For the quarter ended June 2024, Churchill Downs (CHDN) reported revenue of $890.7 million, up 15.9% over the same period last year. EPS came in at $2.89, compared to $2.24 in the year-ago quarter. Revenue- Gaming: $274.20 million versus $256.60 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +11.5% change. Revenue- TwinSpires: $151.70 million versus $154.27 million estimated by three analysts on average. Compared to the year-ago quarter, this numbe ...

Revenue Growth - Net revenue increased by $153.6 million, driven by a $110.4 million increase from the Live and Historical Racing segment due to a record-breaking Derby Week at Churchill Downs Racetrack and the opening of the Rosie's Emporia property[142]. - Net revenue for the second quarter of 2024 was $890.7 million, an increase of $122.2 million (15.9%) compared to $768.5 million in 2023[168]. - Net revenue increased by $122.2 million, driven by a $79.7 million increase from the Live and Historical Racing segment due to a record-breaking Derby Week and the opening of the Rosie's Emporia property[187]. - Total revenue for the three months ended June 30, 2024, was $890.7 million, an increase of $122.2 million compared to $768.5 million for the same period in 2023[198]. Income and Earnings - Operating income rose by $110.8 million, primarily due to a $79.3 million increase from the Live and Historical Racing segment and a $15.3 million increase in the TwinSpires segment[142]. - Net income attributable to Churchill Downs Incorporated decreased by $9.0 million, impacted by an $86.2 million after-tax gain on the sale of the Arlington property in the prior year[142]. - Net income attributable to Churchill Downs Incorporated for the three months ended June 30, 2024, was $209.3 million, a 66.3% increase from $143.0 million in the same period of 2023[175]. - Net income attributable to Churchill Downs Incorporated increased by $66.3 million, driven by an $18.5 million decrease in after-tax non-cash impairment costs and a $5.8 million decrease in transaction expenses[196]. Adjusted EBITDA - Adjusted EBITDA increased by $100.7 million, with a $74.4 million increase from the Live and Historical Racing segment and a $22.5 million increase from the TwinSpires segment[142]. - Adjusted EBITDA for the second quarter of 2024 was $444.8 million, up $81.1 million (22.3%) from $363.7 million in 2023[168]. - Adjusted EBITDA for the three months ended June 30, 2024, was $444.8 million, reflecting an increase of 81.1% from $363.7 million in the same period of 2023[195]. - Adjusted EBITDA rose by $81.1 million, with significant contributions from the Live and Historical Racing segment ($55.7 million increase) and the Gaming segment ($17.3 million increase) due to the opening of the Terre Haute Casino Resort[196]. Segment Performance - Live and Historical Racing revenue increased by $82.2 million, driven by a record-breaking Derby Week contributing $37.6 million[170]. - TwinSpires revenue rose by $20.8 million, with a $14.7 million increase from Exacta and a $1.8 million increase from online sports betting agreements[170]. - Gaming revenue increased by $26.5 million, primarily due to the opening of the Terre Haute Casino Resort in April 2024[170]. - Live and Historical Racing segment reported a revenue increase of $82.2 million, from $408.0 million in Q2 2023 to $490.2 million in Q2 2024[198]. - TwinSpires revenue rose by $38.5 million, with a $29.0 million increase from Exacta and a $4.0 million increase from online sports betting agreements[216]. - Gaming revenue increased by $18.1 million, primarily due to the opening of the Terre Haute Casino Resort, which contributed $33.9 million[216]. Expenses and Liabilities - The company experienced an $11.8 million increase in selling, general, and administrative expenses during the quarter[142]. - Operating expenses rose by $17.8 million for the three months ended June 30, 2024, primarily due to new property openings and the Exacta Transaction[188]. - Total liabilities increased by $61.2 million, driven mainly by increased accounts payable and taxes payable[189]. - Total liabilities increased to $6,123.1 million as of June 30, 2024, compared to $6,061.9 million at the end of 2023, reflecting a change of $61.2 million[204]. Assets and Capital Expenditures - Total assets as of June 30, 2024, were $7,170.1 million, up from $6,955.5 million as of December 31, 2023[162]. - Total assets increased by $214.6 million, primarily due to increased capital expenditures at the Terre Haute Casino Resort and Churchill Downs Racetrack[189]. - Total capital expenditures for the six months ended June 30, 2024, were $292.0 million, down from $312.4 million in the same period of 2023[214]. - The company anticipates project capital investments of approximately $450.0 to $550.0 million in 2024 for various renovations and new gaming facilities[206]. Debt and Financial Agreements - The company had total debt of $4,893.1 million as of June 30, 2024, an increase of $19.1 million from December 31, 2023[180]. - The company closed an amendment of the Credit Agreement on July 3, 2024, extending the maturity date of the Revolver and Term Loan A from 2027 to 2029[180]. - The company had $1.8 billion outstanding under its Credit Agreement, with exposure to market risk from variable interest rates[231]. - A one-percentage point increase in the SOFR rate would reduce net income and cash flows from operating activities by $13.0 million[231]. Future Plans and Developments - The company plans to open The Rose Gaming Resort in Virginia in late September 2024, contributing to future growth[188]. - The company intends to appeal a ruling that declared the 2021 Historical Horse Racing Act unconstitutional, which could impact HRM results in Louisiana[167].

FOR IMMEDIATE RELEASE Contact: Sam Ullrich (502) 638-3906 Sam.Ullrich@kyderby.com CHURCHILL DOWNS INCORPORATED REPORTS 2024 SECOND QUARTER RESULTS LOUISVILLE, Ky. (July 24, 2024) - Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company", "CDI", "we") today reported business results for the second quarter ended June 30, 2024. Company Highlights | CONSOLIDATED RESULTS | | | | | | --- | --- | --- | --- | --- | | | | | Second Quarter | | | (in millions, except per share data) | | 2024 | | 2023 | | Net revenu ...

The Grandstand Pavilion will be a covered outdoor garden environment featuring updated finishes, new concessions, bars and wagering windows. impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires sports betting business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored info ...

LOUISVILLE, Ky., July 24, 2024 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated ("CDI" or "Company") announced today that Robert L. Fealy retired from CDI's Board of Directors on July 23, 2024. "We are grateful for Bob's long-term exemplary service as a board member of Churchill Downs Incorporated," said Bill Carstanjen, CDI's President and Chief Executive Officer. "We will miss his perspective, insight, and dedication to our Company. I want to also personally thank him for his friendship and wisdom over th ...

The Grandstand Club will transform existing bleachers to stadium-style seats and rail boxes. For more information on purchasing options for the Grandstand Club and Pavilion, sign up for the online sale at KentuckyDerby.com or call (502) 636-4447 for additional purchasing options including personal seat licenses. This news release contains various "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements ...

(a) Total handle generated by Velocity is not included in total handle from TwinSpires Horse Racing. Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------|----------------------------|--------------------------------|------------|-------|-----------|----------------|-------|-----------|-------|---------| | (in millions) | Live and Historical Racing | Six Months Ended June 30, 2023 | TwinSpire ...

The consensus EPS estimate for the quarter has been revised 0.42% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. For Churchill Downs, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.57%. Over the last four quarters, the ...

Image Source: Zacks Investment Research During first-quarter 2024, it completed the new Paddock project, which is the most significant construction development ever at Churchill Downs Racetrack, for an investment of about $200 million. The company expects the Rose Gaming Resort, which is a historical racing machine (HRM) entertainment venue, to open in third-quarter 2024. The total investment in this resort was approximately $460 million. For 2024, CHDN expects to spend $90-$105 million for maintenance and ...

LOUISVILLE, Ky., June 27, 2024 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated ("CDI" or "the Company") announced today that Michael Lilly has been promoted to President of TwinSpires Horse Racing, the leading provider of legal online horse betting sites and the official wagering partner of the Kentucky Derby. In this role, Lilly will be responsible for the overall strategy and operation of the TwinSpires Horse Racing business within CDI's TwinSpires Segment. About Churchill Downs Incorporated Investor Con ...