Churchill Downs Inc. said its revenue rose 36 percent in 2023 to a record $2.5 billion.
Adjusted earnings for the year rose to a record $1.0 billion, up 34 percent from 2022.
The Louisville, Ky.-based company said part of the increase in earnings and revenue was attributable to properties in Virginia that it acquired with the purchase of Colonial Downs owner Peninsula Pacific Entertainment in 2022. The properties contributed $313.9 million in revenue and $145 million in adjusted earnings.
It also said a record-breaking Kentucky Derby week at Churchill Downs Racetrack contributed $20.7 million in revenue and $15.7 million in adjusted earnings.
For the fourth quarter, net revenue rose to $561.2 million from $480.1 million, and adjusted earnings rose to $219.1 million from $180.7 million.
Zacks Equity Research reported that CDI’s earnings and revenue for the quarter exceeded expectations.
In early-afternoon EST trading, the company’s stock was up 20 cents at $117.63 per share.
