Churchill Downs Inc. Reports Record Adjusted Earnings
The return to normalcy on the Kentucky Derby (G1) and continued success at historic Kentucky horseracing venues and thriving operations in Virginia will end in Churchill Downs Inc. in 2022. sparked a record-breaking yr for
Louisville, Ky. The corporate reported document web revenue of $439.4 million, up 76% from $249.1 million in 2021, in its full-year and fourth-quarter report on enterprise outcomes launched after the commerce closure on February 22. A document with $763.6 million.
CDI stories that Churchill Downs Racetrack noticed a $77.6 million improve in web revenue because of the run of the 2022 Kentucky Derby with out capability restrictions in impact in 2021, in addition to a $67.8 million improve pushed by progress in HHR operations. Grass Highway ParkChurchill (Derby Metropolis Gaming) and Oak Grove (a Standardbred observe).
CDI additionally reported income of $8 million attributable to properties it bought. Ellis Park and HHR operations, in addition to the Chasers Poker Room in Salem, NH
On November 1, 2022, CDI accomplished the $2.75 billion acquisition of primarily all property of Peninsula Pacific Leisure. Colonial Downs rights to the racetrack, six HHR venues in Virginia, and property rights below improvement in Dumfries and Emporia, in addition to rights to as much as 5 extra HHR amenities in Virginia (in addition to casinos in New York State and Iowa). This acquisition pays instant dividends for the corporate.
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CDI reported that web revenue for the fourth quarter of 2022 elevated $87 million from the prior yr quarter primarily as a result of $62.4 million in income attributable to Virginia properties. Adjusted earnings for the fourth quarter of 2022 elevated $30.6 million from the prior yr quarter primarily because of the $30.1 million improve attributable to Virginia properties.
Internet revenue for 2022 elevated by $215.8 million, primarily as a result of income of $62.4 million attributable to Virginia properties, and adjusted earnings for 2022 elevated by $112.5 million because of the improve of $30.1 million attributable to Virginia properties.
The corporate reported that its income on the TwinSpires.com platform decreased by $16.2 million, primarily because of the lower in mutual betting, as the next proportion of shoppers returned to betting at bodily venues relatively than on-line betting and adopted the primary quarter. The choice to exit instantly from the web sports activities and on line casino enterprise in 2022. Leaving this phase, CDI reported a $40 million improve in adjusted earnings, pushed by diminished advertising and marketing and promotion that led to a $31.4 million improve in adjusted earnings for the TwinSpires.com phase.
Different highlights of 2022 as reported by the corporate embrace the completion of the $291 million sale of land connected to the previous Calder Raceway. In a sale that fell within the first quarter of 2023, the corporate closed the property connected to Arlington Worldwide Speedway in Arlington, Illinois for a $197.2 million sale from the NFL to the Chicago Bears.
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