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Dec 31, 2020
Churchill Downs Q4 2020 Earnings Report
Churchill Downs reported mixed results with increased online wagering revenue offset by declines in gaming and racetrack revenue due to COVID-19 impacts.
Key Takeaways
Churchill Downs Incorporated reported a net revenue decrease of 21% for the full year 2020, with a net loss of $81.9 million compared to a net income of $137.5 million in the prior year. However, the TwinSpires Horse Racing business saw record revenue and Adjusted EBITDA growth. The company focused on managing its business efficiently amidst the COVID-19 pandemic, with strategic growth opportunities planned for 2021.
Net revenue decreased to $278.2 million compared to $280.6 million in the prior year quarter.
Net income attributable to Churchill Downs Incorporated was $17.1 million, up from $4.0 million in the prior year quarter.
Adjusted EBITDA increased to $79.2 million from $73.8 million in the prior year quarter.
TwinSpires Horse Racing handle grew $141.2 million, or 45%, compared to the prior year quarter.
Revenue by Segment
Forward Guidance
Company is moving forward in 2021 with a relentless focus on strategic and organic growth opportunities that will enable it to continue to deliver a strong return on investment to its investors.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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