Churchill Downs on Wednesday announced revenue for the third quarter was a record $696 million, a year-over-year increase of $13 million, or 2%.
Adjusted EBITDA also was a record, $264 million, up $2 million or 1%.
Net income was a record $80 million, up $42 million.
Highlights include:
- Churchill Downs announced the Thoroughbred Championship Series with the New York Racing Association beginning with the Kentucky Oaks and Kentucky Derby in 2027.
- The operator received approval to move and expand our Rosie’s Collinsville in Virginia historical racing machines venue to 150 HRMs within Henry County.
- Churchill Downs completed the acquisition of 49% of United Tote Company from NYRA and extended NYRA’s tote services agreement with United Tote through 2035.
- The company entered into a new $500 million Term Loan B due 2033 and amended and extended its Revolver and Term Loan A facility at what it said were favorable rates.
- The board declared a $0.469 per share dividend (+7%) to shareholders of record as of December 4, and payable on January 5.
- The board approved a new $750 million share repurchase program. The new authorization includes and is not in addition to the $306 million previously remaining under the prior repurchase program authorization as of the close of trading on October 27.
