Churchill Downs Reports Strong Q2 Results, Announces Renovations and Board Departure

In a run of announcements, Churchill Downs Incorporated has reported its Q2 results, race track renovations, and the departure of a long-tenured board member.

Ziv Chen

Last Updated: July 29, 2024 11:21 AM EDT • 3 minute read

Kentucky Derby winner Mystik Dan walks around the barn as we look at a run of announcements from Churchill Downs Incorporated. — Kentucky Derby winner Mystik Dan walks around the barn after the 150th running of the Kentucky Derby at Churchill Downs. Photo by: Grace Hollars/IndyStar/USA TODAY Network.

In a series of press releases published on July 24, Churchill Downs Incorporated (CDI) announced record-breaking financial results, a major renovation plan, and a change within its Board of Directors. All this coming on the heels of the 150th Kentucky Derby which you could have bet at some of our best sports betting sites.

For the quarter ended June 30, 2024, CDI reported a record-breaking $890.7 million in net revenue, up around 16% compared to $768.5 million in the same period last year. Adjusted EBITDA also set a new record at $444.8 million, an increase of approximately 22% compared to $363.7 million in Q2 2023. Additionally, revenue and EBITDA saw growth across all segments, including Live and Historical, TwinSpires, and Gaming. More and more people are learning how to bet on horse racing.

CDI noted that several events and partnerships marked Q2. Churchill Downs Racetrack hosted the 150th Kentucky Derby on May 4 and secured a deal with NBC to broadcast Kentucky Derby Week on NBC and Peacock for 2026 through 2032; you can bet the race at our best Kentucky Derby betting sites. Another milestone for the company was the opening of Terre Haute Casino Resort in Indiana on April 5, followed by the resort's hotel on May 15.

Racetrack upgrades

A major renovation project is also on the way for Churchill Downs Racetrack. Starting in August, the company will begin construction on the Grandstand Club and Pavilion, an $80-$90 million project expected to be completed by the 151st Kentucky Derby in May 2025.

The company announced via a press release that the renovation will include upgraded seating options and a new entrance to the Grandstand Pavilion. Amenities to be added include concessions, bars, and wagering windows, and expanding to the second floor will create additional space for an outdoor balcony and more seating.

“Like all of our recent enhancements at Churchill Downs, the renovation of the grandstands represents our commitment to providing unique guest seating options while honoring the historic significance of the property in order to achieve a world class sports and entertainment experience for our guests,” said Mike Anderson, President of Churchill Downs.

Fealy retires

In the last of the updates, CDI announced that Robert L. Fealy has retired from the board after several years of service, reducing its size from nine to eight members as of July 23, 2024.

"We are grateful for Bob’s long-term exemplary service as a board member of Churchill Downs Incorporated,” commented Bill Carstanjen, CDI's President and Chief Executive Officer, reported in the press release. "We will miss his perspective, insight, and dedication to our company. I want to also personally thank him for his friendship and wisdom over the many years we have worked together.”

About Churchill Downs

Founded in 1875, CDI has a strong presence in the horse racing sector in the US and Canada and is headquartered in Louisville, Kentucky. The company owns and operates Churchill Downs Racetrack in Louisville, Ky., known for hosting the annual Kentucky Derby. Beyond horse racing, CDI also offers casino gaming and online pari-mutuel horse racing wagering through TwinSpires.

Written by:
Ziv Chen

Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.