Churchill Downs reports record $364m in net revenue for Q1
Churchill Downs Incorporated (CDI) has reported $364.1m in record net revenue for Q1 2022, up by nearly $40m from the same three-month period last year.
In a strong start to 2022, the Louisville-based operator experienced significant growth from its gaming segment, as well as live and historical racing.
The former area generated almost $180m in net revenue, an over $25m year-on-year increase, while the latter segment was responsible for $87.2m, up from $64.7m last year.
CDI acknowledged that certain capacity restrictions in place during the first quarter of 2021 were no longer present at several properties.
This resulted in a more favourable comparison for its land-based gaming segment. Live and historical racing was also helped by the removal of operating restrictions.
“Oak Grove and Derby City Gaming reflected the benefit of the elimination of the operating restrictions that were in place during the first quarter of 2021 and overall continued growth in the businesses,” stated CDI in regard to live and historical racing.
For its land-based gaming offer, Churchill added: “For the first quarter of 2022, net revenue increased $25.2m primarily due to certain capacity restrictions on patrons and gaming during the prior-year quarter that were no longer in place at Oxford, Calder and Presque Isle.”
Adjusted EBITDA for CDI’s gaming and live and historical racing segments amounted to $91.1m and $27.9m respectively.
Overall adjusted EBIDTA for Q1 2022 was $128.5m, another all-time high figure, while net income similarly reached a record-breaking level, coming to $42.1m.
This was in spite of a revenue decrease experienced by Churchill’s TwinSpires segment. For the first quarter of 2022, this area generated $101.4m, down from $105m. However, TwinSpires’ EBIDTA increased, climbing from approximately $23m to $24m.
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