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Dec 31, 2024
Churchill Downs Q4 2024 Earnings Report
Churchill Downs reported record fourth-quarter 2024 financial results with significant revenue and income growth.
Key Takeaways
Churchill Downs Incorporated reported strong Q4 2024 results with net revenue reaching $624.2 million, an 11% increase year-over-year. Net income rose by 24% to $71.7 million, while adjusted EBITDA grew by 8% to $236.6 million. The company saw revenue growth across its key business segments, with the Live and Historical Racing segment leading the way. CDI also highlighted new property openings and ongoing capital investments.
Net revenue increased by 11% to $624.2 million.
Net income grew by 24% to $71.7 million.
Adjusted EBITDA rose by 8% to $236.6 million.
Strong performance in Live and Historical Racing due to new venue openings.
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
Churchill Downs expects continued revenue growth in 2025, driven by new property openings and increased customer engagement. However, market competition and economic conditions remain potential risks.
Positive Outlook
- Continued revenue growth expected in Live & Historical Racing.
- Expansion of historical racing machine (HRM) venues.
- Increased sports betting engagement expected in 2025.
- New gaming property openings contributing to revenue growth.
- Cost optimization efforts expected to improve margins.
Challenges Ahead
- Higher interest expenses due to increased debt levels.
- Intensifying competition in the gaming and wagering industry.
- Potential macroeconomic downturn affecting discretionary spending.
- Regulatory risks in the gaming and horse racing sectors.
- Higher labor and operational costs impacting profitability.