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Churchill Downs Posts Record Q1, Horse Racing Up 194%

Written By Nicholaus Garcia | Updated:
Q1 2023 financials for CDI

Churchill Downs (CDI) released its Q1 results for 2023 showing significant improvement compared to last year. The Kentucky-based US horse racing company reported a first-quarter net income of $155.7 million.

For the first three months of the year, CDI posted $559.5 million in total net revenue compared to the $364.1 million during the same period last year. 

Additionally, CDI reported $222.9 million in adjusted EBITDA, good for a 73% annual increase. 

Churchill Downs closes several deals in 2022

Last year was a good year for CDI in terms of getting deals done. In 2022, the company:

All of these assets were critical in helping CDI post record revenue amounts. 

The company’s live and historical horse racing net revenue for the quarter was one of the standout performers. Live and historical racing net revenue increased from $87.2 million to $215.8 million. Additionally, its adjusted EBITDA topped $82.1 million in Q1, an annual increase of 194%.

First-quarter highlights include:

  • Live and Historical Racing up 194% compared to the first quarter of 2022
  • TwinSpires up 22% compared to the first quarter of 2022
  • Gaming up 42% compared to the first quarter of 2022

Arlington Heights boosts Q1 numbers

Another big boost came from CDI closing on the sale of its Arlington Heights property to the Chicago Bears for $197.2 million.

Although not official, experts anticipate the Chicago Bears will use the 326-acre plot to construct a new state-of-the-art stadium.

Following the sale, CDI said it would use the proceeds toward the purchase of gaming and racing properties it acquired last year from Peninsula Pacific Gaming (P2E).

Churchill acquired the following assets through P2E:

  • Del Lago Resort in Waterloo, NY
  • Hard Rock Hotel and Casino in Sioux City, Iowa
  • Colonial Downs in New Kent, VA
  • Six historical horse racing (HHR) properties in Virginia

Lastly, CDI reported 2023 Q1 revenue increased by $5.1 million collectively from properties in Louisiana, Maryland and Maine. 

Photo by Charlie Riedel, File / AP photo; illustrated by PlayUSA
Nicholaus Garcia Avatar
Written by
Nicholaus Garcia

Nick Garcia is a senior reporter for PlayUSA. Garcia provides analysis and in-depth coverage of the gambling industry with a key focus on online casinos, sports betting and financial markets. Garcia has been covering the US gambling market since 2017. He attended Texas Tech University as an undergrad and received a Master of Arts in Journalism from Columbia College Chicago.

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