Churchill Downs has reported business results for its second quarter ended 30 June 2021.
The report shows a record net revenue of $515.1m in comparison to last year’s quarter equating to $185.1m. There has also been an increase in this year's Q2 net income, with income of $108.3m compared to the net loss of $118.8m the prior year.
The adjusted net income, however, was at $212.1m, compared to the adjusted net loss of $21.1m in the prior-year quarter. The recorded adjusted EBITDA rose to $233.3m, in contrast to last year's figure of $30.1m.
The highlights of Churchill Downs’ second quarter saw the horseracing operator successfully run the 147th Kentucky Oaks and Derby with strong ticketing, NBC viewership, sponsorship revenue and margins, despite capacity restrictions. Meanwhile, Derby City Gaming delivered record net revenue, margins and adjusted EBITDA.
In its third full quarter of operations, Oak Grove Racing, Gaming & Hotel delivered margin expansion, alongside this was a strong double-digit sequential growth in net revenue and adjusted EBITDA. Churchill Downs Gaming properties delivered 4% of sequential margin expansion with record net revenue and record adjusted EBITDA.
Four of the wholly owned casino properties also delivered record net revenue, adjusted EBITDA and margins. They delivered 10% of margin expansion compared to the same quarter in 2019.
There was also successful delivery from Rivers Casino Des Plaines and Miami Valley Gaming with record net revenue, adjusted EBITDA and margins. A significant margin expansion was reached compared to the same quarter in 2019.