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CHDN Nasdaq· Churchill Downs, Inc
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CHDN Nasdaq· Churchill Downs, Inc
Earnings report Q4 2023

Churchill Downs Incorporated Reports Strong Revenue Growth in Latest Quarter

Segments of Revenue

In the latest quarter, Churchill Downs Incorporated (CHDN) reported total net revenue of $2.46 billion. The revenue was generated from the following segments:

  1. Live and Historical Racing: Revenue from this segment amounted to $1.05 billion, representing a significant increase of $432.7 million compared to the previous year. This growth can be attributed to the acquisition of Virginia properties and the opening of Turfway Park in Northern Kentucky.

  2. TwinSpires: The TwinSpires segment generated revenue of $444.9 million, showing a slight increase compared to the previous year.

  3. Gaming: Revenue from the Gaming segment reached $968.6 million, reflecting a substantial growth of $212.7 million compared to the previous year.

  4. All Other: The All Other segment contributed $0.9 million to the total net revenue.

Strengths

Churchill Downs Incorporated demonstrated strong financial performance in the latest quarter. The company experienced significant revenue growth, primarily driven by the Live and Historical Racing and Gaming segments. The acquisition of Virginia properties and the opening of Turfway Park played a crucial role in boosting revenue in the Live and Historical Racing segment. Additionally, the Gaming segment showed impressive growth, contributing to the overall revenue increase.

Challenges

While Churchill Downs Incorporated reported strong revenue growth, there are some challenges to consider. The TwinSpires segment experienced only a slight increase in revenue, indicating potential competition or market saturation. It will be important for the company to focus on strategies to drive growth in this segment.

Noteworthy

One noteworthy aspect of Churchill Downs Incorporated's performance in the latest quarter is the significant increase in net revenue compared to the previous year. The company's total net revenue of $2.46 billion represents a substantial growth of $651.9 million. This growth can be attributed to the successful expansion of the Live and Historical Racing and Gaming segments.

Summary

Churchill Downs Incorporated reported a strong financial performance in the latest quarter, with a significant increase in total net revenue. The company experienced notable growth in the Live and Historical Racing and Gaming segments, driven by the acquisition of Virginia properties, the opening of Turfway Park, and successful expansion efforts. However, the TwinSpires segment showed only marginal growth, indicating potential challenges in the market. Overall, Churchill Downs Incorporated's performance reflects its ability to capitalize on growth opportunities and maintain a strong position in the industry.

Source documents

Form 10-K  filed on Feb 21, 2024
135 pages scanned

Reference data

Company financials Q4 revenue 561M
Analyst estimates Q4 EPS beat by 12.23%
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