Churchill Downs Incorporated (CDI) has reported record financial results for the second quarter of 2024, with net revenue reaching $890.7m – a 16% increase year-on-year.
Net income attributable to CDI rose 46% to $209.3m, compared to the previous year. The operator also achieved an all-time high adjusted EBITDA of $444.8m, up 22% from Q2 2023.
The Live and Historical Racing segment's revenue increased by 20% to $490.2m, driven by a record-breaking Kentucky Derby Week and expansions in Virginia. Adjusted EBITDA for this segment grew by 25% to $279.2m.
TwinSpires, CDI’s online and retail sports betting platform, saw revenue growth of 15% to $159.9m, with adjusted EBITDA rising 36% to $46.2m due to the Exacta transaction and expanded market access in online sports betting.
The Gaming segment reported a revenue increase of 11% to $274.4m, with the opening of the Terre Haute Casino Resort in April 2024 playing a key role. Adjusted EBITDA for this segment increased 14% to $140.7m.
Revenue in the 'All Other' category, including intercompany revenue from the captive insurance company established in April 2024, was $1.9m. Adjusted EBITDA decreased to $21.3m, driven by increased corporate compensation and administrative expenses.
Churchill Downs hosted the 150th Kentucky Derby, achieving record handle for Derby Week. The company signed a new seven-year agreement with NBC to broadcast the Kentucky Derby Week through 2032.
CDI repurchased 93,874 shares of its common stock at a cost of approximately $13.0m and amended its senior secured credit agreement to extend the maturity dates of its revolving credit facility and Term Loan A facility from 2027 to 2029.
In Q1 2024, CDI reported a net revenue of $590.9m, a 6% increase from the previous year. Despite this, net income fell by 48% to $80.4m due to prior-year gains and expenses.
