Churchill Downs Incorporated (CDI) has announced the resumption of live racing at Churchill Downs Racetrack, scheduled to commence on September 14. The decision comes after a temporary suspension of racing operations in June, initiated to conduct an internal safety review following a series of horse injuries, including 12 fatalities.
Enhancements for Safety:
In response to the safety review, Churchill Downs has implemented significant enhancements to prioritize the well-being of equine and human athletes. These measures include infrastructure upgrades, intensified veterinary oversight, collaboration with industry experts, and the establishment of a safety management committee. The focus is on ensuring a secure and conducive environment for racing.
Safety Protocols and Best Practices:
While no specific factor was identified as the cause of the horse injuries, Churchill Downs conducted a thorough analysis of safety protocols and industry best practices. The company has invested in additional surface maintenance equipment, doubled the frequency of surface testing, and augmented its veterinary team to bolster monitoring, care, and pre-race inspections.
Commitment to Continuous Improvement:
Bill Carstanjen, CEO of CDI, emphasized the company’s commitment to safety and continuous improvement. The resumption of live racing aligns with Churchill Downs’ dedication to investigating, evaluating, and enhancing every policy and protocol to ensure the safety of participants, fans, and the broader public.
Q2 Financial Performance:
In a separate report, Churchill Downs Incorporated disclosed its Q2 financial performance, achieving record revenue of $768.5 million, marking a substantial 32% increase compared to Q2 2022’s $582.5 million. The live and historical racing and gaming segments contributed to new adjusted EBITDA highs, reaching $363.7 million, a 25% YoY increase. Despite this positive trend, net income experienced a 58% decline to $143 million from Q2 2022’s $339.3 million.
The resumption of live racing at Churchill Downs Racetrack reflects the company’s dedication to addressing safety concerns and implementing robust measures for the protection of horses and participants. As CDI enters the September meet, the focus remains on maintaining the highest standards of safety, fostering public confidence, and ensuring an enjoyable experience for all stakeholders in the racing community. The commitment to continuous improvement underscores Churchill Downs’ proactive approach to evolving challenges in the racing industry.