While the pari-mutuel wagering segment on live racing of its advance-deposit wagering platform showed some weakness, Churchill Downs Inc. reported a record-breaking quarter overall powered by its continued success with historical horse racing.
In reporting its business results at the close of trading Oct. 23, CDI noted a record third quarter for both revenue, $252.4 million, and adjusted earnings, $93 million.
While the company lumps live racing and historical racing together, it appears that the latter fueled the third quarter success as the company attributed a $21.6 million increase in revenue to “growth at our Virginia properties and the opening of Rosie’s Emporia in September 2023,” as well as a $3.8 million increase fueled by its Northern Kentucky properties.
The company reported a $6.3 million increase in its TwinSpires segment but noted a $4.6 million decrease in earnings at its TwinSpires.com ADW platform attributable to a decline in racing handle “due to market access and a shift in race days at other tracks.” Earlier this month Equibase reported a 4.6% decline in pari-mutuel wagering on United States Thoroughbred races during the third quarter.
Also Wednesday, CDI announced a planned $40 million-$50 million HHR entertainment venue in Calvert City, Ky. The new facility would serve as an extension to its Oak Grove Racing, Gaming and Hotel and will be CDI’s eighth HHR venue in Kentucky.
