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 (“P2E 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 (“HRMâ€) strategy with table games to the New England market (“Chasers 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 (“Ellis 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 (“Arlingtonâ€) 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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