Press Releases
Churchill Downs Incorporated Reports 2022 Fourth Quarter and Full Year Results

Churchill Downs Incorporated reported business results for the quarter and full year ended December 31, 2022.
Company Highlights
- Record 2022 net revenue of $1,809.8 million, up 13% compared to $1,597.2 million in the prior year
- Record 2022 net income of $439.4 million, up 76% compared to $249.1 million in the prior year
- Record 2022 Adjusted EBITDA of $763.6 million, up 22% compared to $627.0 million in the prior year
- We successfully ran the 148th Kentucky Derby on the first Saturday in May generating record Adjusted EBITDA
- We completed the acquisition of substantially all the assets of Peninsula Pacific Entertainment LLC with a purchase price of $2.75 billion on November 1, 2022 (âP2E Transactionâ)
- We completed the acquisition of Chasers Poker Room in Salem, New Hampshire on September 2, 2022, which will enable the Company to expand its historical racing machine (âHRMâ) strategy with table games to the New England market (âChasers Transactionâ)
- We completed the acquisition of Ellis Park Racing & Gaming on September 26, 2022, which includes the rights to build a HRM entertainment venue in Owensboro, Kentucky (âEllis Park Transactionâ)
- We closed the sale of the excess Calder land for $291.0 million on June 17, 2022
- We closed the sale of our Arlington Heights, Illinois property to the Chicago Bears for $197.2Â million on February 15, 2023
CONSOLIDATED RESULTS |
Fourth Quarter | Years Ended December 31, | ||||||||||
(in millions, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||
Net revenue | $ | 480.1 | $ | 364.8 | $ | 1,809.8 | $ | 1,597.2 | |||
Net income | $ | 1.0 | $ | 43.3 | $ | 439.4 | $ | 249.1 | |||
Diluted EPS | $ | 0.03 | $ | 1.11 | $ | 11.42 | $ | 6.35 | |||
Adjusted EBITDA(a) | $ | 180.7 | $ | 127.0 | $ | 763.6 | $ | 627.0 | |||
(a) This is a non-GAAP measure. See explanation of non-GAAP measures below. |
SEGMENT RESULTS |
During the first quarter of 2022, we updated our operating segments to include the results of our United Tote business in the TwinSpires segment. Results of our United Tote business were previously included in our All Other segment. During the fourth quarter of 2022, we also updated our operating segments to reflect the geographies in which we operate. The summaries below present net revenue from external customers and intercompany revenue from each of our reportable segments.
Live and Historical Racing
Fourth Quarter | Years Ended December 31, | ||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | |||||||
Net revenue | $ | 180.9 | $ | 93.9 | $ | 646.4 | $ | 430.6 | |||
Adjusted EBITDA | 61.2 | 30.6 | 287.5 | 175.0 |
Fourth Quarter 2022
- Net revenue for the fourth quarter of 2022 increased $87.0 million from the prior year quarter primarily due to $62.4 million in revenue attributable to the Virginia properties acquired in the P2E Transaction, $6.9 million in revenue attributable to properties acquired in the Ellis Park and Chasers Transactions, and a $17.7 million increase driven primarily by continued growth at our Oak Grove property and the opening of Turfway Park in September 2022.
- Adjusted EBITDA for the fourth quarter of 2022 increased $30.6 million from the prior year quarter primarily due to a $30.1 million increase attributable to the Virginia properties acquired in the P2E Transaction and a $0.5 million increase attributable to the Chasers Transaction. Adjusted EBITDA growth from our Oak Grove property was offset by a decrease from Turfway Park associated with its first quarter of operation and from Derby City Gaming due to disruption from construction associated with the gaming floor and hotel expansion.
Total Year 2022
- Net revenue for 2022 increased $215.8 million primarily due to $62.4 million in revenue attributable to the Virginia properties acquired in the P2E Transaction, $8.0 million in revenue attributable to properties acquired in the Ellis Park and Chasers Transactions, $77.6 million in increased revenue at Churchill Downs Racetrack primarily due to the running of the 2022 Kentucky Derby without capacity restrictions that were in place in 2021, and a $67.8 million increase driven primarily by growth at our Oak Grove property and at Derby City Gaming as well as the opening of Turfway Park in September 2022.
- Adjusted EBITDA for 2022 increased $112.5 million due to a $30.1 million increase attributable to the Virginia properties acquired in the P2E Transaction, a $0.7 million increase attributable to properties acquired in the Ellis Park and Chasers Transactions, a $59.1 million increase at Churchill Downs Racetrack primarily due to the running of the 2022 Kentucky Derby without capacity restrictions that were in place in 2021, and a $22.6 million increase primarily due to the continued growth at our Oak Grove property and at Derby City Gaming.
TwinSpires
Fourth Quarter | Years Ended December 31, | ||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | |||||||
Net revenue | $ | 94.3 | $ | 101.2 | $ | 441.6 | $ | 457.8 | |||
Adjusted EBITDA | 25.0 | 12.9 | 114.1 | 82.7 |
Fourth Quarter 2022
- Net revenue for the fourth quarter of 2022 decreased $6.9 million from the prior year quarter primarily due to the decision to exit the direct online Sports and Casino business in the first quarter of 2022 and due to a decline in Horse Racing wagering.
- Adjusted EBITDA for the fourth quarter of 2022 increased $12.1 million from the prior year quarter due to a $14.3 million increase from our Sports and Casino business primarily due to decreased marketing and promotional activities and a $2.2 million decrease attributable to lower Horse Racing net revenue.
Total Year 2022
- Net revenue decreased $16.2 million primarily due to a decrease in pari-mutuel handle as a higher portion of our patrons returned to wagering at brick-and-mortar facilities instead of wagering online and the decision to exit the direct online Sports and Casino business in the first quarter of 2022.
- Adjusted EBITDA for 2022 increased $31.4 million primarily due to a $40.0 million increase from our Sports and Casino business primarily due to decreased marketing and promotional activities and an $8.6 million decrease attributable to lower Horse Racing net revenue.
Gaming
Fourth Quarter | Years Ended December 31, | ||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | |||||||
Net revenue | $ | 212.2 | $ | 172.8 | $ | 761.8 | $ | 698.4 | |||
Adjusted EBITDA | 112.4 | 99.0 | 421.9 | 411.9 |
Fourth Quarter 2022
- Net revenue for the fourth quarter of 2022 increased $39.4 million from the prior year quarter primarily due to $46.5 million attributable to the New York and Iowa properties acquired in the P2E Transaction and a $7.1 million decrease from seven of our existing wholly-owned properties in five states that was partially offset by growth at our Ocean Downs property in Maryland.
- Adjusted EBITDA for the fourth quarter of 2022 increased $13.4 million from the prior year quarter driven by a $17.9 million increase attributable to the New York and Iowa properties acquired as part of the P2E Transaction, a $1.2 million increase from our equity investments, and a $5.7 million decrease at our existing wholly-owned properties.
Total Year 2022
- Net revenue increased $63.4 million primarily due to $46.5 million attributable to our New York and Iowa properties acquired in the P2E Transaction, $25.5 million in Maine, Florida, and Maryland as a result of certain capacity restrictions during the first half of 2021 and a $9.7 million increase in Louisiana as a result of the 2022 Jazz Festival that was not held in the prior year due to COVID-19 and shutdowns in 2021 due to Hurricane Ida that did not recur. Partially offsetting these increases was a decrease of $18.3 million primarily from our Mississippi and Pennsylvania properties due to the current economic conditions.
- Adjusted EBITDA for 2022 increased $10.0 million driven by a $17.9 million increase in New York and Iowa from the properties acquired as part of the P2E Transaction, an $11.6 million increase primarily from our properties in Maine, Florida, and Louisiana as a result of capacity restrictions in 2021 that did not recur, and a $2.8 million increase from our equity investments. Partially offsetting these increases was a decrease of $22.3 million primarily from our Mississippi and Pennsylvania properties due to the current economic conditions.
All Other
Fourth Quarter | Years Ended December 31, | ||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||
Net revenue | $ | 1.1 | $ | 4.2 | $ | 3.3 | $ | 49.2 | |||||||
Adjusted EBITDA | (17.9 | ) | (15.5 | ) | (59.9 | ) | (42.6 | ) |
Fourth Quarter 2022
- Net revenue for the fourth quarter of 2022 decreased $3.1 million from the prior year quarter primarily as a result of Arlington International Racecourse (âArlingtonâ) ceasing racing and simulcast operations at the end of 2021.
- Adjusted EBITDA for the fourth quarter of 2022 decreased $2.4 million from the prior year quarter due to a $3.8 million increase in Corporate compensation related expenses driven by enterprise growth and increased legal fees that was partially offset by the elimination of the $1.4 million operating loss related to Arlington.
Total Year 2022
- Net revenue for 2022 decreased $45.9 million primarily as a result of Arlington ceasing racing and simulcast operations at the end of 2021.
- Adjusted EBITDA for 2022 decreased $17.3 million primarily due to the elimination of the $9.7 million operating income related to Arlington as a result of ceasing racing and simulcast operations at the end of 2021 and a $7.6 million increase in Corporate compensation related expenses, legal fees, and charitable donations.
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BMM INNOVATION GROUP TO SHOWCASE ITS WORLD-LEADING TESTING SERVICES FOR BRAZILâS FAST-GROWING GAMING MARKET AT BIS SIGMA AMERICAS SUMMIT APRIL 7â10

Company to share expert insights and highlight its fast-track product certification and lottery support at SĂŁo Paulo, Brazil show
BMM Innovation Group (âBMM,â âBIG Group,â or âBIGâ), a technology conglomerate focused on product compliance testing, cybersecurity solutions, and virtual training for the global gaming industry, will exhibit at BiS SiGMA Americas April 7-10 at the Transamerica Expo Center in SĂŁo Paulo, Brazil in Stand No. F133.
As Brazilâs gaming landscape undergoes a significant transformation under new federal regulations, BMM is heavily partnered with operators, suppliers, and regulators through this transition. With its three expert divisions â BMM Testlabs, BIG Cyber, and RG24seven Virtual Training â the BIG Group brings unmatched expertise in product testing, cybersecurity, and responsible gaming education, all vital for success in the dynamic Brazilian market.
At the show, BMM will highlight its fast-track product testing and certification process, developed specifically to address Brazilâs recertification requirements for B2B and B2C operators. This streamlined service ensures that gaming companies meet all regulatory standards while maintaining their operating licenses with minimal disruption.
BMM Testlabsâ Marzia Turrini, President of iGaming & Cybersecurity, said, âBMM is committed to guiding customers through the certification process with speed, precision, and expert support. Our goal is to reduce regulatory risks and accelerate time to market in Brazilâs evolving regulatory environment.â
At BiS SiGMA, BMM will highlight its support for Brazilâs expanding state lottery market, working closely with operators to support multi-jurisdictional entry and growth. BMMâs lottery and iLottery testing services help ensure full compliance while enabling faster, broader market access.
Visitors to BMM Innovation Groupâs stand at BiS SiGMA Americas will gain insights into the Companyâs full suite of services for cybersecurity and defense, as well as responsible gaming, including:
- Vulnerability assessments, penetration tests, PCI:DSS evaluations, and a suite of managed security services featuring CYREBROâs Security Operations Center, KnowBe4âs security awareness training, and Maxxsureâs risk management platform.
- RG24seven Virtual Training, offering expert-led education on responsible gaming, anti-money laundering, and many other important topics, available in Portuguese, Spanish, and English for gaming professionals worldwide.
Turrini added, âBMM is more than just a test lab. We are a long-term strategic partner, helping shape a secure, responsible, and compliant gaming industry in Brazil and globally.â
BMM invites all BiS SiGMA attendees to stop by Stand No. F133 and discover how the Company drives innovation, reliability, and trust across Brazilâs regulated gaming industry. For more information on BMM’s Brazil support, visit the BMM Brazil Hub at brazil.bmm.com/.
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No fooling! The All-Inclusive Hotel Room Package is back for summer stays at the Plaza Hotel & Casino

Tomorrow might be April Foolâs Day but this is no joke, the Plaza Hotel & Casino is bringing back Las Vegasâ only all-inclusive hotel room package starting at $125 per person per night.
The Plaza introduced its all-inclusive hotel room package last summer. It was so well received by guests that the iconic downtown Las Vegas property is bringing it back and extending it for all of June, July and August.
âAt a time when tourists are concerned about increasing costs in Las Vegas, including resort fees and paying to park, we wanted to give our guests a more affordable summer vacation option by again offering our all-inclusive hotel room package,â said Jonathan Jossel, CEO of the Plaza Hotel & Casino.
The Plazaâ all-inclusive hotel room package waives all resort fees, but guests will still have free access to the fitness center, self-parking, and rooftop pool. It also includes bottomless drinks from the Omaha Bar and Sports Book Bar on the casino floor as well as breakfast and dinner from various dining outlets, and more.
The Plazaâs all-inclusive hotel room package is available for booking beginning today. Rooms must be booked online by Aug. 29 for a stay June 1 through Aug. 30.
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Jogo da Zebra: The Most Thrilling Version of the Classic Minesweeper Arrives from Vibra Gaming

Vibra Gaming, the leading game and platform developer in the LatAm market, unveils its latest and most exciting release: Jogo da Zebra, a high-adrenaline experience where every click can multiply your winnings. Designed especially for the Brazilian audience, this game reimagines the classic Minesweeper with visuals and gameplay that resonate with local culture.
The game unfolds on a 5×5 grid with 25 hidden tiles. Players can choose how much to bet and how many zebras will appear on the board, directly influencing the level of risk and potential rewards.
To win, players click on the tiles to reveal golden squares, increasing their bet multiplier. At any moment, they can cash out and secure their winnings before encountering a zebra.
The game also incorporates innovative mechanics to enhance the excitement. By selecting the number of hidden zebras on the board (from 1 to 20), players can adjust the difficulty and raise the prize multiplier as they progress. Additionally, if a zebra is revealed followed by a heart, the game grants an extra life, allowing the player to continue without ending the round. This unique feature adds a new layer of thrill and strategy, as only one extra life can be earned per game.
Jogo da Zebra also includes a Turbo Button, which speeds up tile reveals for a more dynamic gaming experience. A Cash Out button allows players to stop and collect their winnings before risking another click.
Ramiro Atucha, CEO of Vibra Gaming, commented: “Jogo da Zebra combines the nostalgia of a classic with captivating gameplay and big rewards. Itâs the perfect game for thrill-seekers who enjoy risk, where every click can make a difference in winning big. We developed it with the Brazilian audience in mind, incorporating a local theme that connects with their culture and gaming preferences.”
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