Churchill Downs Inc. posts record 1st-quarter revenue
Churchill Downs Inc. reported record adjusted earnings and revenue for its first quarter.
Revenue for the quarter rose to $642.6 million from $590.9 million a year earlier.
Net income attributable to CDI fell to $76.7 million, or $1.02 per share, from $80.4 million, or $1.08 per share. Adjusted earnings rose to $245.1 million from $242.5 million.
Revenue in the company's live and historical-racing machines segment rose to $276.4 million from $248.9 million. Most of the increase came from an $18.2 million gain at CDI's Virginia HRM venues and an $8.9 million increase from Kentucky venues.
Gaming revenue rose to $267.2 million from $243.2 million. The opening of a casino resort in Terre Haute, Ind., contributed $31.6 million of the revenue increase, partially offset by a $7.6 million decline related to regional gaming softness, increased competition, one less day in the quarter because of the 2024 leap year and the impact of weather at certain properties.
Also on Wednesday, Churchill Downs announced it would delay $880 million in planned construction projects at its namesake track in Louisville, Ky., though it will make upgrades to existing facilities.
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