The iconic racing company, Churchill Downs Inc., experienced a phenomenal first quarter in 2023, generating a substantial $559.5 million in net revenue. This signifies a considerable increase from the $364.1 million earned during the corresponding period the previous year.
The organization is also reveling in a significant surge in their net income, which skyrocketed to $155.7 million compared to $42.1 million in the initial quarter of 2022. A large portion of this triumph can be linked to their live and archived equine racing, which witnessed net revenue escalate from $87.2 million to an impressive $215.8 million in the first quarter.
Churchill Downs is capitalizing on this surge of prosperity, and they are forecasting this upward trajectory to persist throughout the year. This confidence is bolstered by their unprecedented achievements in 2022, where they attained their highest yearly revenue ever, reaching $1.8 billion, and a net income of $4.394 billion.
The iconic Churchill Downs experienced a highly successful 2022, acquiring key holdings such as the complete Peninsula Pacific Entertainment portfolio, the Chasers Poker Room located in Salem, New Hampshire, and the Ellis Park Racing & Gaming establishment. These strategic purchases contributed significantly to the company achieving unprecedented financial gains.
