Churchill Downs generates record revenues for Q4 and FY2024

Churchill Downs has reported the company’s financial results for the fourth quarter of 2024 and full year (FY), as well as introduced a multi-year series of capital projects that it hopes will improve the Kentucky Derby experience at its Churchill Downs Racetrack. 

The company reported record revenues for both the fourth quarter of 2024 and FY, generating $624.2m during Q4 2024 and $2.7bn throughout FY2024. Both figures equate to increases of 11% year-over-year, while net income attributable to Churchill Downs grew by 24% during the fourth quarter of 2024 for a total of $71.1m. The company’s net income throughout FY2024 was reported to be $426.8m, representing an increase of 2% from the prior year period. 

The all-time high in revenue during FY2024 was primarily attributed to what was described by Churchill Downs as a record-breaking week for the 150th annual Kentucky Derby. The company also cited a $25.9m revenue increase in Northern Virginia, a $17.2m increase in Southern Virginia, a $39.5m increase from fellow Virginia HRM venues, a $41.5m increase from Kentucky HRM venues and a $1.1m increase from its New Hampshire venue.

Churchill Downs’ adjusted EBITDA throughout FY2024 was reported to be $1.2bn, an increase of 13% from the prior year period, while adjusted EBITDA during Q4 2024 increased by 8% for a total of $236.6m. 

The company also referred to the openings of The Rose Gaming Resort in Northern Virginia as well as the opening of Rosie’s Emporia HRM venue in Southern Virginia during late 2023. Churchill Downs recently opened Owensboro Racing & Gaming in Kentucky on February 12, 2025, which includes 600 HRMs, a retail sportsbook and simulcast wagering. 

In other news announced by Churchill Downs, the company unveiled a multi-year series of capital projects that will look to enhance the Kentucky Derby experience at the Churchill Downs Racetrack. The company stated that, collectively, the series of projects will be the “largest expansion and renovation undertaken in the 150-year history” of Churchill Downs. 

Good to know: Churchill Downs made the decision to stop accepting sports bets at its Churchill Downs Racetrack in Kentucky on February 10 primarily due to “low profitability from retail operations”

“These projects, as well as key infrastructure improvements, reflect the Company’s commitment to providing world-class hospitality and premium seating options for guests for many decades to come,” Churchill Downs CEO Bill Carstanjen said. 

“We have a proven track record of prudently investing capital in the Kentucky Derby to create once-in-a lifetime experiences for our guests while also creating significant long-term value for our shareholders.”

The three renovations include The Skye Project, which focuses on the section of the Churchill Downs Racetrack that begins just past the finish line and extends to the First Turn Club. The project will replace 11,500 existing seats that currently consist of uncovered box seats and “dated” dining areas with 13,300 seats providing a variety of enhanced hospitality experiences.

The Conservatory Project will replace the temporary suites in the infield of Churchill Downs Racetrack with new, permanent structures, while The Infield General Admission Project will introduce three buildings within the infield that will provide guests with enhanced amenities for the Kentucky Derby.

Each of the three projects contain phases that will be completed from 2026 through 2028, while fellow infrastructure projects will bring Churchill Downs’ investment total to between $880m and $920m over the three-year timeframe. Churchill Downs believes that these investments will “lay the foundation for growth over the next decade” and “create significant shareholder value over the long term.”

Kirk Geller

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