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Dec 31, 2023
Churchill Downs Q4 2023 Earnings Report
Churchill Downs reported record revenue and Adjusted EBITDA, driven by strategic acquisitions and growth in live and historical racing, TwinSpires, and gaming segments.
Key Takeaways
Churchill Downs Incorporated (CDI) reported record 2023 net revenue of $2.5 billion, up 36% compared to the prior year. Net income was $417 million, down 5% compared to the prior year. Adjusted EBITDA reached a record $1.0 billion, up 34% compared to the prior year. The company successfully ran the 149th Kentucky Derby, generating record Derby Week all-sources handle and contribution to Adjusted EBITDA.
Record 2023 net revenue of $2.5 billion, up 36% compared to $1.8 billion in the prior year.
2023 net income of $417 million, down 5% compared to $439 million in the prior year.
Record 2023 Adjusted EBITDA of $1.0 billion, up 34% compared to $0.8 billion in the prior year.
Completed the acquisition of Exacta Systems, LLC on August 22, 2023.
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.comIndiana Revenue
CapyFin.comPennsylvania Revenue
CapyFin.com Forward Guidance
The Company expects its project capital to be approximately $450 to $550 million in 2024.