Churchill Downs continues record-breaking run with fifth year of record revenue
Churchill to spend $220m on projects in Kentucky and New Hampshire
Churchill Downs maintained its run of record-breaking financial performance in 2025, achieving its fifth consecutive year of record revenue and adjusted EBITDA.
In 2025, Churchill Downs generated record net revenue of $665.9m, up $41.7m or seven per cent due to a $20.8m increase from its Kentucky HRM venues, a $16.1m increase from its Virginia HRM venues, a $4.6m increase primarily from its New Hampshire venues, and a $2.4m increase at Churchill Downs Racetrack.
It now plans to invest up to $220m in 2026 on developments in Kentucky and New Hampshire.
CEO Bill Carstanjen said: “Our record-breaking performance in 2025 demonstrates the strength and scalability of our diversified portfolio. We are confident in our ability to continue delivering value to shareholders through strategic investments and operational excellence.”
“We delivered record net revenue and record Adjusted EBITDA, exceeding our prior records set in 2024. We also delivered record Adjusted EBITDA in both our Live and Historical Racing segment and our Wagering Services and Solutions segment. Our Regional Gaming portfolio delivered a solid performance as well.
“Despite facing a challenging comparison and economic uncertainty early in 2025, including tariff-related volatility during the later part of our sales cycle, our team executed exceptionally well,” Carstanjen added. “We generated record handle for the Kentucky Derby race, the Derby Day program, and Derby week overall, along with the highest television ratings in nearly 40 years. We were just below the prior year’s record earnings level.”
“We also made significant progress growing The Rose in Northern Virginia in its first full year of operations. In addition, we announced plans to invest $180m to $200m to develop Rockingham Casino in Salem, New Hampshire. We also received regulatory approval in Kentucky to introduce electronic table games based on historical horse racing. In early February of this year, we introduced our first electronic roulette table games in our Kentucky HRM facilities.”
Carstanjen added: “We will expand Exacta, our HRM technology business, within our own HRM venues, as well as with other third-party HRM properties, both in the United States and internationally. Our vertical integration through the purchase of Exacta in 2024 has provided significant support and margin improvement for the growth of our HRM businesses in Kentucky and Virginia. Exacta will also be the cornerstone of our technology in our upcoming Rockingham venue in New Hampshire. The recent introduction of electronic roulette table games, or ETGs, in Kentucky allows us to further leverage this platform. We develop additional HRM-based ETGs, including potential offerings such as craps and blackjack.”
Marcia Dall, Chief Financial Officer, added: “We are very pleased with the performance of our HRM venues in both Kentucky and Virginia, and remain confident in their long-term, high-margin growth potential as we continue to successfully penetrate these high-potential markets. In Kentucky, our HRM properties generated record Adjusted EBITDA in 2025, supported by the successful opening of Owensboro in February and strong performance across the portfolio. Despite significant January weather events this year, reported statewide GGR grew at a double-digit rate year-over-year, demonstrating the strength of underlying demand and our competitive positioning.”
“In Virginia, our HRM venues also delivered record Adjusted EBITDA. The Rose continues to ramp as we expand, as expected, as we expand our presence in Northern Virginia. Importantly, The Rose delivered sequential growth in GGR per unit in every quarter of 2025. Our Regional Gaming properties demonstrated resilience throughout 2025, despite temporary headwinds, including roadwork and local curfews in Mississippi and minor weather impacts in December.”
