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Jun 30, 2020
Churchill Downs Q2 2020 Earnings Report
Churchill Downs' financial performance significantly declined due to COVID-19 impacts, with strong growth in TwinSpires partially offsetting losses.
Key Takeaways
Churchill Downs Incorporated reported a challenging second quarter in 2020 due to the COVID-19 pandemic, which led to temporary suspensions of operations. Net revenue decreased by 61% compared to the prior year, resulting in a net loss. However, the TwinSpires online wagering platform showed strong performance with handle growth.
Net revenue decreased 61% year-over-year to $185.1 million.
Net loss was $118.8 million, a significant decrease from the prior year's net income of $107.1 million.
Adjusted EBITDA decreased 86% to $30.1 million.
TwinSpires showed strong performance with $18.3 million of Adjusted EBITDA growth and $100.7 million of handle growth.
Churchill Downs
Churchill Downs
Churchill Downs Revenue by Segment
Revenue by Segment
Gaming Revenue
CapyFin.com Forward Guidance
Churchill Downs did not provide specific forward guidance in this earnings report. The report focuses on the impact of COVID-19 and the rescheduling of the Kentucky Derby.