Churchill Downs Inc. boss talks revenue, Arlington and new turf
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Churchill Downs Inc. officials touted the company’s third-quarter revenue Thursday during a quarterly earnings call. CEO Bill Carstanjen said the numbers represented the highest net revenue for a third quarter in the history of CDI.
“Given that last year we ran the Derby in the third quarter instead of our typical first weekend in May, we are especially pleased with the strength of these results,” Carstanjen said.
According to a CDI release from before the call, net revenue for the quarter rose to $393.0 million from $337.8 million a year earlier. Net income rose to $61.4 million from $43.2 million.
On the call, Carstanjen discussed CDI’s sale of Arlington Park to the NFL’s Chicago Bears for $197.2 million. The CEO said the sale of the track property was not a memorandum on the city of Chicago.
“It was really a comment on the archaic racing laws that haven’t been changed in any material way in that state in 30-plus years and no longer worked,” Carstanjen said. “And while gaming was passed, it wasn’t really passed in a form that would make up for the racing paradigm in the state.”
Carstanjen said CDI would continue to look for investments in Chicago.
In addition to mentioning the Arlington property, Carsanjen also said the company is currently taking bids for 116 acres surrounding what was previously Calder Race Course in Miami.
“Numerous bidders have participated and we are very, very pleased with the process to date,” Carstanjen said.
The subject of the various construction projects at Churchill Downs also came up during the call. Carstanjen said the new turf course at the track is “essentially done.”
He shared high hopes for what the new grass could mean for Churchill, pointing to the potential for more turf races and larger fields.
“We believe it will also allow us to grow turf racing Derby week and attract more higher-level international trainers and horses,” Carstanjen said.
The turf course is scheduled to be ready for racing in 2022.
“Given that last year we ran the Derby in the third quarter instead of our typical first weekend in May, we are especially pleased with the strength of these results,” Carstanjen said.
According to a CDI release from before the call, net revenue for the quarter rose to $393.0 million from $337.8 million a year earlier. Net income rose to $61.4 million from $43.2 million.
On the call, Carstanjen discussed CDI’s sale of Arlington Park to the NFL’s Chicago Bears for $197.2 million. The CEO said the sale of the track property was not a memorandum on the city of Chicago.
“It was really a comment on the archaic racing laws that haven’t been changed in any material way in that state in 30-plus years and no longer worked,” Carstanjen said. “And while gaming was passed, it wasn’t really passed in a form that would make up for the racing paradigm in the state.”
Carstanjen said CDI would continue to look for investments in Chicago.
In addition to mentioning the Arlington property, Carsanjen also said the company is currently taking bids for 116 acres surrounding what was previously Calder Race Course in Miami.
“Numerous bidders have participated and we are very, very pleased with the process to date,” Carstanjen said.
The subject of the various construction projects at Churchill Downs also came up during the call. Carstanjen said the new turf course at the track is “essentially done.”
He shared high hopes for what the new grass could mean for Churchill, pointing to the potential for more turf races and larger fields.
“We believe it will also allow us to grow turf racing Derby week and attract more higher-level international trainers and horses,” Carstanjen said.
The turf course is scheduled to be ready for racing in 2022.
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