Beasts of Fire Maximum slot by Play'n GO featuring Charging Fire Beasts, Expanding Reels, and Maximum Burning Spins for explosive wins.
Connect with us
Beasts of Fire Maximum slot by Play'n GO featuring Charging Fire Beasts, Expanding Reels, and Maximum Burning Spins for explosive wins.

Press Releases

PGCB Reports Record Revenue in March 2024

Published

on

Pennsylvania Gaming Control Board Releases Annual Report

 

All-time high for iGaming revenue spurs overall increase

The Pennsylvania Gaming Control Board (PGCB) reported  that the combined total revenue generated from all forms of gaming, along with fantasy contests, during March 2024 was $554,625,294, an all-time monthly high eclipsing the previous high revenue month of December 2023 of $534,215,808.

The March revenue figure was also a 7.64% increase over the $515,278,831 revenue figure of last March.

Internet Casino-Type Gaming (iGaming) continued to be the driver for the overall growth with a 28.95% increase in revenue generated in March 2024 over March 2023.

Sources of gaming revenue regulated by the PGCB include slot machines, table games, internet gaming, sports wagering, fantasy contests and video gaming terminals (VGTs). The PGCB has posted separate reports for these types of gaming on its website, https://gamingcontrolboard.pa.gov/.

Total tax revenue generated collectively through all forms of gaming and fantasy contests was $229,566,989* during March 2024.

The following chart compiles all revenue generated in March 2024 by casinos, along with fantasy contests and VGTs operated by other vendors and includes a comparison to total revenue generated in March 2023.

Source March 2024
Total Revenue
March 2023
Total Revenue
% Change
Hollywood Casino at Penn National Race Course $88,176,795 $80,928,428 8.96%
Valley Forge Casino Resort $88,008,949 $68,510,263 28.46%
Parx Casino $59,491,008 $60,440,432 -1.57%
Rivers Casino Philadelphia $54,510,221 $53,461,999 1.96%
Wind Creek Bethlehem $49,982,144 $47,247,055 5.79%
Rivers Casino Pittsburgh $34,094,794 $35,491,060 -3.93%
Live! Casino Philadelphia $27,917,692 $26,546,348 5.17%
Hollywood Casino at the Meadows $27,542,944 $31,196,409 -11.71%
Harrah’s Philadelphia $24,555,270 $20,012,094 22.70%
Mohegan Pennsylvania $21,220,683 $21,323,198 -0.48%
Mount Airy Casino Resort $20,894,658 $21,718,881 -3.79%
Live! Casino Pittsburgh $10,982,199 $10,529,738 4.30%
Hollywood Casino York $10,247,946 $9,390,319 9.13%
Presque Isle Downs and Casino $9,447,528 $9,144,781 3.31%
Hollywood Casino Morgantown $8,688,527 $9,472,589 -8.28%
Golden Nugget $4,467,658 n/a n/a
Parx Shippensburg $3,950,153 $3,065,542 28.86%
Video Gaming Terminals $3,739,380 $3,757,506 -0.48%
Bally’s Pennsylvania $3,571,292 n/a n/a
The Casino at Nemacolin $2,031,471 $1,643,538 23.60%
Fantasy Contests $1,103,979 $1,398,651 -21.07%
Statewide Total $554,625,294 $515,278,831 7.64%

March Revenue by Game Type

The PGCB is also providing a synopsis of revenue year-over-year by types of games:

Advertisement
Stake - Best Online Casino & Sports Betting Platform
Type of Gaming Revenue March 2024 March 2023 % Change
Retail Slots Revenue $227,891,331 $225,408,088 1.10%
iGaming Slot Revenue $135,519,554 $104,827,884 29.28%
Retail Tables Revenue $85,222,921 $85,880,299 -0.77%
iGaming Tables Revenue $53,091,910 $40,471,434 31.18%
Sports Wagering Revenue $45,581,570 $50,645,259 -10.00%
Video Gaming Terminals Revenue $3,739,380 $3,757,506 -0.48%
iGaming Poker Revenue $2,474,651 $2,889,710 -14.36%
Fantasy Contests Revenue $1,103,979 $1,398,651 -21.07%
Total Gaming Revenue $554,625,294 $515,278,831 7.64%

Retail Slot Machine Revenue

This March’s revenue from the play of retail slot machines was $227,891,331, a 1.10% increase in revenue when compared to the $225,408,088 generated in March 2023.

The number of slot machines in operation in March 2024 was 24,886 compared to 25,643 at the casinos in March 2023.

Slot machine revenue for each of the casinos, with the percentage change reflected over the previous year, is as follows:

Casino March 2024 
Slots Revenue
March 2023 Slots Revenue % Change
Parx Casino $34,287,431 $35,132,544 -2.41%
Wind Creek Bethlehem $27,401,508 $24,952,451 9.81%
Rivers Casino Pittsburgh $25,245,164 $24,914,181 1.33%
Mohegan Pennsylvania $16,290,061 $16,497,467 -1.26%
Hollywood Casino at the Meadows $15,007,905 $15,719,771 -4.53%
Live! Casino Philadelphia $14,389,350 $13,063,698 10.15%
Mount Airy Casino Resort $13,658,998 $12,877,395 6.07%
Hollywood Casino at Penn National Race Course $12,774,661 $13,876,054 -7.94%
Rivers Casino Philadelphia $12,228,305 $13,140,061 -6.94%
Harrah’s Philadelphia $10,023,622 $11,429,140 -12.30%
Valley Forge Casino Resort $9,831,979 $9,902,697 -0.71%
Live! Casino Pittsburgh $9,344,667 $8,938,923 4.54%
Presque Isle Downs and Casino $8,176,517 $8,091,267 1.05%
Hollywood Casino York $7,776,133 $7,136,738 8.96%
Hollywood Casino Morgantown $5,773,193 $5,356,662 7.78%
Parx Shippensburg $3,841,602 $2,903,476 32.31%
The Casino at Nemacolin $1,840,233 $1,475,563 24.71%
Statewide Total $227,891,331 $225,408,088 1.10%

Tax revenue from the play of slots machines in March 2024 was $114,998,778*.

Retail Table Games Revenue

Retail Table games revenue for March 2024 was $85,222,921, an decrease of 0.77% from March 2023 when revenue was $85,880,299.

Table games revenue for each of the casinos, with the percentage change reflected over the previous year, is as follows.

Casino March 2024 Table 
Games Revenue
March 2023 Table Games Revenue % Change
Wind Creek Bethlehem $20,365,497 $19,972,721 1.97%
Parx Casino $18,570,562 $17,802,035 4.32%
Live! Casino Philadelphia $9,320,905 $9,001,914 3.54%
Rivers Casino Philadelphia $8,933,702 $8,229,283 8.56%
Rivers Casino Pittsburgh $7,347,017 $8,540,581 -13.98%
Mohegan Pennsylvania $3,286,889 $2,702,823 21.61%
Valley Forge Casino Resort $2,992,253 $2,904,805 3.01%
Mount Airy Casino Resort $2,866,979 $2,988,812 -4.08%
Harrah’s Philadelphia $2,534,802 $2,507,003 1.11%
Hollywood Casino at the Meadows $1,801,394 $3,166,496 -43.11%
Live! Casino Pittsburgh $1,542,583 $1,501,829 2.71%
Hollywood Casino at Penn National Race Course $1,469,859 $2,603,090 -43.53%
Hollywood Casino York $1,462,783 $1,621,802 -9.81%
Presque Isle Downs and Casino $1,270,216 $910,855 39.45%
Hollywood Casino Morgantown $1,159,068 $1,102,544 5.13%
The Casino at Nemacolin $191,239 $167,975 13.85%
Parx Shippensburg $107,174 $155,732 -31.18%
Statewide Total $85,222,921 $85,880,299 -0.77%

Total tax revenue from table games play during March 2024 was $13,986,818*.

Internet Casino-Type Gaming (iGaming) Revenue

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Casino games offered online generated monthly gross revenue totaling $191,086,114 during March 2024 compared to $148,189,028 in March 2023, an increase of 28.95%.

A breakdown of revenue of casino games offered online is as follows:

Casino Operator iSlots
Revenue
iTables Revenue iPoker Revenue Total iGaming Revenue
Hollywood Casino at Penn National Race Course $49,238,553 $22,628,019 $419,798 $72,286,369
Valley Forge Casino Resort $31,109,941 $19,720,485   $50,830,426
Rivers Casino Philadelphia $28,583,057 $4,045,190 $130,992 $32,759,238
Harrah’s Philadelphia $7,825,763 $2,020,472 $555,982 $10,402,217
Parx Casino $4,272,694 $1,404,171   $5,676,865
Golden Nugget $3,971,467 $496,192   $4,467,658
Mount Airy Casino Resort $2,002,914 $941,986 $1,367,879 $4,312,779
Bally’s Pennsylvania $3,034,348 $536,944   $3,571,292
Live! Casino Philadelphia $2,680,330 $820,838   $3,501,168
Wind Creek Bethlehem $1,775,903 $311,386   $2,087,290
Mohegan Pennsylvania $1,024,584 $166,226   $1,190,810
Statewide Total $135,519,554 $53,091,910 $2,474,651 $191,086,114

Tax revenue generated from internet gaming play during March 2024 was $82,061,953*.

Total iGaming revenue for each of the casinos during March 2024 and March 2023, if applicable, is as follows:

Operator March 2024
iGaming Revenue
March 2023
iGaming Revenue
% Change
Hollywood Casino at Penn National Race Course $72,286,369 $62,302,880 16.02%
Valley Forge Casino Resort $50,830,426 $31,817,902 59.75%
Rivers Casino Philadelphia $32,759,238 $30,548,308 7.24%
Harrah’s Philadelphia $10,402,217 $4,881,138 113.11%
Parx Casino $5,676,865 $5,644,943 0.57%
Golden Nugget $4,467,658 n/a n/a
Mount Airy Casino Resort $4,312,779 $5,186,941 -16.85%
Bally’s Pennsylvania $3,571,292 n/a n/a
Live! Casino Philadelphia $3,501,168 $3,997,450 -12.41%
Wind Creek Bethlehem $2,087,290 $2,089,618 -0.11%
Mohegan Pennsylvania $1,190,810 $1,719,849 -30.76%
Statewide Total $191,086,114 $148,189,028 28.95%

Sports Wagering Revenue

March 2024, total sports wagering handle was $800,718,332 or 10.67% above the March 2023 total of $723,545,806.

At the same time, the taxable revenue figure for March 2024 was $45,581,570, or 10.00% lower when compared to March 2023, when taxable revenue was $50,645,259.

March 2024 sports wagering total handle and revenue is as follows:

Casino Operator Total
Handle3
Retail
Revenue
Online Revenue Total Revenue
Valley Forge Casino Resort $333,189,800 $180,705 $24,173,585 $24,354,291
Hollywood Casino at the Meadows $209,222,648 $172,046 $10,561,598 $10,733,645
Hollywood Casino Morgantown $51,939,662 $207,969 $1,548,298 $1,756,267
Hollywood Casino at Penn National $54,637,036 $235,449 $1,410,457 $1,645,905
Harrah’s Philadelphia $33,433,001 $152,439 $1,442,191 $1,594,630
Rivers Casino Pittsburgh $30,114,208 $375,556 $1,127,058 $1,502,613
Hollywood Casino York $31,934,997 $238,386 $770,643 $1,009,030
Parx Casino $16,666,192 $164,481 $674,680 $839,160
Live! Casino Philadelphia $8,199,239 $661,927 $44,343 $706,269
Rivers Casino Philadelphia $19,501,294 $233,432 $355,544 $588,976
Mohegan Pennsylvania $5,376,276 $133,320 $153,668 $286,988
Mohegan Lehigh Valley2 $1,359,066 $165,935 $0 $165,935
Wind Creek Bethlehem $1,348,188 $57,763 $70,087 $127,850
South Philly Race & Sportsbook1 $1,209,576 $116,990 $0 $116,990
Live! Casino Pittsburgh $1,160,917 $94,949 $0 $94,949
Mount Airy Casino Resort $470,131 $55,902 $0 $55,902
Parx Shippensburg $65,711 $1,377 $0 $1,377
Presque Isle Downs and Casino $890,390 $795 $0 $795
Statewide Total $800,718,332 $3,249,418 $42,332,151 $45,581,570

Operated by Parx Casino
Operated by Mohegan Pennsylvania
A breakout of the handle between retail and online sportsbooks can be found on the website report. 

Sports wagering revenue for each of the casinos for March 2024 and March 2023, if applicable, is as follows:

Advertisement
Stake - Best Online Casino & Sports Betting Platform
Operator March 2024 Sports 
Wagering Revenue
March 2023 Sports 
Wagering Revenue
% Change
Valley Forge Casino Resort $24,354,291 $23,884,858 1.97%
Hollywood Casino at the Meadows $10,733,645 $12,310,143 -12.81%
Hollywood Casino Morgantown $1,756,267 $3,013,384 -41.72%
Hollywood Casino at Penn National Race Course $1,645,905 $2,146,404 -23.32%
Harrah’s Philadelphia $1,594,630 $1,194,813 33.46%
Rivers Casino Pittsburgh $1,502,613 $2,036,298 -26.21%
Hollywood Casino York $1,009,030 $631,779 59.71%
Parx Casino $839,160 $1,582,649 -46.98%
Live! Casino Philadelphia $706,269 $483,286 46.14%
Rivers Casino Philadelphia $588,976 $1,544,347 -61.86%
Mohegan Pennsylvania $286,988 $282,584 1.56%
Mohegan Lehigh Valley2 $165,935 $120,476 37.73%
Wind Creek Bethlehem $127,850 $232,264 -44.95%
South Philly Race & Sportsbook1 $116,990 $215,950 -45.83%
Live! Casino Pittsburgh $94,949 $88,986 6.70%
Mount Airy Casino Resort $55,902 $665,733 -91.60%
Parx Shippensburg $1,377 $6,335 -78.26%
Presque Isle Downs and Casino $795 $142,659 -99.44%
Parx Malvern3 n/a $62,311 n/a
Statewide Total $45,581,570 $50,645,259 -10.00%

1Operated by Parx Casino
Operated by Mohegan Pennsylvania
3 No longer operating

Tax revenue generated from sports wagering during March 2024 was $16,409,365*.

Video Gaming Terminals

Total adjusted revenue for March 2024 for video gaming terminals (VGTs) was $3,739,380, or 0.48% lower than March 2023 when revenue was $3,757,506. By the end of March 2024, all VGT Operators offered the maximum permitted five machines at 74 qualified truck stop establishments, compared to five machines at 66 establishments at this time last year.

Truck Stop VGT adjusted revenue for each of the terminal operators during March 2024 is as follows:

VGTs Terminal Operator March 2024 VGT Revenue March 2023 VGT Revenue % Change
Marquee by Penn1 $2,413,138 $2,239,167 7.77%
J&J Ventures Gaming2 $1,037,408 $1,162,180 -10.74%
Jango3 $241,373 $356,158 -32.23%
Venture Gaming LLC4 $41,206 n/a n/a
Accel Entertainment Gaming5 $6,255 n/a n/a
Statewide Total $3,739,380 $3,757,506 -0.48%

1 operated VGTs in 30 establishments during March 
2 operated VGTs in 29 establishments during March 
3 operated VGTs in 10 establishments during March 
4 operated VGT’s in 4 establishments during March 
5 operated VGTs in 1 establishment during March

Tax revenue collected from the play of VGTs in March 2024 was $1,944,478*.

Fantasy Contests

Fantasy Contests revenue was $1,103,979 in March 2024, a decrease of 21.07% over March 2023, when revenue was $1,398,651.

Fantasy Contests Operator March 2024 Fantasy Revenue March 2023 Fantasy Revenue % Change
DraftKings $864,567 $948,301 -8.83%
FanDuel $172,801 $387,273 -55.38%
Underdog Sports, Inc. $60,734 $49,435 22.86%
Yahoo Fantasy Sports $3,452 $5,209 -33.74%
Fantasy Sports Games LLC $2,599 $1,434 81.24%
Sportshub Technologies -$7 -$4 n/a
OwnersBox -$166 $89 n/a
Jock MKT n/a -$135 n/a
No House Advantage n/a $7,047 n/a
Statewide Total $1,103,979 $1,398,651 -21.07%

Tax revenue collected from the play of Fantasy Contests in March 2024 was $165,597*.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

*All tax revenue figures reflect amount generated prior to any adjustments by the PA Department of Revenue

Latest News

Tachi Palace Casino trusts Continent 8 to bolster its cybersecurity through advanced managed SOC and SIEM solutions

Published

on

Tachi Palace Casino trusts Continent 8 to bolster its cybersecurity through advanced managed SOC and SIEM solutions

 

Tachi-Yokut Tribe of Santa Rosa Rancheria-owned and operated casino now equipped with world-leading 24/7/365 monitoring, proactive threat prevention and rapid response capabilities to safeguard its tribal gaming operations

Continent 8 Technologies, the leading provider of managed hosting, connectivity, cloud and cybersecurity solutions for the tribal gaming industry, is pleased to announce a new cybersecurity agreement with Tachi Palace Casino Resort to oversee and optimize their Security Operations Center (SOC) and Security Incident and Event Management (SIEM) cybersecurity operations.

In collaboration with Continent 8 and its cybersecurity division, C8 Secure, Tachi Palace Casino Resort will implement their managed SOC and SIEM services. The customer will gain instant access to a comprehensive SOC and SIEM solution featuring round-the-clock monitoring, sophisticated threat detection to pinpoint anomalies and potential risks, integrated threat intelligence to anticipate evolving threats and an advanced SIEM architecture designed for high-performance analytics and streamlined incident management.

Patrick Gardner, Chief Security Officer at Continent 8 said: “We are honored that Tachi Palace Casino Resort selected Continent 8 through a rigorous selection process as their trusted Managed Security Operations Center partner. As a leading Managed Security Services Provider (MSSP) specializing in the gaming industry, we have deep insight into the unique cybersecurity threats and vulnerabilities facing our customers today. Tachi Palace Casino Resort’s proactive commitment to safeguarding their infrastructure demonstrates exceptional leadership and a clear understanding that robust, continuous security is vital for protecting their customers, data and gaming operations.”

Jerad Swimmer, Regional Sales Director at Continent 8 added: “It’s inspiring to see an increasing number of tribal gaming and casino organizations such as Tachi Palace Casino Resort making cybersecurity a core component of their strategic initiatives and organizational culture.

“We are delighted to support Tachi Palace Casino Resort as their trusted MSSP, ensuring a secure and strategic cybersecurity journey.”

David Clark, Information System Director at Tachi Palace Casino Resort said: “I am looking forward to our new partnership with Continent 8 and what the future brings for us.”

Continue Reading

Latest News

Churchill Downs Incorporated Reports 2025 First Quarter Results

Published

on

Churchill Downs Incorporated (Nasdaq: CHDN) (the “Company”, “CDI”, “we”) today reported business results for the first quarter ended March 31, 2025.

Company Highlights

  • First quarter 2025 financial results, as compared to the prior year quarter:
    • Record net revenue of $642.6 million, up $51.7 million or 9%
    • Net income attributable to CDI of $76.7 million, down $3.7 million or 5%
    • Record Adjusted EBITDA of $245.1 million, up $2.6 million or 1%
  • We opened Owensboro Racing and Gaming in Western Kentucky in February 2025, with 600 historical racing machines, a retail sportsbook, simulcast wagering, and food and beverage offerings.
  • We announced two new projects at Churchill Downs Racetrack that will enhance the 152nd Kentucky Derby experience for our guests in the Finish Line Suites and The Mansion. We also announced that we are pausing The Skye, Conservatory, and Infield General Admission capital projects due to the current economic environment.
  • In February 2025, we closed the seventh amendment of the Credit Agreement, which reduced the interest rate for Term Loan B-1 and eliminated the 0.10% credit spread adjustment.
  • In March 2025, the Board of Directors approved a new $500 million share repurchase program.
  • We ended the first quarter of 2025 with net bank leverage of 4.0x and returned $119.5 million of capital to our shareholders through share repurchases and dividends.
    • We repurchased $89.4 million of shares in the first quarter of 2025.
    • On January 3, 2025, we paid a $0.409 per share dividend to shareholders of record as of December 6, 2024, which represents the fourteenth consecutive year of an increased dividend per share.
CONSOLIDATED RESULTS
First Quarter
(in millions, except per share data) 2025 2024
Net revenue $ 642.6 $ 590.9
Net income attributable to CDI $ 76.7 $ 80.4
Diluted EPS attributable to CDI $ 1.02 $ 1.08
Adjusted EBITDA(a) $ 245.1 $ 242.5
(a) This is a non-GAAP measure. See explanation of non-GAAP measures below.
SEGMENT RESULTS

The summaries below present revenue from external customers and intercompany revenue from each of our reportable segments. All comparisons are against the applicable prior year period unless otherwise noted.

Live and Historical Racing

First Quarter
(in millions) 2025 2024
Revenue $ 276.4 $ 248.9
Adjusted EBITDA 102.0 100.8

First Quarter 2025

First quarter 2025 revenue increased $27.5 million due to an $18.2 million increase at our Virginia HRM venues, an $8.9 million increase from our Kentucky HRM venues, and a $0.4 million increase from our other Live and Historical Racing properties. The Virginia HRM increase of $18.2 million was primarily due to the November 2024 opening of The Rose Gaming Resort in Northern Virginia, partially offset by a decrease from our other Virginia HRM venues primarily due to lower unrated play from consumer softness and competition, the impact of weather, and one less day in the quarter due to the 2024 leap year. The Kentucky HRM increase of $8.9 million was primarily due to the February 2025 opening of Owensboro Racing and Gaming in Western Kentucky and growth from our Northern and Southwestern Kentucky properties, partially offset by a decrease at our Louisville properties due to the impact of weather and one less day in the quarter due to 2024 leap year.

First quarter 2025 Adjusted EBITDA increased $1.2 million due to a $3.1 million increase at our Kentucky HRM venues, partially offset by a $1.9 million decrease primarily from our Virginia HRM venues. Our Kentucky HRM venues increase was primarily due to the February 2025 opening of Owensboro Racing and Gaming in Western Kentucky and growth at our Northern and Southwestern Kentucky properties, partially offset by a decrease from our Louisville properties due to the impact of weather and one less day in the quarter due to the 2024 leap year. Our Virginia HRM venues decreased $2.0 million primarily due to lower unrated play from consumer softness and competition, the impact of weather, increased handle tax and racing-related expenses, and one less day in the quarter due to the 2024 leap year, partially offset by the November 2024 opening of The Rose Gaming Resort.

Wagering Services and Solutions

First Quarter
(in millions) 2025 2024
Revenue $ 115.8 $ 114.1
Adjusted EBITDA 41.3 39.6

First Quarter 2025

First quarter 2025 revenue increased $1.7 million due to a $3.1 million increase from Exacta due to incremental HRMs in Virginia and New Hampshire and a $0.8 million increase in TwinSpires Horse Racing. These increases were partially offset by a $2.2 million decrease from our sports betting business.

First quarter 2025 Adjusted EBITDA increased $1.7 million due to a $3.8 million increase from Exacta due to a $2.7 million increase primarily from incremental HRMs in Virginia and New Hampshire and a $1.1 million decrease from lower compensation expense. These increases were partially offset by a $1.1 million decrease from our sports betting business and a $1.0 million decrease from TwinSpires Horse Racing due to increased legal expenses.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Gaming

First Quarter
(in millions) 2025 2024
Revenue $ 267.2 $ 243.2
Adjusted EBITDA 123.5 122.8

First Quarter 2025

First quarter 2025 revenue increased $24.0 million due to a $31.6 million increase from the April 2024 opening of the Terre Haute Casino Resort, partially offset by a $7.6 million decrease primarily due to regional gaming softness, increased competition, one less day in the quarter due to the 2024 leap year, and the impact of weather at certain properties.

First quarter 2025 Adjusted EBITDA increased $0.7 million due to an $11.5 million increase attributable to the opening of the Terre Haute Casino Resort in April 2024, partially offset by a $6.6 million decrease from our wholly owned gaming properties and a $4.2 million decrease from our equity investments primarily due to regional gaming softness, increased competition, higher labor and benefit expense, one less day in the quarter due to the 2024 leap year, and the impact of weather at certain properties.

All Other

First Quarter
(in millions) 2025 2024
Revenue $ 2.0 $
Adjusted EBITDA (21.7 ) (20.7 )

First Quarter 2025

First quarter 2025 revenue increased $2.0 million increased due to intercompany revenue related to the captive insurance company that was established in April 2024. All captive revenue is eliminated in consolidation.

First quarter 2025 Adjusted EBITDA decreased $1.0 million driven primarily by increased corporate compensation-related expenses and other corporate administrative expenses as a result of enterprise growth.

CAPITAL MANAGEMENT

Share Repurchase Program

On March 12, 2025, the Board of Directors of the Company approved a common stock repurchase program of up to $500 million (“2025 Stock Repurchase Program”). The 2025 Stock Repurchase Program includes and is not in addition to the $125.6 million remaining under the prior 2021 Stock Repurchase Program authorization.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

The Company repurchased 798,250 shares of its common stock at a total cost of $89.4 million in the first quarter of 2025. We had approximately $434.6 million of repurchase authority remaining under the 2025 Stock Repurchase Program as of March 31, 2025.

NET INCOME ATTRIBUTABLE TO CDI

First Quarter 2025 Results

The Company’s first quarter 2025 net income attributable to CDI was $76.7 million compared to $80.4 million in the prior year quarter.

The following factors impacted the comparability of the Company’s first quarter 2025 net income to the prior year quarter:

  • a $6.7 million after-tax decrease in other recoveries, net primarily driven by insurance claim proceeds recorded in the prior year quarter.

This was partially offset by:

  • a $5.6 million after-tax decrease in transaction, pre-opening, and other expenses.

Excluding the items above, first quarter 2025 adjusted net income attributable to CDI decreased $4.8 million primarily due to the following:

  • a $3.0 million after-tax decrease in equity income from our unconsolidated affiliates;
  • a $2.0 million after-tax increase in interest expense associated with lower capitalization of interest related to capital projects in the current year, partially offset by lower interest rates; and
  • a $0.5 million after-tax decrease due a portion of United Tote’s income being recognized as noncontrolling interest.

This was partially offset by:

  • a $0.7 million after-tax increase primarily driven by the results of our operations.

Conference Call

A conference call regarding this news release is scheduled for Thursday, April 24, 2025 at 9 a.m. ET. Investors and other interested parties may listen to the teleconference by accessing the online, real-time webcast and broadcast of the call at http://ir.churchilldownsincorporated.com/events.cfm, or by registering in advance via teleconference here. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are encouraged to dial-in 15 minutes prior to the start time. An online replay will be available by noon ET on Thursday, April 24, 2025. A copy of the Company’s news release announcing quarterly results and relevant financial and statistical information about the period will be accessible at www.churchilldownsincorporated.com.

Use of Non-GAAP Measures

In addition to the results provided in accordance with GAAP, the Company also uses non-GAAP measures, including adjusted net income, adjusted diluted EPS, EBITDA (earnings before interest, taxes, depreciation and amortization), and Adjusted EBITDA.

The Company uses non-GAAP measures as a key performance measure of the results of operations for purposes of evaluating performance internally. These measures facilitate comparison of operating performance between periods and help investors to better understand the operating results of the Company by excluding certain items that may not be indicative of the Company’s core business or operating results. The Company believes the use of these measures enables management and investors to evaluate and compare, from period to period, the Company’s operating performance in a meaningful and consistent manner. The non-GAAP measures are a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP, and should not be considered as an alternative to, or more meaningful than, net income or diluted EPS (as determined in accordance with GAAP) as a measure of our operating results.

We use Adjusted EBITDA to evaluate segment performance, develop strategy, and allocate resources. We utilize the Adjusted EBITDA metric to provide a more accurate measure of our core operating results and enable management and investors to evaluate and compare from period to period our operating performance in a meaningful and consistent manner. Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure provided in accordance with GAAP. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited.

Adjusted net income and adjusted diluted EPS exclude discontinued operations net income or loss; net income or loss attributable to noncontrolling interest; transaction expense, which includes acquisition and disposition related charges, as well as legal, accounting, and other deal-related expense; pre-opening expense; and certain other gains, charges, recoveries, and expenses.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Adjusted EBITDA includes our portion of EBITDA from our equity investments and the portion of EBITDA attributable to noncontrolling interest.

Adjusted EBITDA excludes, as applicable in each period:

  • Transaction expense, net which includes:
    • Acquisition, disposition, and property sale related charges;
    • Other transaction expense, including legal, accounting, and other deal-related expense;
  • Stock-based compensation expense;
  • Rivers Des Plaines’ impact on our investments in unconsolidated affiliates from legal reserves and transaction costs;
  • Asset impairments;
  • Gain on property sales;
  • Legal reserves;
  • Pre-opening expense; and
  • Other charges, recoveries, and expenses.

For segment reporting, Adjusted EBITDA includes intercompany revenue and expense totals that are eliminated in the Consolidated Statements of Comprehensive Income. See the Reconciliation of Comprehensive Income to Adjusted EBITDA included herewith for additional information.

Continue Reading

Conferences

R. Franco Digital is getting ready to shine at GAT Expo Cartagena 2025 with its most comprehensive offering of land-based and digital gaming

Published

on

R. Franco Digital is getting ready to shine at GAT Expo Cartagena 2025 with its most comprehensive offering of land-based and digital gaming

 

Franco Digital has confirmed its participation in GAT Expo Cartagena 2025, one of the most iconic gaming industry events in Latin America, which will take place from April 28 to 30 in the walled city.

The Spanish company will bring to the trade show its latest lineup of products for the retail, platform, and online gaming segments, reinforcing its commitment to innovation, technology, and the development of the industry in the region.

The event, renowned for bringing together the industry’s key players, will feature an outstanding agenda including international-level conferences, product exhibitions, and much more. Attendees will take part in panels and roundtable discussions focused on regulations, market trends, and innovation.

In this context, R. Franco will showcase its solid portfolio of land-based products, highlighting successful titles such as Rocket Link, Ice & Fire, and Boom Balink, along with its On Mix solution designed for route operations. Additionally, the digital division will present its advanced online gaming platform, and a portfolio of titles created to maximize both player experience and operator profitability.

Javier Sacristán, director of R. Franco International, said: “GAT Expo is a must-attend event for us. Colombia is a key and constantly evolving market. That’s why we are fully committed to delivering solutions that meet the needs of both operators and their customers, combining innovation, design, and profitability.

“Our presence at this trade show reflects the Group’s commitment to Latin America. We are presenting a comprehensive offering that meets the new demands of the market—from next-generation land-based games to a powerful digital proposition that reinforces our position as a global provider.”

GAT Expo Cartagena represents a valuable opportunity to continue building alliances with new strategic partners in the region and to strengthen existing business relationships, all within a setting that blends a high level of professionalism with the cultural, culinary, and natural charm of Cartagena de Indias.

With this comprehensive presence, R. Franco and R. Franco Digital reaffirm their commitment to the Latin American market and to a gaming industry that is safe, sustainable, and innovative.

Continue Reading

Trending

GamingAmericas.com (part of HIPTHER) is your one-stop portal for the latest news, insights, and analyses in the gaming industry across the Americas. From legislative updates and market trends to interviews with industry leaders, we provide a comprehensive look at the dynamic landscape of both online and land-based gaming. Whether you're a stakeholder looking to stay ahead of the curve or a gaming enthusiast eager for reliable updates, GamingAmericas.com has got you covered. Follow us on social media and subscribe to our newsletter for real-time updates and exclusive content. Make informed decisions and stay ahead in the game with GamingAmericas.com.

Disclaimer: All the information provided is for educational and entertainment purposes only. Always check your local laws before participating in any gaming activities.

Copyright © 2018 – 2025, HIPTHER. All Rights Reserved.