Churchill Downs Races to Record Q3 Revenues in 2023
LISTEN TO THIS ARTICLE:Churchill Downs Incorporated (CDI), the US racecourse owner and gaming operator, has announced the company has seen record revenues for Q3 this year up to $572.5 million, a 49% increase year on year.
This translates to a Net Income rise of 7% up to $61.0 million when compared to Q3 in 2022, as well as Adjusted EBITDA revenues of $218.2 million in Q3 an increase of 34% year on year.
In a detailed breakdown of the CDI sectors, the Live and Historical Racing and Gaming segments enjoyed record revenues for the quarter. Comparisons with the same quarter last year saw a strong revenue rise up 120% and Adjusted EBITDA up 134%.
New and Proposed Retail Gaming Outlets
In September this year, CDI opened six race and sports books in its retail locations in the state of Kentucky. Plus it opened another Rosie's HRM entertainment venue with the launch of its seventh outlet called Rosie's Gaming Emporium in Emporia, situated in Virginia.
CDI is investing $100 million in a new HRM entertainment facility, which will be located on a 20-acre site in Owensboro, Kentucky. There are plans to open the venue in the first quarter of 2025.
CDI Completes Acquisition of Exacta
During the third quarter of 2023, CDI completed the acquisition of the Historic Horse Racing (HHR) company Exacta in a deal worth $250 million.
This purchase has already had a significant impact on the revenues of CDI and has had an immediate effect on the Live and Historic Racing segment with the operator showing the strongest revenue results for the company.
Related: Churchill Downs to Gain Synergies in Exacta Purchase
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