The iconic Churchill Downs horse racing venue experienced a phenomenal first quarter in 2023, generating an impressive $559.5 million in total revenue. This marks a substantial increase from the $364.1 million earned during the corresponding period the previous year.
The company’s earnings also witnessed a dramatic surge, with net profits skyrocketing to $155.7 million compared to $42.1 million in the initial quarter of 2022 β an astounding 270% rise!
A primary catalyst for this triumph was the considerable expansion in income derived from their live and archived horse racing activities, which escalated from $87.2 million to $215.8 million. This contributed to propelling their adjusted EBITDA to $82.1 million, signifying a remarkable 194% upswing.
In summary, the first three months of 2023 witnessed Churchill Downs attain their second-highest EBITDA since the start of 2022. They aim to maintain this trajectory throughout the year following a record-shattering 2022, during which they achieved their highest-ever yearly revenue and net earnings.
The iconic Churchill Downs experienced a prosperous 2022, acquiring notable entities such as Peninsula Pacific Entertainment and Ellis Park Racing & Gaming. Their holdings expanded to include a poker establishment, Chasers, situated in Salem, New Hampshire. These strategic endeavors generated substantial revenue for the organization.