Churchill Downs reports record third-quarter sales

Churchill Downs Incorporated (CDI) posted record third-quarter revenue of $628.5 million, according to an SEC filing earlier this week. That figure jumped from $572.5 million in the year-ago quarter and contributed to record quarterly net income of $65.4 million in the third quarter of fiscal 2024.

CDI’s live and historical racing and gaming segments delivered record revenues in the third quarter, with the former up 12% year-over-year and the latter up 10%. The company also announced Oct. 22 that it would pay a year-end dividend of 41 cents per share on Jan. 3, 2025, a 7% increase over last year’s dividend, its 14th consecutive year of a dividend increase Shareholders.

Looking ahead to 2025, CDI has well over $300 million in capital projects underway at its various racetracks, resorts and gaming facilities, including a starting $80 million to $90 million project at Churchill Downs Gate Pavilion will renovate and modernize the courtyard ahead of the 2025 Kentucky Derby.