Churchill Downs just released its 2024 financial results, and they’re hitting record highs. The company brought in $2.7 billion in revenue, marking an 11% increase from the previous year. The 150th Kentucky Derby was a major highlight, generating record earnings and setting new milestones.

  • Churchill Downs financial results for Q4 2024 show $624.2 million in revenue, an 11% increase from last year. Net income rose by 24% to $71.7 million, and adjusted EBITDA grew 8% to $236.6 million. Growth was fueled by new venues, including The Rose Gaming Resort in Virginia.

  • Full-year revenue climbed $272.6 million to reach $2.7 billion, a new record. Net income increased by 2% to $426.8 million, and adjusted EBITDA grew 13% to $1.2 billion. The company’s historical racing machine (HRM) venues and gaming expansions played a major role in the increase.

  • The 150th Kentucky Derby was a standout, bringing in record-breaking revenue. The event saw an all-time high in betting activity and Derby Week adjusted EBITDA. CEO Bill Carstanjen stated, “The Derby’s continued success reinforces our long-term growth strategy.”

  • Churchill Downs expanded its gaming footprint in 2024, opening Terre Haute Casino Resort in Indiana and The Rose Gaming Resort in Virginia. The company also launched Owensboro Racing & Gaming in February 2025, adding 600 HRMs and a retail sportsbook.

  • The gaming segment saw a $70.8 million revenue increase, driven by new casino openings. However, competition and weather challenges led to declines at some existing locations. Despite these factors, Terre Haute Casino Resort generated $96.6 million in new revenue.

  • The company’s Exacta business grew significantly, contributing an additional $40.8 million in revenue. This was mainly due to higher fees from HRM venues and expanding third-party gaming partnerships.

  • Churchill Downs returned $218.3 million to shareholders through stock buybacks and dividends. At the end of 2024, the company maintained a net bank leverage of 4.0x, reflecting a strong financial position.

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