Churchill Downs (CDI) has revealed record financial figures for both the quarter and full year ending December 31, 2024.
Net revenue for the quarter reached US$624.2m, an increase of $63m or 11 per cent year-on-year, while revenue for the whole year was $2.7bn, an increase of 11 per cent or $272.6m. Both of these set new records for the company.
Adjusted EBITDA for the quarter was $236.6m, an increase of $17.5m or eight per cent year on year, while adjusted EBITDA for the year was $1.2bn, an increase of $135.3m or 11 per cent.
The company also broke records for all-sources handle and all-time record Derby Week adjusted EBITDA on the first Saturday of May with the 150th Kentucky Derby.
The company said the boost in revenue was in part due to the new venues it opened over the period, having opened the Rose Gaming Resort in Virginia in November 2024 and the Terre Haute Casino Resort in Indiana in spring 2024.
CDI also announced a multi-year series of capital projects aimed at “[enhancing] and [expanding] the Kentucky Derby experience across three key areas.”
The projects are the Skye Project, which will replace 11,500 seats and the existing Sky Terrace structure; the Conservatory Project, which will replace the temporary suites in the infield; and the Infield General Admission Project, which will introduce three new permanent buildings within the infield.
Collectively, this series of projects is the largest expansion and renovation undertaken in the company’s history.
