Churchill Downs Incorporated (CDI) achieved unprecedented financial results in the initial quarter of 2022, generating a net revenue of $364.1 million. This signifies a substantial rise of almost $40 million in contrast to the corresponding timeframe in the previous year.
The Louisville-headquartered enterprise witnessed robust expansion across both its equine racing and wagering divisions. Notably, the wagering sector exhibited remarkable growth, surpassing projections with a net revenue approaching $180 million. This constitutes an increment of over $25 million compared to the first quarter of 2021.
CDI ascribed this triumph to the removal of capacity limitations that were enforced during the first quarter of 2021. This enabled their physical gaming establishments, such as those situated at Oak Grove and Derby City Gaming, to function at maximum capacity, resulting in a surge in earnings. Both live and historical equine racing also reaped the benefits of the lifting of these constraints.
The corporation’s live and historical racing division also demonstrated commendable performance, yielding $87.2 million in revenue. This marks a considerable enhancement over the $64.7 million acquired during the same interval in the preceding year.
In summary, CDI’s robust first-quarter performance serves as an encouraging indicator for the company’s prospects. With the relaxation of pandemic-induced restrictions and the sustained favorability of its wagering and racing offerings, CDI is advantageously situated for sustained expansion in the forthcoming quarters.
Churchill Downs Incorporated announced unprecedented fiscal achievements for the initial quarter of 2022, fueled by the triumph of the Kentucky Derby and robust results across its other operational divisions.
Notwithstanding a marginal decline in income from its digital betting platform, TwinSpires, Churchill disclosed substantial growth in both modified EBITDA (earnings before interest, taxes, depreciation, and amortization) and net earnings. The corporation’s adjusted EBITDA attained a landmark $128.5 million, while net earnings reached an unparalleled $42.1 million.
TwinSpires yielded $101.4 million in revenue throughout the quarter, a slight decrease from $105 million in the corresponding timeframe last year. Nevertheless, the segment’s profitability advanced, with adjusted EBITDA climbing from roughly $23 million to $24 million.