Churchill Downs Inc. saw a substantial rise in net income for the initial quarter of 2022, concluding on March 31st. The organization announced a net income of $364.1 million, a considerable surge of $40 million in contrast to the corresponding timeframe last year.
This remarkable commencement to 2022 was driven by robust showings in both its wagering and equestrian competition divisions. Wagering income witnessed a sizable leap, surpassing $180 million, signifying an expansion of over $25 million year-over-year. Likewise, equestrian competition income attained $87.2 million, outperforming the $64.7 million documented in the first quarter of 2021.
Churchill Downs ascribed this triumph to the elimination of capacity limitations that had affected several of its sites in the preceding year. This enabled its retail wagering activities to thrive and also notably benefited its live and archived racing enterprises.
The corporation particularly emphasized the robust performances of its Oak Grove and Derby City Gaming venues, connecting their success to the removal of operational constraints and sustained expansion in patron engagement. The lifting of capacity caps, which had been implemented for a significant portion of the prior year, was especially influential for Churchill Downs’ Oxford, Calder, and Presque Isle properties, resulting in a $25.2 million rise in net income for the quarter.
In aggregate, the adjusted EBITDA for Churchill Downs’ wagering and equestrian competition segments reached $91.1 million and $27 million correspondingly. The corporation’s strong first-quarter performance establishes a favorable trajectory for the balance of 2022.
Churchill Downs Incorporated announced an unprecedented adjusted EBITDA of $128.5 million for the initial quarter of 2022, notwithstanding a minor decrease in income from their TwinSpires equestrian wagering platform. This remarkable outcome was fueled by robust expansion in other business segments, resulting in a net profit of $42.1 million for the quarter.
Although TwinSpires generated $101.4 million in revenue, a slight decline from $105 million in the corresponding period last year, its profitability actually improved. TwinSpires’ EBITDA for the first quarter of 2022 was roughly $24 million, an increase from $23 million the prior year.