Churchill Downs Incorporated (CDI) has marked a significant moment with the grand opening of Derby City Gaming Downtown (DCG Downtown) in Louisville, Kentucky. Representing a $90 million investment, this establishment becomes CDI’s sixth historical racing machine (HRM) venue in the state. The inauguration ceremony included a ribbon-cutting ceremony and a notable $40,000 charitable donation to Norton Healthcare Foundation and The Hope Bus.
Overview of Derby City Gaming Downtown:
Emphasize the grandeur of DCG Downtown as a Kentucky Derby-themed venue spanning 43,000 square feet across two stories.
Highlight the inclusion of 500 HRMs on the gaming floor and various food and beverage outlets such as First Turn Sports Bar & Stage, Trophy Bar Bourbon & Cigars, and Fascinator Wine Bar.
Investment and Economic Impact:
Discuss the $90 million investment made by CDI in establishing DCG Downtown, showcasing the company’s commitment to expanding its footprint in Kentucky.
Address the economic impact, both locally and for CDI, as the venue is expected to bring new energy to downtown Louisville and stimulate further investments.
Government and Community Responses:
Include statements from Kentucky Governor Andy Beshear, acknowledging the historical significance of racing in the state and commending CDI’s continuous efforts to enhance Kentucky’s future.
Highlight CDI CEO Bill Carstanjen’s pride in the project and his emphasis on the investment being more than a financial decision but a commitment to the spirit, culture, and future of Louisville.
Strategic Timing and Kentucky Derby Connection:
Note the strategic timing of DCG Downtown’s opening, coinciding with a 150-day countdown to the 150th running of the Kentucky Derby.
Introduce Churchill Downs’ unveiling of the official Kentucky Derby 150 Mint Julep Glass and Kentucky Oaks 150 Lily Glass in conjunction with this milestone.
Financial Performance of Churchill Downs Incorporated:
Provide an overview of CDI’s Q3 financial results, indicating a remarkable 49% increase in revenue, reaching $572.5 million compared to the previous year.
Highlight a 7% rise in net income, reaching $61 million, and record earnings before interest, taxes, depreciation, and amortization (EBITDA) of $218.2 million, showcasing a 34% YoY increase.
Segment-wise Revenue Growth:
Break down the revenue growth by segments, emphasizing a substantial 120% increase in Live and Historical Racing revenue, along with a notable 134% surge in adjusted EBITDA.
Highlight the positive performance in TwinSpires revenue (up 5%) and gaming revenue (up 32%) during the same period.
Summarize the article by underscoring the dual achievement of CDI—inaugurating the impressive Derby City Gaming Downtown and reporting stellar Q3 financial results. The strategic investments and positive community impact exemplify CDI’s commitment to both economic growth and the cultural legacy of Kentucky’s rich racing history.