• Loading stock data...
Saturday, June 22, 2024

Churchill Downs Gallops to Record $582.5M Quarter

  • Churchill Downs reported record second-quarter revenue of $582.5 million.
  • Net income for the company hit a record $339.3 million.
Jamie Rhodes-USA TODAY Sports

Churchill Downs reported record second-quarter revenue of $582.5 million, up from $515.1 million during the same period last year.

Net income also hit a record $339.3 million, a substantial year-over-year jump from $108.3 million. 

The company enjoyed several milestones during the quarter, including the 148th Kentucky Derby at Churchill Downs Racetrack.

  • Churchill Downs’ live and historical racing segment had a record $275.9 million in revenue.
  • The Kentucky Derby brought in a record Derby Week all-sources handle for the racetrack, back to full capacity after pandemic restrictions in 2021. 
  • Churchill Downs Racetrack had a $625.6 million handle during the quarter.
  • The Homestretch Club, a $45 million renovation of the grandstand area, debuted.
  • The company closed on the $291 million sale of 115.7 acres near Calder Casino.

Net revenue for betting brand TwinSpires fell $4.1 million year-over-year. In February, Churchill Downs announced it would exit its larger online sports betting, iGaming operation, and casino business, but keep TwinSpires and its sportsbooks in casinos. 

Net revenue for the company’s gaming segment dropped $1.5 million.

Acquisition Updates

In February, Churchill Downs entered an agreement to purchase “substantially all of the assets” of P2E for $2.45 billion

The acquisition includes Colonial Downs Racetrack, six historical racing entertainment venues across Virginia, del Lago Resort & Casino in Waterloo, New York, and the operations of Hard Rock Hotel & Casino in Sioux City, Iowa.

Churchill Downs has obtained approval from the Virginia Racing Commission, with other approvals pending.

Copy Link
Link Copied
Link Copied

What to Read

Preakness in Spotlight: Chance of a Triple Crown Winner Bolsters Status

The presence of Kentucky Derby winner Mystik Dan gives a big boost to the Triple Crown’s middle leg.
Mystic Dan

Kentucky Derby Roars Back With Big TV Numbers, Inks NBC Extension

The Triple Crown horse race posts an extended set of audience and betting increases.

Mystik Dan Takes 150th Kentucky Derby in Epically Close Stunner

The 18-to-1 longshot wasn’t announced the winner for several minutes—that’s how close it was.

Kentucky Derby Begins New Wave for Triple Crown Race Tracks

Churchill Downs is unveiling a brand-new paddock after $200 million of renovations.
podcast thumbnail mobile
Front Office Sports Today

How Women’s Sports Media is Charting Its Own Path


Featured Today

Jan 3, 2022; Pittsburgh, Pennsylvania, USA; General view of the NFL shield logo signage before the Pittsburgh Steelers host the Cleveland Browns at Heinz Field.

Odds Stacked Against NFL in Multibillion-Dollar Sunday Ticket Trial

Why the class action trial does not look promising for the league.
Jan 7, 2024; San Francisco, California, USA; Toronto Raptors forward Jontay Porter (11) takes a three-point shot against the Golden State Warriors during the second half at Chase Center.
June 9, 2024

‘Bound to Happen’: The Age of the Sports Betting Scandal Has Arrived

A banishment, betting scheme, and guilty plea all in one scandal-filled span.
June 8, 2024

‘Experimental in Nature’: The Rapid, Confounding Rise of Streaming Bundles

Here’s why confusion continues to outweigh solutions in the streaming package boom.
June 2, 2024

The Nostalgia Market: Michael Jordan’s Memorabilia Remains Coveted, With Caveats

Due to scarcity, and sometimes, items’ undisclosed whereabouts, this world has limitations.

Silver Lake to Take Endeavor Private, Ending Tough Stock Market Run

Private equity giant Silver Lake is set to acquire the remaining shares it didn’t already own.
Exterior of Nike Company Store
February 16, 2024

Nike to Lay Off 2% of Its Workforce in Cost-Savings Effort

The sportswear giant hinted at staff cuts in a December earnings call.
February 16, 2024

DraftKings Trends Toward the Black, Buys Lottery App

The sports gambling giant continues to narrow its losses.

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
February 7, 2024

ESPN DTC to Debut by Fall 2025, but Streaming Alliance Hastens Market Entry

Date set for stand-alone version of network, but new joint venture will beat that by a year.
January 22, 2024

They Make Sports Balls—and They Could Be Worth Almost $9 Billion

Amer Sports looks to raise as much as $1.8 billion in the public markets.
A view of a FanDuel sportsbook location.
January 18, 2024

FanDuel Strengthens U.S. Dominance Ahead of NYSE Debut

Flutter posts strong financial results as NYSE shares are set to debut Jan. 29.
The swoosh logo at Nike Eugene.
September 28, 2023

Nike Misses Revenue Wall Street’s Projections, But Company’s Stock Soar

The company offset the shortfall by exceeding expectations in earnings per share.