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Churchill Downs reports $590.9m revenue in Q1 results

Churchill Downs reported record revenue in Q1 2024, but net income fell due to prior-year gains and expenses.

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Churchill Downs has released its first-quarter business results for the period ending 31 March 2024. The report outlines several key highlights and financial metrics for the quarter.

According to the company's disclosures, it achieved record net revenue of $590.9m, marking a 6% increase compared to the same quarter in the previous year. Despite the revenue growth, net income experienced a notable decline, dropping by 48% to $80.4m. However, the quarter also saw record adjusted EBITDA of $242.5m, up by 9% compared to the previous year.

Among the segments, the Live and Historical Racing segment demonstrated growth, with revenue increasing by 15% and adjusted EBITDA by 23% compared to the first quarter of 2023. This growth was attributed to increased revenue from Kentucky HRM properties, Virginia properties and the opening of Rosie's Emporia property in September 2023.

TwinSpires, the company's online betting platform, reported revenue growth of 18% and a 35% increase in adjusted EBITDA compared to the same quarter last year. This growth was primarily driven by the Exacta transaction and expansion of the retail and online sports betting business.

In contrast, the Gaming segment experienced a decrease in revenue by $8.4m, mainly due to the company's decision not to renew the management agreement at Lady Luck Casino Nemacolin and inclement weather affecting gaming properties in January 2024.

Additionally, Churchill Downs Incorporated announced plans for The Rose Gaming Resort, scheduled to open in late September 2024 and Owensboro Racing & Gaming, planned for the first quarter of 2025, as part of its expansion strategy in the gaming industry.

Furthermore, the company completed the sale of 49% of United Tote Company to NYRA Content Management Solutions and continued its share repurchase program, repurchasing $22.0m of shares in the first quarter of 2024.

The company's net income for the first quarter of 2024 was $80.4m, down from $155.7m in the prior year quarter. Factors impacting net income included an after-tax gain on the sale of property in Arlington Heights, Illinois, in the prior year quarter and adjustments related to transaction, pre-opening and other expenses.

Churchill Downs had reported robust earnings for Q4 and the full year 2023, with net revenue totalling $2.5bn for the year, reflecting a record for the company and a year-on-year increase of 36%.

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