Churchill Downs reports record revenue

Churchill Downs has reported business results for the fourth quarter and full year ended December 31, 2022.

There was record 2022 net revenue of $1.8bn, up 13 per cent compared to $16bn in the prior year, also record 2022 net income of $439.4m up 76 per cent compared to $249.1m in the prior year.

The company reported record 2022 adjusted EBITDA of $763.6m, up 22 per cent compared to $627m in 2021.

It successfully ran the 148th Kentucky Derby on the first Saturday in May, generating record adjusted EBITDA, and completed the acquisition of Peninsula Pacific Entertainment with a purchase price of $2.75bn on November 1.

The company also completed the acquisition of Chasers Poker Room in Salem, New Hampshire, on September 2, which will enable the company to expand its historical racing machine strategy with table games to the New England market. 

It completed the acquisition of Ellis Park Racing and Gaming on September 26, which includes the rights to build an HRM entertainment venue in Owensboro, Kentucky. 

The sale of the excess Calder land for $291m was closed on June 17 and the sale of the Arlington Heights, Illinois, property to the Chicago Bears for $197.2m was closed on February 15, 2023.