Churchill Downs reports record revenue in Q2 2023
Churchill Downs has recently published its financial analysis for the second quarter of the year.
The company’s revenue hit 768 million dollars in the period, up by more than 30% from the prior year’s 582 million dollar revenue figure. CDI’s adjusted EBITDA experienced a slightly smaller increase of around 25%, going from 291 million dollars to 363 million dollars in the quarter, which set another record for the firm.
Breaking down the figures by segment, both CDI’s thoroughbred racing and gaming divisions delivered record results, with the former’s revenue growing by 48% while the latter’s increased by 34%. Both divisions also saw slightly lower EBITDA increases at 36% and 16% respectively.
Despite all of the increases, the company’s income experienced a slight downturn, going from 339 million dollars to 143 million dollars. CDI attributed this to several increases in its operational costs, along with the 193 million dollar sale of the land adjacent to its Calder establishment that increased its 2022 income significantly.
Furthermore, along with publishing its Q2 report, the company also announced that it will soon be beginning renovations on the Jockey Club Suites at its racing venue in Kentucky. The project is estimated to complete in time for the 150th running of the Kentucky Derby in May next year, enhancing all key features of the acclaimed establishment’s 61 premium suites.