Churchill Downs reports record-breaking quarter

While the pari-mutuel betting segment showed some weakness in live racing on its advance betting platform, Churchill Downs Inc. reported a record-breaking quarter overall, driven by continued success in historic horse racing.

When it announced its financial results at the close of trading on October 23, CDI posted a record quarter in both revenue of $252.4 million and adjusted profit of $93 million.

While the company combines live racing and historic racing, the latter appears to have fueled the third quarter’s success, as the company reported a $21.6 million increase in revenue due to “the growth of our Virginia properties and the opening of Rosie’s Emporia in the United States.” September 2023 and a $3.8 million increase driven by the Northern Kentucky properties.

The company reported a $6.3 million increase in its TwinSpires segment, but noted a $4.6 million decline in profits on its ADW platform TwinSpires.com, which was attributed to a decline in racing activity “due to the market access and a postponement of racing days on other tracks. Earlier this month, Equibase reported a 4.6% decline in pari-mutuel betting on U.S. Thoroughbred racing in the third quarter.

Also on Wednesday, CDI announced a planned $40 million to $50 million HHR venue in Calvert City, Kentucky. The new facility would serve as an expansion of Oak Grove Racing, Gaming and Hotel and would be CDI’s eighth HHR venue in Kentucky.