Photograph: Churchill Downs
Thanks largely to its historic horse racing equipment, Churchill Downs reported a 9% improve in summer season quarter income over 2024 and report earnings earlier than curiosity, taxes, depreciation and amortization of $262 million.
That is the monetary outcomes report from July 1st to September. The announcement was made after the inventory market closed on Wednesday.
CDI stated in a information launch that the largest income will increase got here from HHR machines, which elevated by $30 million in Virginia and practically $21 million in Kentucky. It additionally introduced a further $2 million in income from a brief on line casino facility in Salem, New Hampshire.
The Louisville, Kentucky-based firm introduced internet income of $683 million, a rise of greater than $54 million from the identical quarter in 2024. Web revenue attributable to CDI was $38 million, a lower of $27 million, or 42%, as a consequence of one-time non-cash impairments. Impairment is outlined as a decline within the worth of a cash-producing asset when its acknowledged value exceeds what’s recoverable. Adjusted internet revenue attributable to CDI elevated $5 million, or 7%, to $77 million. Adjusted EBITDA elevated $27 million, or 11%.
Churchill stated highlights of the third quarter embrace the announcement that NBC Sports activities will televise the 2026 Grade 1 Kentucky Oaks in a single day, the completion of the enlargement of Rosie’s On line casino in Richmond, Virginia, the acquisition of 90% of On line casino Salem in New Hampshire, and the Rosie’s Open in Henrico County, Virginia. With an annual dividend of 43.8 cents per share and greater than 4x internet financial institution leverage, the corporate will generate greater than $53 million in returns for shareholders by way of share buybacks.
The corporate repurchased 515,527 shares. Roughly $15 million (28%) was because of the March 2025 share repurchase program and the rest was because of the July share repurchase program.
Churchill Downs executives plan to host shareholder assembly Thursday at 8 a.m. EDT
