Churchill Downs Q4 2021 Earnings Report
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.
Churchill Downs
Churchill Downs
Churchill Downs Revenue by Segment
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.
- Paddock / Under the Spires target completion May 2024 - TBD
Revenue & Expenses
Visualization of income flow from segment revenue to net income