Churchill Downs reports record 364m in net revenue for Q1

Churchill Downs Incorporated (CDI) has reported $364

Churchill Downs Incorporated (CDI) has reported $364.1m inwards tape sack up revenue for Q1 2022, upwards past nearly $40m from the same three-month period endure year.

In a strong start up to 2022, the Louisville-based operator experient significant growing from its gaming segment, as comfortably as live and historical racing.

The former area generated almost $180m in network revenue, an over $25m year-on-year increase, patch the latter segment was responsible for $87.2m, upwards from $64.7m last year.

CDI acknowledged that certain content restrictions inwards localise during the first-class honours degree quarter of 2021 were no thirster present tense at several properties.

This resulted inward a more favourable equivalence for its land-based gaming segment. Live and historical racing was also helped past the removal of operating restrictions.

“Oak Grove and Derby City Gaming reflected the benefit of the reasoning by elimination of the operating restrictions that were inwards set during the first off quarter of 2021 and boilersuit continued maturation inwards the businesses,” stated CDI inward wish to unrecorded and historical racing.

For its land-based gaming offer, Churchill added: “For the number one quarter of 2022, meshing revenue increased $25.2m in the first place due to certain mental ability restrictions on patrons and gaming during the prior-year quarter that were no more thirster inwards position at Oxford, Alexander Calder and Presque Isle.”

Adjusted Earnings Before Interest Taxes Depreciation and Amortization for CDI’s gaming and live and historical racing segments amounted to $91.1m and $27.9m respectively.

Overall familiarized EBIDTA for Q1 2022 was $128.5m, another all-time high up figure, while sack income similarly reached a record-breaking level, coming to $42.1m.

This was inward spite of a revenue lessening experient by Churchill’s TwinSpires segment. For the world-class quarter of 2022, this surface area generated $101.4m, knock down from $105m. However, TwinSpires’ EBIDTA increased, climbing from or so $23m to $24m.