Churchill Downs Inc. experienced an exceptional first quarter in 2023, posting a net profit of $155.7 million, a substantial rise from the $42.1 million earned in the corresponding period of 2022. This remarkable outcome was propelled by robust expansion in their live and historical racing divisions, which witnessed a noteworthy 194% surge in adjusted EBITDA, hitting $82.1 million.
In aggregate, the corporation’s overall net revenue for the initial quarter reached $559.5 million, a considerable uptick from the $364.1 million generated in the first quarter of 2022. Their adjusted EBITDA also observed a significant leap, reaching $222.9 million, signifying a 73% year-on-year growth.
This robust commencement to 2023 trails a record-setting year for Churchill Downs Inc. During 2022, the enterprise attained its highest-ever yearly revenue, reaching an impressive $1.8 billion. Their net income for 2022 also established a new benchmark, hitting $439.4 million, a 76% increase from the preceding year. This accomplishment was fueled by a record-breaking adjusted EBITDA of $763.6 million, a 22% rise compared to the prior year.
Given such a positive start to 2023, Churchill Downs Inc. is well-situated for sustained prosperity throughout the year.
The iconic Churchill Downs had a bustling 2022, securing numerous firms to broaden their already substantial holdings. They obtained the entirety of Peninsula Pacific Entertainment, incorporated Chasers Poker Room situated in Salem, New Hampshire, and procured Ellis Park Racing & Gaming. These strategic actions were undoubtedly a triumphant maneuver, culminating in unprecedented financial gains for the enterprise.