Key Points – Record quarter: Churchill Downs reported second-quarter revenue of $980 million and adjusted EBITDA of $477 million, helped by strong Kentucky Derby performance, historical racing machine growth and higher TwinSpires wagering. – Strategic asset review: The company…
exploring the sale of nine regional gaming properties, with potential proceeds aimed at reducing leverage, reinvesting in core businesses and repurchasing shares. Fair Grounds-related assets and HRM properties are excluded from the review. – Growth and capital plans: Churchill Downs generated record first-half free cash flow of $474 million and plans continued investment in its $285 million Victory Run racetrack project, the Rockingham Grand Casino and share buybacks while maintaining leverage near 3.6–3.8 times. – Churchill Downs: The Derby Is Just the Beginning Churchill Downs (NASDAQ:CHDN) reported record second-quarter revenue of $980 million and record adjusted EBITDA of $477 million, marking its sixth consecutive record second quarter for both measures
The company said results were supported by the 152nd Kentucky Derby, growth at historical racing machine properties and continued expansion in wagering services. Chief Executive Officer William C. Carstanjen said the company is also conducting a strategic review of nine wholly owned regional gaming properties and is exploring sales of those assets individually or in small groups.
Churchill Downs plans to use potential proceeds to reduce leverage, selectively reinvest in its core operations and repurchase shares. Kentucky Derby Drives Record Quarter – Why Flutter Entertainment May Be a Resilient Sports Betting Stock The Kentucky Derby was a central contributor to the quarter’s performance. Churchill Downs added Sunday racing on April 26, extending Derby Week and drawing more than 386,000 guests across the week, according to Carstanjen.