Churchill Downs posts record 2nd-quarter earnings

Churchill Downs Inc. reported record revenue and adjusted earnings for the second quarter after getting an assist from record all-sources handle for Kentucky Derby week.

The Louisville, Ky., based company said adjusted earnings rose 1%, to $450.9 million. Revenue for the quarter rose 5% to $934.4 million. Diluted earnings per share rose to $2.99 from $2.79.

In the live and historical-racing segment, revenue rose to $540.9 million from $490.2 million. Adjusted earnings for the segment rose to $296.5 million from $279.2 million.

The company said the increase in revenue was mostly due to higher revenue in its historical-racing machine operations in Virginia and Kentucky.

For the first half of 2025, the company posted adjusted earnings of $687.3 million and revenue of $890.7 million.

CDI noted in the release that during the second quarter, it agreed to acquire a 90% stake in Casino Salem in New Hampshire for $180 million, with the right to develop a charitable gaming, entertainment and dining destination.

The company's stock trades on the NASDAQ system and rose 1.02% on Wednesday to $109.16. The earnings report was released at the close of trading.