Churchill Downs Inc. Achieves Record-Breaking Revenue in 2022

The leading force in American horse racing, Churchill Downs Inc., achieved unprecedented financial success in 2022, reaching a monumental $1.8 billion in revenue, a 13% surge compared to the preceding year. This remarkable accomplishment was driven by several key elements, including the most prosperous Kentucky Derby to date.

The 148th iteration of the legendary race, taking place in May 2022, shattered previous benchmarks for adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), significantly bolstering the company’s overall fiscal triumph. Furthermore, Churchill Downs engaged in strategic acquisitions throughout 2022, securing all assets of Peninsula Pacific Entertainment, encompassing the Chasers Poker Room in Salem, New Hampshire, and Ellis Park Racing & Gaming. These acquisitions further amplified the company’s profitability, contributing to its record-setting revenue.

The company’s net income also attained an unparalleled peak of $4.394 billion, a staggering 76% leap from the prior year. This narrative of success extended into the final quarter, with revenue escalating by $87 million compared to the corresponding period in the previous year. This impressive expansion was largely attributed to the robust performance of the company’s holdings in Virginia, obtained through the Peninsula Pacific Entertainment transaction.

The famed racing company, Churchill Downs, attributes its latest fiscal triumph to the purchase of numerous assets from Peninsula Pacific Entertainment. Situated in New York and Iowa, these holdings have considerably augmented the organization’s profitability.

Although Churchill Downs experienced a minor decrease in income at its established locations, the robust showing of Ocean Downs in Maryland more than compensated for it. The corporation also realized a favorable return on its investments in the final quarter of 2022.