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July 28, 2022 Sports Betting, Finance, Results

Churchill Downs Incorporated reports Q2 2022 results

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The company pulled in a record net revenue of $582.5m compared to $515.1m in Q2 2021.

Churchill Downs Incorporated has revealed the business results for the second quarter which ended on June 30, 2022. The company brought in record numbers in terms of net revenue, net income and adjusted EBITDA.

Net revenue brought in the second quarter of 2022 hit $582.5m, well over the $515.1m that was posted during the same time last year. The company also hit a record net income of $339.3m compared to $108.3m in 2021.

The company had an adjusted EBITDA of $291.2m this year compared to $233.3m at the end of Q2 in 2021.

The TwinSpires segment delivered an adjusted EBITDA of $33.9 million, up 38% compared to the second quarter of 2021.

Other highlights included the sale of 115.7 acres of excess land near Calder Casino for $291m.

In terms of horse racing net revenue increased $85.4m. The company credits this increase to the running of the Kentucky Derby at Churchill Downs Racetrack.

There were also increases at Oak Grove Racing, Gaming and Hotel ($8.5m), Derby City Gaming ($4.3m), Newport Racing & Gaming ($2.9m) and Turfway Park ($0.4m).

Gaming at Churchill Downs saw a decrease in net revenue of $1.5m which the company states was primarily due to a decrease of $4.6m at Harlow's and a $4.4m decrease at Riverwalk.

The company is planning to use the proceeds from the sale of Calder Casino to purchase property as part of a previously announced P2E acquisition. Churchill Downs expects to close the said acquisition by the end of 2022.

In March of 2022, the company entered into a definitive purchase agreement to acquire Chasers Poker Room in Salem, New Hampshire. 

Churchill Downs repurchased 321,554 shares of its common stock at an average share price of approximately $191.37 and had approximately $359.1m of repurchase authority remaining as of June 30, 2022.

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