Churchill Downs Inc.’s first quarter sales and adjusted earnings were record. Compared to the same period last year, when revenue was $590.9 million, it increased to $642.6 million. As compared to $80.4 million, or $1.08 per share, net income attributable to CDI decreased to $76.7 million, or $1.02 per share. Compared to $242.5 million, adjusted earnings increased to $245.1 million. From $248.9 million to $276.4 million, the company’s live and historical racing machines division saw an increase in revenue. An increase of $8.9 million from Kentucky venues and a gain of $18.2 million at CDI’s HRM venues in Virginia accounted for the majority of the increase. Gaming earnings increased from $243.2 million to $267.2 million.
A decline of $7.6 million due to regional gaming softness, increased competition, one fewer day in the quarter due to the 2024 leap year, and the impact of weather at some properties partially offset the $31.6 million revenue increase from the opening of a casino resort in Terre Haute, Indiana. Churchill Downs also declared on Wednesday that it will renovate its current facilities at its namesake track in Louisville, Kentucky, but postpone $880 million in planned building projects.
