The commencement of 2023 proved exceptionally prosperous for Churchill Downs Inc., as they amassed $559.5 million in earnings during the initial quarter. This signifies a substantial surge from the $364.1 million generated during the corresponding timeframe last year. Their gains also soared. Following modifications, their earnings preceding interest, levies, depreciation, and amortization (EBITDA) attained a considerable $222.9 million, a 73% escalation. This converted into a net gain of $155.7 million, an astounding 270% upswing contrasted with the $42.1 million acquired in the first quarter of 2022.
A primary catalyst for this triumph was the considerable expansion in income stemming from their live and archived equine racing endeavors. This division witnessed a massive increase, yielding $215.8 million in contrast to $87.2 million the prior year. This produced an adjusted EBITDA of $82.1 million for this sector solely, signifying a remarkable 194% rise.
This robust first-quarter showing in 2023 trails a record-shattering year for Churchill Downs Inc. In 2022, they attained their most substantial yearly revenue ever, reaching an impressive $1.8 billion. Their net earnings also reached an unparalleled $4.394 billion, a 76% surge from the preceding year. Moreover, their adjusted EBITDA hit an unprecedented $7.636 billion, a 22% leap from the year prior.
With such a powerful commencement to 2023, Churchill Downs Inc. is advantageously situated for sustained prosperity throughout the year.
The iconic Churchill Downs saw a bustling 2022, acquiring numerous businesses to bolster their already substantial holdings. They purchased Peninsula Pacific Entertainment in full, integrated the Chasers Poker Room located in Salem, New Hampshire, and obtained Ellis Park Racing & Gaming. These calculated actions yielded fruit, as Churchill Downs celebrated unprecedented financial gains.