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Mar 31, 2025
Churchill Downs Q1 2025 Earnings Report
Churchill Downs reported strong Q1 2025 results with record revenue and solid operational performance despite a slight dip in net income.
Key Takeaways
Churchill Downs Incorporated delivered a record-breaking Q1 2025, achieving all-time high net revenue and adjusted EBITDA. Growth was driven by new venue openings and strength in historical racing, partially offset by regional softness and weather-related impacts.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Churchill Downs is optimistic about the year ahead, supported by new openings and capital projects, though it remains cautious given macroeconomic uncertainties.
Positive Outlook
- Opened Owensboro Racing and Gaming in Kentucky in February 2025
- Launched a new $500 million share repurchase program
- Approved enhancements to Finish Line Suites and The Mansion for Derby guests
- Reduced interest rate for Term Loan B-1 through amended Credit Agreement
- Reported record quarterly revenue and Adjusted EBITDA
Challenges Ahead
- Paused key capital projects like The Skye and Conservatory due to economic conditions
- Experienced regional gaming softness impacting revenue
- Faced competition and lower unrated play in Virginia
- Had one fewer calendar day due to 2024 leap year
Historical Earnings Impact
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Avg. Return Before/After Earnings
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