February 24, 2022 Legal, Online, Land Based

Churchill Downs releases 2021 and Q4 results

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The company hit high-performance milestones for the year with its adjusted EBITDA and net revenue.

Churchill Downs Incorporated (CDI) has reported results for its fourth quarter and for 2021. The company reached a net revenue of $1.59bn during 2021, the highest in its history and a 52% increase from the previous year.

CDI hit another company best with its adjusted EBITDA, reaching $627m for the year. The adjusted EBITDA rose 119% from last year.

Net income for 2021 was $249.1m, a stark contrast to the company's net loss of $81.9m the year before.

Fourth quarter numbers were also on the rise from CDI’s previous business quarter. CDI’s net income during Q4 reached $43.3m, which more than doubled from the prior quarter. Net income that came from continuing operations also reached $43.3m in Q4.

CDI also saw a large bump in fourth-quarter net revenue. The company generated $364.8m in net revenue during the quarter and reached $127m for its adjusted EBITDA. Derby City Gaming played a significant role in the spikes in numbers, according to the company report.

Other company highlights during the fourth quarter include a recently signed definitive purchase agreement to acquire assets from Peninsula Pacific Entertainment (P2E) for $2.48bn. Assets included in the deal are P2E’s properties in Virginia and New York, along with the operations of its Sioux City casino.

The purchase agreement is expected to complete by the end of this year, pending approvals from the Virginia Racing Commission, the New York State Gaming Commission and the Iowa Racing & Gaming Commission.

Churchill Downs is the host of the annual Kentucky Derby.

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