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Dec 31, 2022
Churchill Downs Q4 2022 Earnings Report
Churchill Downs' financial performance remained relatively flat compared to the previous year, with a slight increase in net income but a decrease in diluted EPS.
Key Takeaways
Churchill Downs Incorporated reported a mixed performance for the fourth quarter of 2022. While net revenue increased, net income and diluted EPS decreased compared to the prior year. The company saw growth in Adjusted EBITDA, driven by acquisitions and operational improvements, but also faced challenges from increased expenses and asset impairments.
Net revenue increased due to acquisitions and growth at existing properties.
Net income decreased due to increased expenses and asset impairments.
Adjusted EBITDA increased, driven by acquisitions and operational improvements.
The company completed several acquisitions and dispositions during the year, including the P2E Transaction and the sale of the Arlington Heights property.
Churchill Downs
Churchill Downs
Churchill Downs Revenue by Segment
Churchill Downs Revenue by Geographic Location
Revenue by Segment
Gaming Revenue
CapyFin.comRevenue by Geographic Location
Kentucky Revenue
CapyFin.comVirginia Revenue
CapyFin.comFlorida Revenue
CapyFin.comIowa Revenue
CapyFin.comLouisiana Revenue
CapyFin.comMaine Revenue
CapyFin.comMaryland Revenue
CapyFin.comMississippi Revenue
CapyFin.comPennsylvania Revenue
CapyFin.com Forward Guidance
Churchill Downs Incorporated anticipates project capital expenditures between $575 to $675 million in 2023, funded by operating cash flows, cash on hand, and land sale proceeds.
Positive Outlook
- Expansion and Hotel at Derby City Gaming is expected to be completed in the Second Quarter 2023
- Derby City Gaming Downtown Property Build Out is expected to be completed in the Second Half 2023
- Rosie's Emporia HRM Entertainment Venue Property Build Out is expected to be completed in the Third Quarter 2023
- Ellis Park and Owensboro Annex Property Build Out is expected to be completed in 2024
- Dumfries Project Property Build Out is expected to be completed in 2024
Challenges Ahead
- Project capital expenditures are subject to the timing of work completed.
- Project capital expenditures are subject to unanticipated delays.
- Project capital expenditures are subject to the timing of payments to third parties.
- The amount may vary significantly.
- New Hampshire HRM Facility Property Build Out is expected to be completed in 2024