Churchill Downs Wednesday reported record revenue of $628.5 million for the third quarter of 2024. The revenue is a 9.3% increase over the same quarter in 2023.
The company stated that revenue for the third quarter of 2024 increased, thanks to growth attributed to Churchill Downs’s properties in Virginia and the opening of the Rosie’s Emporia property in September 2023, a $3.8 million increase attributable to growth at its northern Kentucky properties, and a $1.5 million increase at its other Live and Historical Racing properties.
Churchill Downs also reported record income. The $65.million is a year-over-year increase of 6.9% from $61.0 million.
There was also record adjusted EBITDA of $235.3 million compared to $218.2 million in third quarter 2023, a 7.5% increase.
Churchill Downs reported record third-quarter revenue and adjusted EBITDA in gaming segments and record adjusted EBITDA in its TwinSpires segment.
Live and Historical Racing revenue was up 12%, to $252.4 million and adjusted EBITDA up 15% compared to $93.0 million in the third quarter of 2023.
TwinSpires revenue in the quarter was $118.7 million, up 6%, and adjusted EBITDA was $42.5 million.
Gaming revenue increased 10% to $273.3 million and adjusted EBITDA 1% to $123.3 million compared to the third quarter of 2023
Churchill Downs ended the third quarter of 2024 with net bank leverage of 4.0x The return to shareholders was $0.409 per share dividend as of December 6, 2024, and payable on January 3, 2025.
Churchill Downs stock closed at $134.13 on the Nasdaq, a decrease of 0.1 cents or 0.07%.
Rege Behe is lead contributor to CDC Gaming. He can be reached at rbehe@cdcgaming.com. Please follow @RegeBehe_exPTR on Twitter.
