Churchill Downs Wednesday reported record net revenue of $663 million for the first quarter of 2026, up $20 million, or 3% year-over-year.
Net income attributable to Churchill Downs was $83 million, up $6 million, or 8%, year-over-year. Adjusted EBITDA was also a record, reaching $257 million, up 5% year-over-year, or $12 million.
During the first quarter, Churchill Downs announced plans to invest $180 million to $200 million in Rockingham Grand Casino in Salem, New Hampshire. The casino is scheduled to open mid-2027.
Churchill also opened Marshall Yards Racing & Gaming in Calvert City, Kentucky, in February.
On April 21, Churchill Downs announced plans to enter into a definitive agreement to buy the intellectual property, including all trademarks and associated rights, of the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland for $85 million.
First-quarter revenue increased $24 million, attributable to a $17 million increase from Kentucky historical horse racing machine venue. There also was a $5 million increase from Virginia HRM venues, and a $3 million increase from New Hampshire venues. This was partially offset by a $1 million decrease from Churchill Downs Racetrack.
A Kentucky HRM venues increase was because of a $6 million jump from western Kentucky venues, a $4 million increase from northern Kentucky venues, a $4 million increase from southwestern Kentucky venues, and a $3 million increase from Louisville venues.
The Virginia HRM increase was primarily because of a $5 million net increase from northern Virginia venues and a $1 million increase from a western Virginia venue, partially offset by a $1 million net decrease from a Central Virginia venue primarily from increased competition and unfavorable weather.
Revenue increased by $2 million during the quarter primarily because of Churchill Downs’ retail sports betting business.
First-quarter Adjusted EBITDA increased $4 million primarily from lower legal expenses in the company’s horse racing business and growth in retail sports betting business.
First-quarter revenue decreased $5 million because of a $9 million decrease primarily from the end of HRM operations in Louisiana in May, and a $2 million decrease primarily from Florida and Mississippi properties. These decreases were partially offset by a $6 million increase primarily from New York, Indiana, and Maryland properties.
First-quarter Adjusted EBITDA decreased $1 million. Wholl- owned Churchill Downs gaming properties decreased $3 million primarily from the end of HRMs in Louisiana in May that was partially offset by an increase from its New York property.
Equity investments increased $2 million from strong performance at Rivers Des Plaines in Illinois and Miami Valley Gaming in Ohio.
Net income attributable to CDI in the first qurter was $83 million compared to $77 million in the prior year quarter. Factors affecting the comparability of the company’s first quarter net income to the prior year quarter included a $3 million after-tax decrease in other charges and recoveries. This was partially offset by a $2 million after-tax increase in transaction, pre-opening, and other expenses.
