Churchill Downs ( (CHDN) ) has released its Q4 earnings. Here is a breakdown of the information Churchill Downs presented to its investors.
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Churchill Downs Incorporated, a prominent player in the entertainment industry, is known for its operations in live and historical racing venues, online wagering services, and regional casino gaming properties, with the iconic Kentucky Derby as its flagship event.
Churchill Downs has released its 2024 financial results, highlighting a record-breaking performance for both the fourth quarter and the full year. The company reported significant increases in net revenue and adjusted EBITDA, driven by strategic expansions and successful event management.
Key highlights include a net revenue growth of 11% year-over-year, amounting to $2.7 billion for 2024, and a 13% rise in adjusted EBITDA to $1.2 billion. The opening of new gaming resorts, including Terre Haute Casino Resort and Rose Gaming Resort, contributed significantly to these gains. The 150th Kentucky Derby also set new records in terms of revenue and EBITDA.
Despite challenges such as regional gaming softness and increased competition, Churchill Downs has shown resilience, evidenced by its strategic expansions and capital investments, which are expected to continue into 2025. The company maintains a strong capital position, having returned $218.3 million to shareholders through dividends and share repurchases.
Looking ahead, Churchill Downs is poised to continue its growth trajectory with planned capital expenditures and strategic project completions, including expansions in Virginia and Kentucky. The management remains optimistic about sustaining growth through ongoing investments and operational excellence.
