Churchill Downs hits annual net revenue record; Q4 net income up significantly

Churchill Downs Incorporated (CDI) has reported its earnings for Q4 and the full year 2023.

For the quarter, net revenue totaled $561.2m, up 16.9% from the $480.1m reported this time last year. Adjusted EBITDA grew from $180.1m to $219.1m, up 21.3% year-on-year. The most sizable growth was seen in the company’s net income, however. Growing from $1m in Q4 2022 to $57.6m in Q4 2023, this reflects sizable growth. 

Annual revenue totaled $2.5bn, a record for the company and a year-on-year increase of 36%. 

Live and historical racing 

CDI’s Q4 revenue from Live and Historical racing was $235.3m, growing by $54.4m from the $180.9m reported last year. Of these earnings, CDI attributed $32.8m to properties acquired in Virginia via the P2E transaction. In part due to the opening of Derby City Gaming Downtown in December, Derby City Gaming as a whole generated $9.5m. 

Across the year, the segment made $1.08bn.  

TwinSpires and gaming

TwinSpires made $110.6m in Q4, up 17.3% from last year. Gaming, meanwhile, made $230.2m, up 8.5% from the $212.2m from last year. CDI attributed $22.3m of its gaming revenue to its New York and Iowa properties, with an additional $3m attributed to properties in Louisiana and Maryland. 

TwinSpires made $458.4m in 2023, while gaming made $974.6. This reflects growth of 3.8% and 27.9% respectively.  

An additional $0.2m was reported from additional sources.  

The Rose Gaming Resort 

Alongside its quarterly report, CDI also announced the opening date for its upcoming venue, The Rose Gaming Resort. Set to open by the end of September 2024, the venue will support 1,650 historical racing machines, 500 more than initially stated. It is set to feature 102 hotel rooms and eight food and drink options for guests. Capital investment in the resort is expected to be $460m.  

CDI CEO Bill Carstanjen stated the company was “excited” to announce the increased machine number and that “we are proud to invest nearly half a billion dollars in Northern Virginia and look forward to creating local jobs and a world-class gaming destination.” 

Owensboro Racing & Gaming 

If the previous property announcement wasn’t enough, CDI has also reported its intention to open Owensboro Racing & Gaming in the first quarter of 2025. The location will host 600 historical racing machines and will open in eastern Daviess County; CDI’s seventh historical horseracing location in Kentucky.  

The venue is estimated to generate $125m for the economic region, creating 150 permanent jobs and even more positions in construction.  

Beth Turner

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