Churchill Downs Incorporated reports $1.59bn in 2021 revenue
Churchill Downs Incorporated has reported details of its Q4 and full-year 2021 business results for the year ending 31 December 2021.
In total, 2021 saw revenue increase by 52% from the previous year, reaching $1.59bn. In addition, income for 2021 stood at $249.1m compared to the net loss experienced last year of $81.9m. Record 2021 adjusted EBITDA rose by 119% to $627m in comparison to $286.5m in the previous year.
The company saw increased operating performances from its business segment. For example, Derby City Gaming achieved record net revenue and adjusted EBITDA in 2021, with Oak Grove Racing, Gaming and Hotel experiencing strong growth with each respective net revenue and adjusted EBITDA during its first full operating year.
The gaming segment saw a record $411.9m in adjusted EBITDA, increasing by $238.8m, or 138% when compared to 2020.
In addition, TwinSpires Horse Racing delivered adjusted EBIDTA of $119m in 2021, which is down 6% from 2020. TwinSpires Horse Racing adjusted EBITDA increased 52% in 2021 from 2019.
Acquisitions for the year included an agreement to acquire all of the assets of Peninsula Pacific Entertainment for a total of $2.485bn.
The operator announced further strategic growth investments for the year. For example, three major multi-year capital investments at Churchill Downs Racetrack, including the Homestretch Club, the Turn 1 Experience and the Paddock and Under the Spires projects. In addition, an investment of $76m has been made to expand Derby City Gaming for up to 450 additional historical racing machines as well as to build a new five-story hotel housing 123 rooms and other attractions.
In terms of sales, Churchill Downs has agreed to sell two properties, namely Arlington Heights in Illinois, for $197m to the Chicago Bears, and the Calder Casino for $291m to Link Logistics.
Specifically for the quarter, the Q4 2021 results saw the company making a net income of $43.3m compared to $17.1m in the prior-year quarter. And for continuing operations, the company’s Q4 2021 net income sat at $43.3m, rising from $16.4m in the previous year quarter.
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