CDI sets new revenue record in Q3 2023
Churchill Downs continues setting new records for its revenue in the third quarter of the year.
The company’s record performance follows after CDI set a quarterly revenue record in the second quarter of this year, highlighting the firm’s healthy growth momentum. It generated just over 572 million dollars in the period, up by almost 50% year-over-year. This led to an adjusted EBITDA of 218 million dollars, which represented a growth of 34% from last year, and a net income figure of 61 million dollars, which was up by 7% from 2022.
The company further broke down its performance by its operating segments, which revealed that CDI’s historical and live horse racing revenue and adjusted EBITDA figures went up by 120% and 134% year-over-year respectively. In contrast to this, the firm’s gambling operations and TwinSpires subsidiary experienced a smaller amount of growth at 32% and 5% respectively for their revenues and 10% and 9% for their adjusted EBITDA figures.
Lastly, the company mentioned a few noteworthy events that took place throughout the quarter in its report, such as the completion of its purchase of Exacta Systems. CDI also mentioned that it is finalizing the design process for an upcoming establishment in Kentucky, which will further expand the firm’s portfolio of properties.