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Mar 31, 2023
Churchill Downs Q1 2023 Earnings Report
Churchill Downs reported record revenue and Adjusted EBITDA, driven by strong performance across all segments and strategic acquisitions.
Key Takeaways
Churchill Downs Incorporated reported record first-quarter results, with significant growth in net revenue, net income, and Adjusted EBITDA. The company benefited from strategic acquisitions and strong performance across its Live and Historical Racing, TwinSpires, and Gaming segments.
Record net revenue of $559.5 million, a significant increase from $364.1 million in Q1 2022.
Net income reached $155.7 million, compared to $42.1 million in the same quarter last year.
Adjusted EBITDA hit a record $222.9 million, up from $128.5 million in Q1 2022.
Closed the sale of Arlington Heights, Illinois property to the Chicago Bears for $197.2 million.
Churchill Downs
Churchill Downs
Churchill Downs Revenue by Segment
Churchill Downs Revenue by Geographic Location
Revenue by Segment
Gaming Revenue
CapyFin.comAll Other Revenue
CapyFin.comRevenue by Geographic Location
Kentucky Revenue
CapyFin.comVirginia Revenue
CapyFin.comNew Hampshire Revenue
CapyFin.comFlorida Revenue
CapyFin.comIowa Revenue
CapyFin.comLouisiana Revenue
CapyFin.comMaine Revenue
CapyFin.comMaryland Revenue
CapyFin.comMississippi Revenue
CapyFin.comPennsylvania Revenue
CapyFin.com Forward Guidance
Churchill Downs Incorporated is focusing on expanding its operations, enhancing its existing properties, and leveraging its TwinSpires platform. The company's capital projects include investments in new and existing racing and gaming venues.
Positive Outlook
- Planned capital projects include the Churchill Downs Racetrack First Turn Experience.
- Paddock Project is underway.
- Derby City Gaming expansion and hotel are set to be completed.
- Derby City Gaming Downtown property build-out is planned.
- New Hampshire HRM facility property build-out is in progress.
Challenges Ahead
- The company faces risks associated with economic conditions affecting consumer spending.
- Increased competition in the gaming and entertainment industries could impact performance.
- The company is subject to regulatory changes that could adversely affect its operations.
- There are risks associated with completing acquisitions and development projects on time and on budget.
- The company's debt facilities impose restrictions that limit its flexibility.