April 25, 2024 2 min read


Churchill Downs Enjoys Exceptional 2024 Start with Strong Q1 Results

The company reported strong growth in revenue and adjusted EBITDA for the first quarter of the year

The parent company of Churchill Downs, Churchill Downs Incorporated (CDI), released its latest financial update. On Wednesday, the company disclosed insights regarding its performance for the first quarter of 2024 or the quarter that ended March 31, 2024. In its latest trading update, CDI highlighted strong growth in terms of adjusted EBITDA and net revenue.

Per the latest figures, released by the company, its net revenue for Q1 this year increased by 6% to $590.9 million. Besides an outstanding growth year-over-year, the result marked a quarterly record for the company.

Similarly, CDI confirmed a record adjusted EBITDA for the first quarter of this year. Compared to Q1 2023, adjusted EBITDA this year increased by 9%, hitting $242.5 million.

In addition to revenue and adjusted EBITDA, CDI highlighted a number of important achievements completed during the latest trading period. The company revealed that it maintained its commitment to returning capital to its shareholders while at the same time ending the first quarter of 2024 with net bank leverage of 4.1x.

On January 2, CDI confirmed the closing of a repurchase of 1,000,000 shares at a price of $123.75 per share from The Duchossois Group Inc. Then, a few days later, on January 5, the company “paid a $0.382 per share dividend to shareholders of record which represents the thirteenth consecutive year of an increased dividend per share,” reveals the latest trading update.

Through its repurchase program, CDI was able to repurchase $22.0 million in shares during the first quarter of this year.

Operating Segments Set New Records

The latest exceptional results come after a strong performance by the company’s TwinSpires and Live and Historical segments. Both operating segments posted record revenue and adjusted EBITDA.

According to the Q1 2024 data, CDI’s Live and Historical Racing segment posted $248.9 million in revenue, an increase of 15% year-over-year. Similarly adjusted EBITDA reported for the period marked a year-over-year increase of 23%.

On the other hand, the company’s TwinSpires revenue in Q1 2024 soared by 18%, hitting $114.1 million. Adjusted EBITDA reported by this operating segment increased by 35% when compared to the corresponding period in 2023.

During the recent trading period, CDI confirmed its plans to open Owensboro Racing & Gaming, a new historical racing machines (HRMs) entertainment venue located in Kentucky. The venue, which is expected to become the seventh such business for the company in the state, is planned to welcome its first visitors early in 2025.


William Velichkov is a research-driven writer. His strengths lie in ensuring factual accuracy, vetting government documentation and reaching out to regulators and other officials. He is particularly fond of financial reporting, the sports betting industry, B2B partnerships and esports betting developments. William is a strong asset to the GamblingNews team as he adds a bedrock to our reporting.

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