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US – Churchill Downs enjoys a record year

By - 28 February 2022

Churchill Downs managed to generate record 2021 net revenue of $1,597.2m, up 52 per cent over the prior year with record 2021 Adjusted EBITDA of $627m, up 119 per cent.

Net revenue for 2021 increased $241.8m from the prior year due to a $84.1m increase at Oak Grove as a result of the opening of the HRM facility in September 2020 and the hotel in October 2020; a $74.8m increase at Derby City Gaming from the temporary suspension of operations during the prior year and the completion of a second outdoor patio with an additional 225 HRMs in September 2020; a $66.9m increase at Churchill Downs Racetrack as a result of running the 147th Kentucky Oaks and Derby with capacity restrictions in 2021 compared to the running of the 146th Kentucky Oaks and Derby in 2020 without spectators, a $14.8m increase at Newport as a result of opening the facility in October 2020; and a $1.2m increase at Turfway Park due to the temporary suspension of operations during the prior year.

The company stated: “We had strong operating performance from our business segments. Churchill Downs successfully ran the 147th Kentucky Oaks and Derby with over 51,000 fans gathered in person and strong NBC viewership, sponsorship revenue, and margins Derby City Gaming delivered record net revenue and Adjusted EBITDA in 2021 and Oak Grove Racing, Gaming & Hotel delivered strong growth in net revenue and Adjusted EBITDA in its first full year of operation.”

TwinSpires Horse Racing delivered Adjusted EBITDA of $119m in 2021, down six per cent from the prior year with Adjusted EBITDA up 52 per cent from 2019.

The company added: “We announced key strategic long-term organic growth investments:We announced three major multi-year capital investments at Churchill Downs Racetrack: the Homestretch Club, the Turn 1 Experience, and the Paddock and Under the Spires projects We announced plans to invest $76 million to expand Derby City Gaming for up to 450 additional historical racing machines (“HRMs”) and to build a new five-story hotel with 123 rooms including amenities to better serve and attract guests.”

“We continued building the new HRM and grandstand facility at Turfway Park Racing & Gaming (“Turfway Park”) and are on schedule to open the new entertainment venue. We announced plans to open Derby City Gaming Downtown in downtown Louisville, Kentucky as a new entertainment venue with 500 HRMs. We were selected to develop the Queen of Terre Haute Casino Resort in Vigo County, Indiana and plan to invest up to $260m to build a new entertainment venue with 1,000 slot machines, 50 table games, and a 125-room luxury hotel. We announced agreements to sell two properties:326-acre property in Arlington Heights, Illinois for $197m to the Chicago Bears.

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