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Sep 30, 2024
Churchill Downs Q3 2024 Earnings Report
Churchill Downs' third quarter performance in 2024 demonstrated record revenue, net income, and Adjusted EBITDA, driven by strong growth across Live and Historical Racing, TwinSpires, and Gaming segments.
Key Takeaways
Churchill Downs Incorporated reported record third-quarter results, with significant growth in revenue and Adjusted EBITDA across all its major segments. The company opened The Rose Gaming Resort in Virginia and maintained its commitment to returning capital to shareholders through increased dividend payouts.
Record net revenue reached $628.5 million, compared to $572.5 million in Q3 2023.
Net income attributable to CDI was a record $65.4 million, up from $61.0 million in Q3 2023.
Adjusted EBITDA hit a record $235.3 million, compared to $218.2 million in Q3 2023.
The Rose Gaming Resort opened in Dumfries, Virginia, featuring 1,650 historical racing machines and a 102-room hotel.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Churchill Downs Incorporated is focusing on expanding its HRM venues and gaming resorts. Planned projects include the Starting Gate Pavilion and Courtyard at Churchill Downs Racetrack, the Rose Gaming Resort in Virginia, and HRM venues in Owensboro and Calvert City, Kentucky.
Positive Outlook
- Expansion of live and historical racing venues.
- Development of new HRM venues in multiple locations.
- Focus on enhancing entertainment experiences.
- Commitment to shareholder returns through dividends.
- Strategic capital project investments.
Challenges Ahead
- Potential for cost overruns in development projects.
- Delays in project completion timelines.
- Increased competition in regional gaming markets.
- Economic conditions affecting consumer spending.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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