Churchill Downs reached record quarterly revenue in the company’s latest earnings report.
The casino owner and iconic home of the Kentucky Derby generated $364 million in revenue in Q1 2022, up from $324 million for the same period last year. Churchill Downs saw its gaming segment pocket $179 million in revenue during the quarter, up $25 million compared to Q1 2021. The company benefited from lifted COVID-related restrictions across its properties.
Churchill Downs expanded its portfolio of properties and improved existing ones in Q1 2022.
- It completed the two phases of a $90 million expansion of Rivers Casino Des Plaines.
- The company purchased Peninsula Pacific Entertainment in a deal valued at $2.5 billion.
- It agreed to acquire Chaser’s Poker Room with a plan to invest $150 million in the facility.
The company announced it repurchased 116,863 shares in Q1 2022 for a total cost of $25 million. Churchill Downs is also expecting 150,000 fans at the 148th running of the Kentucky Derby on May 7.
Last year, Churchill Downs saw 51,838 fans attend the “most exciting two minutes in sports.”
A New Look
Churchill Downs unveiled plans for a redesigned paddock projected to cost between $185 million and $200 million. Set to debut by May 2024, the redesign seeks to increase guest capacity by 1,300 people, provide enhanced visibility of the Twin Spires, streamline guest circulation, and improve the audiovisual experience.
