Archives for August 1, 2019

Churchill Downs Incorporated Reports 2019 Second Quarter Results

LOUISVILLE, Ky., July 31, 2019 (GLOBE NEWSWIRE) — Churchill Downs Incorporated ( CHDN ) (the “Company”) today reported business results for the second quarter ended June 30, 2019. Second Quarter 2019 Highlights Net revenue of $477.4 million, up 26% over the prior year quarter Net income of $107.1 million, […]

Second Quarter 2019 Highlights

  • Net revenue of $477.4 million, up 26% over the prior year quarter
  • Net income of $107.1 million, up 4% over the prior year quarter
    º Adjusted net income of $115.0 million, up 9% over the prior year quarter
  • Adjusted EBITDA of $215.0 million, up 23% over the prior year quarter
  • Successful 145th running of The Kentucky Derby, contributing to record highs for wagering and Adjusted EBITDA
  • Continued sequential growth at Derby City Gaming in Louisville, Kentucky, with strong margin performance
  • Strong performance of our Gaming properties primarily due to the performance of Rivers Casino Des Plaines in Des Plaines, Illinois and Presque Isle Downs & Casino in Erie, Pennsylvania
(in millions, except per share data) 2019 2018

churchill downs ky derby daySECOND QUARTER 2019 NET INCOME

The Company’s second quarter 2019 net income of $107.1 million was comprised of $108.3 million in net income from continuing operations and $1.2 million in net loss from discontinued operations. The prior year quarter net income of $103.1 million was comprised of $103.2 million in net income from continuing operations and $0.1 million in net loss from discontinued operations.

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Colonial Downs Re-opens Aug 8 with Secretariat Turf Course

The Secretariat Turf Course will be ready when Colonial Downs opens for live racing Aug. 8. The collaboration is part of a licensing agreement with the Tweedy family and Secretariat.com that also will feature an annual Secretariat Day at the racetrack as well as equine welfare fund-raising and other promotional opportunities, including festivities planned for Virginia Derby Day on Aug. 31.

“Colonial Downs is thrilled to partner with the Tweedy family and spotlight one of Virginia racing’s brightest stars, who was foaled less than 50 miles from our own gates,” said Jill Byrne, Colonial Downs Vice President of Racing operations. “Secretariat’s enduring legacy continues to reverberate with new generations of fans, and it is only fitting that Colonial Downs recognizes this native son of the Commonwealth.”

“My family and I are excited that live racing has returned to Virginia and that we can contribute by sharing the legacy of Secretariat.” said Kate Chenery Tweedy, daughter of Penny Chenery. “The Secretariat Turf Course will no doubt witness great racing contests, something my mother and my grandfather would have especially loved to see. Our family also applauds Colonial Downs for their efforts to engage existing horse lovers and generate new racing fans.”

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