Churchill Downs on Wednesday reported that revenue for the first quarter reached $642.6 million, up $51.7 million or 9% year-over-year for a quarterly record.
In a release, Churchill Downs said the revenue increase was partially attributable to its historical racing machine venues. The company’s Virginia HRM facility posted an $18.2 million increase year-over-year, “primarily due to the November opening of the Rose Gaming Resort in Northern Virginia.” There also was an $8.9 million revenue jump at Churchill Down’s HRM venues in Kentucky, and $400,000 increase at the operator’s other HRM venues.
The release also said the opening of Owensboro Racing and Gaming in Western Kentucky, and growth from its northern and southwestern Kentucky properties, was responsible for the HRM growth in Chicago, and offset a decrease at its Louisville property.
Net income attributable to Churchill Downs was $76.7 million, down $3.7 million or 5% year-over-year. The company posted record Adjusted EBITDA of $245.1 million, up $2.6 million or 1%.
Also from the statement:
- Two new projects at Churchill Downs Racetrack will enhance the 152nd Kentucky Derby experience in 2026 for guests are the Finish Line Suites and The Mansion, but is pausing The Skye, Conservatory and Infield General Admission capital projects because of the economic environment.
- In March, the board approved a $500 million share repurchase program.
- The first quarter ended with net bank leverage of 4x and returned $119.5 million of capital to shareholders through share repurchases and dividends.
Churchill Downs stock closed at $105.06 on the Nasdaq, up $2.05 or 2%.
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