Churchill Downs to open historical racing machine entertainment venue in Calvert City
Churchill Downs has announced the planned development of a $40 to $50m historical racing machine entertainment venue in Calvert City, Kentucky.
CDI plans to open the new 23,000 square-foot facility with 250 HRMs, a sports bar and a sportsbook, and a simulcast center in early 2026. The new facility will serve as an extension of Oak Grove Racing, Gaming and Hotel and will be CDI’s eighth historical horse racing entertainment venue in the Commonwealth of Kentucky.
It made the announcement as it delivered record net revenue of $628.5m compared to $572.5m in third quarter 2023.
Revenue in Churchill Downs’ Live and Historical Racing for the third quarter of 2024 increased $26.9m due to a $21.6m increase attributable to growth at its Virginia properties and the opening of the Rosie’s Emporia property in September 2023, a $3.8m increase attributable to growth at its Northern Kentucky properties, and a $1.5m net increase at its other Live and Historical Racing properties.
Adjusted EBITDA for the third quarter of 2024 increased $12.1m due to a $15.2m increase attributable to growth at our Virginia properties, which includes $3.9m related to Exacta savings, and a $3.2m increase attributable primarily to growth at its Northern Kentucky and Southwestern Kentucky HRM properties.
Revenue for TwinSpires increased $6.3m due to a $9.6m increase attributable to Exacta and a $1.3m increase attributable to its online sports betting market access agreements and its retail sports betting business. These increases were partially offset by a $4.6m decrease primarily attributable to a decline in TwinSpires Horse Racing handle due to market access and shifts in race days at other tracks.
In gaming, revenue for the third quarter of 2024 increased $25.4m due to a $32.5m increase attributable to the opening of the Terre Haute Casino Resort in April 2024 partially offset by a $7.1m decrease primarily due to regional gaming softness and increased competition.
