Net revenue

Churchill Downs reports record first quarter net sales of $364 million

Churchill Downs Incorporated (CDI) reported record net sales of $364.1 million for the first quarter of 2022, up nearly $40 million from the same three-month period last year .

In a strong start to 2022, the Louisville-based operator saw significant growth in its gaming segment, as well as live and historical races.

The former segment generated nearly $180 million in net revenue, an increase of more than $25 million year-over-year, while the latter segment was responsible for $87.2 million, compared to $64.7 million last year.

CDI acknowledged that certain capacity restrictions in place during the first quarter of 2021 were no longer present at several properties.

This resulted in a more favorable comparison for its land game segment. Live and historical races have also been helped by the removal of operating restrictions.

“Oak Grove and Derby City Gaming reflected the benefit of the removal of operating restrictions that were in place during the first quarter of 2021 and continued overall business growth,” CDI said of the races. live and historical.

For its land games offering, Churchill added: “For the first quarter of 2022, net revenue increased by $25.2 million primarily due to certain capacity restrictions on customers and games during the quarter of the year. previous year which were no longer in place at Oxford, Calder and Près Isle.

Adjusted EBITDA for CDI’s live and historical gaming and racing segments was $91.1 million and $27.9 million respectively.

Overall adjusted EBIDTA for the first quarter of 2022 was $128.5 million, another record high, while net income also reached an all-time high, reaching $42.1 million.

This despite a drop in revenue suffered by Churchill’s TwinSpires segment. For the first quarter of 2022, this area generated $101.4 million, compared to $105 million previously. However, TwinSpires’ EBIDTA increased from approximately $23 million to $24 million.