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US – Churchill Downs generates record revenue in 2022

By - 23 February 2023

A stellar year for Churchill Downs saw it generate record revenue in 2022 of $1,809.8m, up 13 per cent compared to $1,597.2m in the prior year with the 148th Kentucky Derby on the first Saturday in May generating record Adjusted EBITDA.

Net revenue for the fourth quarter of 2022 increased $87m from the prior year quarter primarily due to $62.4m in revenue attributable to the Virginia properties acquired in the P2E Transaction, $6.9m in revenue attributable to properties acquired in the Ellis Park and Chasers Transactions, and a $17.7m increase driven primarily by continued growth at its Oak Grove property and the opening of Turfway Park in September 2022.

Churchill Downs racetrack experienced a $77.6m increase in revenue due to the running of the 2022 Kentucky Derby without attendance restrictions that were in place in 2021 as well as a $67.8m increase driven primarily by growth at  Turfway Park, Churchill, and Oak Grove.

There was also an additional $8m in revenue generated by properties boughtin its purchase of Ellis Park along with the Chasers Poker Room in Salem.

On Nov. 1, 2022, CDI completed its $2.75 billion acquisition of essentially all assets of Peninsula Pacific Entertainment, which included Colonial Downs racetrack, six HHR venues in Virginia, and rights to properties being developed in Dumfries and Emporia, along with rights to up to five more HHR facilities in Virginia (as well as casinos in New York State and Iowa). 

With regards to the online division TwinSpires, net revenue for the fourth quarter of 2022 decreased $6.9m from the prior year quarter primarily due to the decision to exit the direct online Sports and Casino business in the first quarter of 2022 and due to a decline in Horse Racing wagering.

Adjusted EBITDA for the fourth quarter of 2022 increased $12.1m from the prior year quarter due to a $14.3m increase from our Sports and Casino business primarily due to decreased marketing and promotional activities and a $2.2m decrease attributable to lower Horse Racing net revenue.

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