For the third quarter of 2024, Churchill Downs Inc. (CDI) reported financial results that broke all previous records. Strong market performance was highlighted by the company’s notable rise in several important categories, such as net revenue, net income, and adjusted EBITDA.
CDI reported $628.5 million in net revenue for the third quarter of 2024, a 9.8% increase over the same time in 2023. Adjusted EBITDA increased to $235.3 million, while net income attributable to CDI reached $65.4 million, representing growth of 7.2% and 7.8%, respectively, over the prior year.
Expansion with New Resorts
On October 23, CDI officially opened The Rose Gaming Resort in Dumfries, Virginia. The $460 million facility features 1,650 historical racing machines and a 102-room hotel. A grand opening ceremony is planned for November 7 to celebrate the launch of this major entertainment venue. CDI continues to expand, recently announcing the development of another historical racing machine (HHR) facility in Calvert City, Kentucky. This new project, estimated to cost between $40-50 million, is expected to open by early 2026.
All key segments—live horse racing, historical horse racing (HHR), TwinSpires, and gaming—reported record net revenue and adjusted EBITDA during Q3 2024.
The Live and HHR segment generated $252.4 million in revenue, up 12% from Q3 2023, with a 15% increase in adjusted EBITDA, reaching $93 million. The TwinSpires segment, which includes CDI’s online wagering platform, saw a 6% rise in revenue to $118.7 million, while adjusted EBITDA soared 25%, totaling $42.5 million. Meanwhile, CDI’s Gaming segment posted $270.3 million in revenue, a 10% increase from last year. Adjusted EBITDA for gaming grew by 1%, hitting $123.3 million for the quarter.
With continuous growth and new ventures underway, Churchill Downs solidifies its standing as a leader in the gaming and entertainment industry.
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