respective increases of 7.2% and 7.8% from the third quarter of 2023.
Its live and historical horse racing (HHR), TwinSpires and gaming segments all reported record amounts of net revenue and adjusted EBITDA for the third quarter as well.
Live and HHR revenue increased 12% from the prior year period, generating $252.4m for Q3 2024, while adjusted EBITDA grew 15% from the amount reported for the third quarter of 2023 for a total of $93m.
Revenue from the TwinSpires segment rose by 6% from Q3 2023 to generate $118.7m, with adjusted EBITDA reaching $42.5m during Q3 2024, representing a 25% increase from the prior year period.
Gaming accounted for $270.3m in revenue during Q3 2024, an increase of 10% from the prior year period. Adjusted EBITDA for the segment increased 1% from the prior year period for a total of $123.3m throughout the third quarter of 2024.
Good to know: In July of 2024, CDI revealed plans to renovate both its Grandstand Club and Pavilion at Churchill Downs Racetrack in what was projected to be an $80-90m project
CDI also opened a new historical racing machine (RCM) entertainment venue in Calvert City, Kentucky that will reportedly cost around $40-50m to develop.
The venue has an expected opening date of early 2026 and will serve as an extension of Oak Grove Racing, Gaming and Hotel.
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