Churchill Downs reports 10% revenue growth for Q3
Churchill Downs reported net revenue of $337.8m for Q3 2020, a 10% growth compared to $306.3m for the same period in 2019. Net income was $43.2 m, a sizable increase from $14.8m last year. Adjusted EBITDA was $121.9m, 39% higher than $88m reported in 2019. Net income from continuing operations for Q3 was $43.1m against $15.2m for the same period last year.
Net revenue for Churchill Downs was $68m, almost twice the $32.7m reported in 2019. Adjusted EBITDA increased 192% year-on-year, incrreasing from $5.2m last year to $23.9m in Q3 2020.
Online wagering reported net revenue of $126.4m, a $56m increase from $70.4m reported in 2019. The results are partly due to TwinSpires that contributed $54.1m to the total sum. TwinSpires also delivered a record revenue of $116.0m, a 77% growth compared to 2019. Gaming operations brought in $134.9m in net revenue, a 24% drop from $178.6m reported last year.
According to the statement, the Q3 2020 financial results were impacted by the 146th Kentucky Oaks and Derby that was pushed back from Q2 to Q3, as well as temporary suspensions and other restrictions in some of the properties. As of September 30, 2020, all Churchill Downs’ properties have reopened with limited capacity. The group also opened Oak Grove Racing, Gaming & Hotel, and Newport Racing & Gaming properties in Kentucky.
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