Churchill Downs released its Q1 2023 results, showing $559.5 million in total net income for the first three months of the year – significantly beating its total of $364.1 million for the same period in 2022.
Additionally, the company’s adjusted EBITDA totaled $222.9 million, representing a 73% year-on-year increase. Meanwhile, his net betting income jumped from $42.1 million to $155.7 million in Q1 2023 – marking a 270% increase.
The company’s live and historical racing net income for Q1 2023 increased from $87.2 million to $215.8 million – with its adjusted EBITDA reaching $82.1 million in the first quarter, an increase annual rate of 194%.
As the chart below shows, Churchill Downs Q1 EBITDA for 2023 is the second highest on record since the start of 2022.
For the company, the start of 2023 marked a strong opening that it expects to continue through the rest of the year.
In 2022, the company reported a total of $1.8 billion in annual revenue, which marked a record for Churchill Downs in full-year results. Meanwhile, its net income for the past year reached US$439.4 million, which represented a full-year record and a 76% increase in this range.
Additionally, its adjusted EBITDA of $763.6 million for 2022 was also a record and increased by 22% compared to 2021.
The past year has also seen Churchill Downs complete a series of acquisitions, including all assets of Peninsula Pacific Entertainment, Chasers Poker Room in Salem, New Hampshire and Ellis Park Racing & Gaming. These deals helped drive the company’s record revenue figures.
