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Churchill Downs Incorporated (CDI) Record Revenue for 2023

Explore Churchill Downs Incorporated's robust financial performance in 2023, marked by a 36% increase in net revenue and substantial growth in its gaming and racing segments. Delve into key highlights, including revenue breakdowns, adjusted EBITDA insights, and expansion plans for new racetracks.
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Branimir Ivanov | Senior News Contributor

Updated: Feb 27, 2024

Churchill Downs Incorporated (CDI) Record Revenue for 2023

Churchill Downs Incorporated (CDI) announced its business results for the quarter and full year ending Dec. 31, 2023, showcasing a significant surge in net revenue. The company's financial highlights include a remarkable 36% increase in net revenue to a new record of $2.46 billion, compared to $1.81 billion in the previous year. Furthermore, CDI reported earnings of $561.2 million for the final quarter of 2023, surpassing all estimations.

 

Key Movements

  1. Record-Breaking Revenue: Churchill Downs Incorporated (CDI) achieved a remarkable 36% increase in net revenue for the full year ending Dec. 31, 2023, reaching a new record of $2.46 billion.
  2. Gaming and Racing Growth: CDI's gaming revenue surged by $212.8 million in 2023, driven by acquisitions in New York and Iowa, while the live and historical racing segment witnessed a staggering 70.4% increase in revenue, totaling $1.05 billion.
  3. Expansion Plans: CDI unveiled plans for new racetracks in Northern Virginia and Western Kentucky, signaling its commitment to further growth and innovation within the gaming and racing sectors.

 

During the last quarter of 2023, CDI's gaming revenue witnessed a notable increase of $18.0 million from the prior year quarter. This success was propelled by various factors, including a $22.3 million contribution from properties in New York and Iowa, as well as a $3.0 million boost from properties in Louisiana and Maryland. However, the company experienced a $5.0 million decrease due to its decision not to renew the management agreement at Lady Luck. Additionally, CDI's other wholly-owned properties reported a $2.3 million decrease in revenue across four states. Adjusted EBITDA for Q4 2023 increased by $1.0 million from the prior year quarter, driven by gains in specific properties and equity investments, although partially offset by decreases in other areas.

For the full year of 2023, CDI's gaming revenue surged by $212.8 million, primarily attributed to a $230.0 million increase from properties acquired in the P2E Transaction in New York and Iowa. However, revenue was also affected by a $16.9 million decrease in Pennsylvania, mainly due to the company's decision not to renew the management contract at Lady Luck, along with a $0.3 million net decrease from its other gaming properties.

 

“We are thrilled to report record-breaking revenue for 2023, reflecting the success of our strategic initiatives and the resilience of our business in a dynamic market environment.”

 

CDI's live and historical racing segment emerged as a significant driver of revenue growth in 2023, with revenue soaring by 70.4% year-over-year to reach $1.05 billion, a new record for the vertical. This growth was attributed to various factors, including acquisitions in Virginia and Kentucky, record-breaking Derby Week performances, and successful property openings.

Looking ahead, CDI revealed plans for new racetracks in Northern Virginia and Western Kentucky. Phase one of The Rose in Virginia has been approved and is scheduled to open at the end of September, featuring historical racing machines (HRMs), a hotel, food and beverage options, and parking spaces. Additionally, Owensboro Racing and Gaming in Kentucky is slated to open in the first quarter of 2025, offering HRMs, a retail sportsbook, simulcast wagering, and multiple dining options, with an estimated annual economic impact of $125 million and significant job creation.

In summary, CDI's impressive financial performance in 2023, coupled with its ambitious expansion plans, underscores its resilience and commitment to innovation within the gaming and racing sectors.

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