Churchill Downs gallops ahead in Q1 with $559.5m revenue

April 27, 2023
By
Leer en Español

The operator reported increases in revenue, income and EBITDA, with live and historical racing leading the pack.

Churchill Downs (Churchill) has released its first quarter financial results. The racetrack operator, which houses the Kentucky Derby, offers a full calendar of horseracing and occasions.

Net revenue for Churchill’s first quarter was up 16.5% from the previous quarter, and up 53.6% year-over-year, reaching $559.5m. Net income also increased to $155.7m, from $42.1m in Q1 last year.

Adjusted EBITDA rose 73% to $222.9m this quarter, as all three of Churchill’s reporting segments also increased. Live and historical racing, TwinSpires and gaming were all up at least 22% when compared to Q1 of 2022, with live and historical racing experiencing the biggest jump of 194%.

Churchill’s financial report states that live and historical racing net revenue ($215.8m) increased due to the acquisition of Virginia properties, the opening of a Turfway Park in Northern Kentucky in September 2022, the acquisition of Ellis Park and Chasers Transactions, an increase from the Oak Grove property, an increase from the Derby City property and an increase from Churchill Downs Racetrack.

It has been a busy quarter for Churchill with sales, offerings and amended credit agreements.

On February 15, the company closed the sale of its Arlington Heights, IL property for $197.2m to its new owners, the NFL’s Chicago Bears. On February 24, Churchill announced an amendment of its senior secured credit agreement.

On April 25, Churchill closed an offering of $660m of 6.7% senior notes due 2031, as well as announced a two-for-one stock split of common stock and a proportionate increase in the number of authorized shares.

State-by-State

Product Spotlight

Bragg Gaming Group

Bragg Gaming Group is a global content-driven iGaming technology provider, serving online and land-based gaming operators with its proprietary and exclusive content and cutting-edge technology.
GA HUDDLE #087

John Connelly - Interblock preparing to launch online by the end of year

John Connelly, the Global CEO of Interblock, joins the Huddle to talk about:
- The company's conversion to the online space
- The performance of ETGs
- Interblock's new philanthropic efforts
- The trend of companies going private
- And more!
GA HUDDLE #086

Michael Hershman - Dispelling casino 'myths:' New York needs to lose fear of the unknown

Michael Hershman, CEO of the Soloviev Group, joins Tim Poole on the Huddle to put forward his case that the Freedom Plaza is the way to go for one of New York's casino licences. He fields a variety of questions - not shying away from any of them - on why 'myths' about casinos and a fear of the unknown should be dispelled, as well as acknowledging the strength of rival bids and discussing opposition to the project.

As the Tribal gaming sector congregates once more in the Golden State, is it too cliché of me to suggest we are heading for a golden era of Tribal gaming? With the industry set to meet at the Indian Gaming Association t...

10-11-From-the-top
From The Top: Will youth be served by Sports Betting?
Two recent interviews in our Huddle podcast revealed to Las Vegas correspondent Brian Joseph just how young sports betting entrepreneurs are becoming.
12-GA-MAR-10-year-v2
The Global Gaming Awards: Rewarding Excellence
The 10th edition of the Global Gaming Awards took place in Las Vegas last year. Gaming America looks back... and ahead to this year's.
16-18-IGA-Preview
Preview: Indian Gaming Tradeshow & Convention
Gaming America looks ahead to the 2024 Indian Gaming Tradeshow & Convention and what attendees can expect when they arrive at the Anaheim Convention Centre.
20-22-GA-Mar-888-Holding-article
888 and the US Market: A cautionary tale
Gaming America explores the risk of resting on your laurels and the challenge of remaining relevant in a rapidly expanding market.