Churchill Downs Wednesday reported that net revenue for the third quarter of 2025 was a record $683.0 million, a year-over-year increase of $54.5 million, or 9.0% The company also announced record 3Q25 Adjusted EBITDA of $262.3 million, an 11% increase over 2024 third quarter’s $27.0 million.
In a release, Churchill Downs stated that the third-quarter revenue increase was due to a $30.1 million increase from its Virginia historical racing machine venues, a $20.9 million increase from Kentucky’s HHR, and a $2.3 million increase primarily from a temporary facility at Casino Salem in New Hampshire.
The Virginia historical racing machine increase was attributed to a $26.0 million net increase from northern Virginia venues and a $5.1 million net increase from central Virginia venues. The increases were partially offset by a $1.0 million net decrease from four other Virginia venues.
The Kentucky HHR increase was due to a $12.2 million surge from western Kentucky venues, a $3.5 million increase from Louisville venues, a $3.0 million increase from northern Kentucky venues, and a $2.2 million increase from the company’s southwestern Kentucky venue.
Third quarter 2025 revenue from Churchill Downs gaming sources decreased $4.8 million, from 2024’s $270.3 million to 2025’s $265.5 million. The decrease was attributed to a $6.1 million loss from the cessation of HHR operations in Louisiana and partially offset by a $1.3 million net increase primarily from New York, Maine, Indiana, and Iowa properties.
Net income attributable to Churchill Downs was $38.1 million, down $27.3 million or 42%, driven by a one-time non-cash impairment.
Developments highlighted during the quarter include:
- On July 24, Churchill Downs announced that NBC Sports will showcase the Kentucky Oaks on primetime for the first time ever in 2026.
- August 6, Churchill Downs completed the expansion of Rosie’s Richmond in Richmond, Virginia, with 450 historical racing machines.
- August 27, Churchill Downs completed the acquisition of 90% of Casino Salem for $180 million and began to operate the temporary mini casino at the Mall at Rockingham Park in Salem, New Hampshire.
- September 29, Churchill Downs opened Roseshire Gaming Parlor in Henrico County, Virginia, with 175 historical racing machines.
- October 21, the Board of Directors approved a $0.438 per share dividend to shareholders of record as of December 5, 2025, and payable on January 6, 2026. This is the 15th consecutive year of increased dividend per share.
