Coinciding with an announcement of a sequence of multiyear capital tasks at its flagship observe of Churchill Downs, Churchill Downs Inc. reported document 2024 monetary outcomes Feb. 19, topped by a rewarding fourth quarter.
The Louisville, Ky.-based CDI, which owns Churchill Downs and different tracks and wagering and gaming holdings throughout the nation, introduced 2024 internet income of $2.7 billion, up $272.6 million or 11%; internet earnings attributable to CDI of $426.8 million, up $9.5 million or 2%; and adjusted earnings earlier than curiosity, taxes, depreciation and amortization of $1.2 billion, up $135.3 million or 13%.
EBITDA is a key monetary metric reflecting an organization’s profitability and money stream.
CDI’s fourth-quarter returns included internet income of $624.2 million, up $63 million or 11%; internet earnings attributable to CDI of $71.7 million, up $14.1 million or 24%; and adjusted EBITDA of $236.6 million, up $17.5 million or 8%.
Nonetheless, CDI’s fourth-quarter 2024 income decreased $2.6 million as a result of a $3.5 million lower from CDI’s sports activities betting enterprise and a $1.3 million lower in TwinSpires primarily as a result of market entry and shifts in race days at different tracks. These decreases had been partially offset by a $2.2 million improve from Exacta Programs due primarily to the expansion of CDI’s Virginia historic horse racing gaming venues. Join BloodHorse Day by day
CDI acquired Exacta Programs, a number one HHR know-how supplier, in 2023.
CDI additionally reported “regional gaming softness, elevated competitors, and better labor and profit expense” as a associate in Rivers On line casino Des Plaines in Illinois, about 20 miles exterior Chicago. That on line casino has been the remaining holding for CDI within the Northwest Chicago space after CDI shuttered close by Arlington Park in 2021 and offered the property.
In its earnings launch, CDI spotlighted a profitable Kentucky Derby Week in 2024, which included a document all-sources deal with, and the opening of Terre Haute On line casino Resort in Indiana, The Rose Gaming Resort in Virginia, and Owensboro Racing & Gaming in Kentucky, which opened Feb. 12.
This previous 12 months, CDI’s board of administrators accredited an annual money dividend on the corporate’s frequent inventory of $0.409 per excellent share, a 7% improve over the prior 12 months. This marks the fourteenth consecutive 12 months CDI has elevated the dividend per share.
CDI estimates its undertaking capital to be roughly $350 to $400 million in 2025. It plans to make use of its working money flows and present revolving credit score facility to fund its capital undertaking expenditures.
CDI will host a convention name with its executives Feb. 20 to debate its monetary returns and capital tasks.
