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Jun 30, 2023
Churchill Downs Q2 2023 Earnings Report
Churchill Downs Incorporated reported record quarterly results driven by growth in Live and Historical Racing and Gaming segments, offset by a decrease in net income due to prior year gains.
Key Takeaways
Churchill Downs Incorporated reported record net revenue and Adjusted EBITDA for the second quarter of 2023. Revenue was driven by the Live and Historical Racing and Gaming segments. Net income decreased compared to the second quarter of 2022 due to a gain on the sale of the Calder property in 2022.
Record net revenue of $768.5 million compared to $582.5 million in second quarter 2022.
Net income of $143.0 million compared to $339.3 million in second quarter 2022.
Record Adjusted EBITDA of $363.7 million compared to $291.2 million in second quarter 2022.
Live and Historical Racing segment delivered all-time record revenue and Adjusted EBITDA.
Revenue by Segment
Forward Guidance
Planned capital projects for the Company are as follows:
Positive Outlook
- Churchill Downs Racetrack Paddock Project target completion May 2024
- Derby City Gaming Downtown Property Build Out target completion Fourth Quarter 2023
- Rosie's Emporia HRM Entertainment Venue Property Build Out target completion Third Quarter 2023
- Dumfries Project Property Build Out target completion Second Quarter 2024
- New Hampshire HRM Facility Property Build Out 2024
Historical Earnings Impact
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Avg. Return Before/After Earnings
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