Churchill Downs on Wednesday posted record revenue of $665.9 million for the fourth quarter, up 7%, or $43.9 million.
Net income for the fourth quarter was $51.3 million, down $20.4 million, or 28%. Adjusted EBITDA was a record $247 million, up $10.4 million, or 4%.
Fourth-quarter revenue increased $43.9 million because of a $20.8 million increase from Kentucky historical racing machine venues; a $16.1 million increase from Virginia HRM venues; a $4.6 million increase from New Hampshire venues; and a $2.4 million increase at Churchill Downs racetrack.
Kentucky HRM increase was because of a $12.4 million increase from western venues; a $4 million increase from northern venues; a $2.6 million increase from a southwestern venue; and a $1.8 million increase from Louisville venues.
The Virginia HRM increase was primarily because of a $10 million net increase from northern venues; a $5.4 million net increase from central venues primarily from the September opening of the Roseshire HRM venue; and a $0.7 million net increase primarily from western and southern venues.
Fourth-quarter Adjusted EBITDA increased $20.5 million because of a $10.5 million increase from Kentucky HRM venues; a $6.9 million increase from Virginia HRM venues; a $1.7 million increase at Churchill Downs racetrack, and a $1.4 million increase from New Hampshire venues.
Churchill Downs’ Roseshire Gaming Parlor in Henrico County, Virginia, launched September 29.
Full-year revenue increased $175.4 million because of an $88.3 million increase from Virginia HRM venues, a $72.6 million increase from Kentucky HRM venues, an $8.4 million increase from Churchill Downs racetrack, and a $6.1 million increase primarily from New Hampshire venues.
The Virginia HRM increase was primarily because of an $82.7 million net increase from northern venues and a $10.6 million net increase from central venues, primarily from the opening of the Roseshire HRM venue, partially offset by a $5 million net decrease primarily from western and southern venues.
The Kentucky HRM increase was primarily because of a $40.1 million net increase from western venues, a $14.5 million increase from northern venues, a $10 million increase from a southwestern venue, and an $8 million increase from Louisville venues.
On January 12, Churchill Downs announced plans to invest $180 million-$200 million in Rockingham Grand Casino in Salem, New Hampshire, with a planned mid-2027 opening.
Marshall Yards Racing & Gaming in southwestern Kentucky, opened February 25.
Churchill Downs ended 2025 with net bank leverage of 4.1x and returned $456.3 million of capital to shareholders through share repurchases and dividends during the year.
Churchill Downs closed at $96.14 on the Nasdaq on Wednesday, down 0.05%, or $0.05.
