Churchill Downs Inc. experienced a remarkable fiscal year in 2022, generating an unprecedented $1.8 billion in income. This signifies a 13% surge in comparison to their 2021 financial results.
A dominant force in the world of horse racing, Churchill Downs linked this triumph partially to their most prosperous Kentucky Derby to date. The 148th iteration of this legendary event yielded record-setting modified profits, eclipsing all prior years.
Beyond the Derby, strategic purchases played a crucial part in Churchill Downs’ accomplishments. The acquisition of Peninsula Pacific Entertainment, coupled with the Chasers Poker Room in Salem, New Hampshire, and Ellis Park Racing & Gaming, all factored into their record income. These acquisitions were particularly influential in the final quarter, resulting in a substantial $87 million rise in revenue compared to the corresponding period in 2021.
In summary, Churchill Downs enjoyed a landmark year in 2022, attaining record income and showcasing their sustained supremacy in the horse racing and gaming sector.
Churchill Downs Incorporated ascribed its latest income surge to incorporating numerous assets from Peninsula Pacific Entertainment. Situated in New York and Iowa, these holdings have elevated the firm’s comprehensive productivity.
Despite a minor revenue decrease at its current seven locations spanning five states, Churchill Downs emphasized the robust showing of Ocean Downs in Maryland, which counterbalanced the dips in other areas. Furthermore, the corporation witnessed a $1.2 million rise in equity holdings during the final quarter of 2022.