In the third quarter of 2023, Churchill Downs Incorporated (CDI) has achieved remarkable financial results, reporting record-breaking revenue of $572.5 million.
Record-Breaking Financial Performance:
Revenue:
CDI reported a significant increase in revenue, reaching $572.5 million in the third quarter.
This marked a substantial 49% growth compared to the same period in the previous year.
Net Income:
Net income also saw a healthy increase, rising by 7% to reach $61 million.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA):
CDI announced record EBITDA of $218.2 million, reflecting a notable 34% year-on-year growth.
Segment Performance:
Live and Historical Racing:
Revenue from Live and Historical Racing witnessed a remarkable surge of 120%.
Adjusted EBITDA for this segment also soared by 134% compared to the prior year quarter.
TwinSpires:
TwinSpires, a significant part of CDI, experienced a 5% increase in revenue.
Gaming:
Gaming revenue displayed strong growth, rising by 32%.
Acquisitions and Expansions:
Acquisition of Exacta Systems, LLC:
CDI completed the acquisition of Exacta Systems, LLC on August 22, which has likely contributed to its increased earnings.
Opening of Rosie’s Gaming Emporium:
Rosie’s Gaming Emporium in Emporia, Virginia, was opened on September 26. This marks the seventh Rosie’s HRM entertainment venue in Virginia.
Race and Sports Books:
CDI opened six race and sports books at Kentucky properties on September 7, further expanding its gaming offerings.
Upcoming HRM Facility:
CDI is in the final stages of planning and construction for a new HRM facility on a 20-acre site in Eastern Daviess County near Owensboro, Kentucky. The targeted opening date is Q1 2025, with an estimated expenditure of $100 to $110 million.
Joint Ventures and Expansion Plans:
RVA Entertainment Holdings, LLC:
CDI’s joint venture, RVA Entertainment Holdings, LLC, launched November referendum campaigns for a casino in Richmond, Virginia, and the development of an HRM entertainment venue in Manassas Park, Virginia.
Churchill Downs Incorporated has achieved outstanding financial results in the third quarter of 2023, with record-breaking revenue and significant increases in EBITDA. The company’s strategic acquisitions, expansions, and focus on different gaming segments have contributed to its impressive performance. As CDI continues to grow and expand its presence, it remains a key player in the gaming and entertainment industry, with promising prospects for the future.