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Dec 31, 2021
Churchill Downs Q4 2021 Earnings Report
Churchill Downs Incorporated reported increased revenue and net income compared to the previous year, driven by strong performance across its business segments.
Key Takeaways
Churchill Downs Incorporated reported record 2021 net revenue of $1,597.2 million, up 52% over the prior year. Net income was $249.1 million, compared to a net loss of $81.9 million in the prior year. Adjusted EBITDA was a record $627.0 million, up 119% compared to $286.5 million in the prior year.
Record 2021 net revenue of $1,597.2 million, up 52% over the prior year.
2021 net income was $249.1 million, compared to net loss of $81.9 million in the prior year.
Record 2021 Adjusted EBITDA of $627.0 million, up 119%, compared to $286.5 million in the prior year.
Announced definitive agreement to acquire substantially all of the assets of Peninsula Pacific Entertainment LLC for total consideration of $2.485 billion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company estimates spending between $300 million and $350 million for project capital in 2022.
Positive Outlook
- Homestretch Club target completion May 2022
- Turn 1 Experience target completion May 2023
- Turfway Park HRM Facility target completion September 2022
- Derby City Gaming Expansion and Hotel target completion Late 2022 / Second Quarter 2023
- Derby City Gaming Downtown Property Build Out target completion Second Quarter 2023
Challenges Ahead
- Amount may vary significantly based on the timing of work completed
- Amount may vary significantly based on unanticipated delays
- Amount may vary significantly based on timing of payments to third parties
- Capital investments at Rivers Des Plaines and Miami Valley Gaming are funded through operating cash flow and debt facilities at the joint venture entity and are not funded by CDI.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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