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Sep 30, 2022
Churchill Downs Q3 2022 Earnings Report
Churchill Downs Incorporated reported mixed results for Q3 2022, with increased Adjusted EBITDA offset by decreased net revenue and net income.
Key Takeaways
Churchill Downs Incorporated reported a decrease in net revenue and net income for the third quarter of 2022, while achieving a record third quarter Adjusted EBITDA. The company completed several acquisitions and announced a multi-year agreement with FanDuel.
Net revenue decreased to $383.1 million compared to $393.0 million in Q3 2021.
Net income decreased to $57.0 million compared to $61.4 million in Q3 2021.
Adjusted EBITDA increased to a record $163.2 million compared to $156.1 million in Q3 2021.
Completed the acquisition of Ellis Park Racing & Gaming and Chasers Poker Room.
Churchill Downs
Churchill Downs
Churchill Downs Revenue by Segment
Revenue by Segment
Gaming Revenue
CapyFin.com Forward Guidance
Churchill Downs Incorporated is focusing on strategic investments and acquisitions to drive future growth. The company is planning significant capital projects to expand its gaming and racing facilities.
Positive Outlook
- Expansion of Derby City Gaming with a new hotel and downtown property.
- Development of Ellis Park and Owensboro Annex to enhance racing and gaming offerings.
- Construction of a new charitable gaming facility in New Hampshire.
- Addition of HRMs in OTBs at Fair Grounds and VSI.
- Build out of Queen of Terre Haute Casino Resort.
Challenges Ahead
- Dependence on regulatory approvals for planned projects.
- Potential difficulties or expenditures relating to the proposed P2E transaction.
- Impact of economic conditions on consumer spending.
- Increased competition in the gaming and entertainment industry.
- Potential for disruptions from extraordinary events or system failures.