Churchill Downs Incorporated reported record third quarter net revenue of $696 million, driven by strong performance across its Kentucky historical racing machine (HRM) venues and wholly-owned gaming properties. While top-line results slightly exceeded estimates, adjusted earnings per share of $1.23 came in just below analyst expectations.
Key Highlights
- Kentucky HRM venues delivered an $11 million revenue increase, led primarily by Southwestern Kentucky properties.
- The Live and Historical Racing segment Adjusted EBITDA decreased by $5 million to $111 million, pressured by increased competition and a new $5 million tax expense in Virginia.
- Gaming revenue grew $7 million year-over-year to $273 million, supported by improved performance at New York and Pennsylvania properties.
- The Board of Directors approved a new $750 million share repurchase program and a 7% increase in the annual dividend to $0.469 per share.