{"id":268,"date":"2024-06-27T11:38:57","date_gmt":"2024-06-27T08:38:57","guid":{"rendered":"https:\/\/slotscapital.icu\/2024\/06\/27\/churchill-downs-reports-record-third-quarter-ebitda-acquisition-update\/"},"modified":"2024-06-27T11:38:57","modified_gmt":"2024-06-27T08:38:57","slug":"churchill-downs-reports-record-third-quarter-ebitda-acquisition-update","status":"publish","type":"post","link":"https:\/\/slotscapital.icu\/2024\/06\/27\/churchill-downs-reports-record-third-quarter-ebitda-acquisition-update\/","title":{"rendered":"Churchill Downs Reports Record Third-Quarter EBITDA, Acquisition Update"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/Fgx8hZYwUio\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Churchill Downs Incorporated (CDI), the horse racing track operator, reported record third-quarter adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).  The company also declared the impending completion of its purchase of Peninsula Pacific Entertainment (P2E).<\/p>\n<p>CDI had a busy third quarter, with significant activity in both marketing and acquisitions, including the purchase of Ellis Park Racetrack and Gaming Facility in Kentucky for $79 million at the end of the quarter.<\/p>\n<p>CDI also agreed to sell a 49% interest in its joint venture company subsidiary to the New York Racing Association (NYRA) and finalized its previously announced acquisition of Chasers Poker Room in Salem, New Hampshire.<\/p>\n<p>Additionally, CDI entered into a major, multifaceted partnership with FanDuel Group, a subsidiary of Flutter Entertainment, covering multiple areas of the operator&#8217;s business, including sports betting, advance deposit wagering (ADW), and television verticals.<\/p>\n<p>In conjunction with announcing its third-quarter results, CDI also provided an update on its acquisition of P2E assets, for which the company reached an agreement earlier this year valued at $24.9 billion (\u00a321.5 billion\/\u20ac24.8 billion). <\/p>\n<p>CDI has obtained the necessary authorizations from regulatory bodies in Iowa and Virginia. However, the acquisition is still subject to other standard closing conditions, including approval from the New York State Gaming Commission. Nevertheless, CDI remains optimistic about completing the transaction by the end of 2022.<\/p>\n<p>Examining the third-quarter financial performance, CDI reported a slight decrease in revenue, down 2.5% from the previous year to $383.1 million. The gaming sector continued to be the primary revenue generator, with a marginal increase of 0.1% to $185.9 million, driven by growth in fairgrounds and ocean operations.<\/p>\n<p>Revenue from the TwinSpires online betting division experienced a decline of 1.5% to $107.4 million. This decrease was attributed to a $3.4 million reduction in sports and casino revenue, which outweighed a $1.8 million increase in horse racing revenue. This downturn was a consequence of CDI&#8217;s decision to withdraw from direct online sports and casino operations in the first quarter.<\/p>\n<p>Live and historical horse racing revenue witnessed a substantial increase of 25.6% to $102.4 million. This growth was fueled by a higher handle at Churchill Downs Racetrack due to an expanded schedule of live race days. However, other revenue declined by 94.2% due to the absence of live racing at Arlington, as CDI&#8217;s horse racing and simulcast operations ceased in late 2021.<\/p>\n<p>Operating expenses experienced a modest decrease to $320.1 million, down 1.6% year-over-year. Meanwhile, equity income from non-consolidated subsidiaries, totaling $42.4 million, surpassed interest expense, resulting in a $10.4 million increase in profit.<\/p>\n<p>Pre-tax profit declined by 16.3% to $73.4 million. After accounting for $16.4 million in taxes, net profit reached $57 million, representing a 7.2% decrease from the previous year. <\/p>\n<p>The firms modified earnings before interest, taxes, depreciation, and amortization (EBITDA) for the three-month period hit an all-time peak of $163.2 million, marking a 4.6% rise from the corresponding timeframe in the previous year.<\/p>\n<p>To keep abreast of the most recent developments in the interactive gaming industry, sign up for our regular updates. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Churchill Downs Incorporated (CDI), the horse racing track operator, reported record third-quarter adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). The company also declared the impending completion of its purchase of Peninsula Pacific Entertainment (P2E). CDI had a busy third quarter, with significant activity in both marketing and acquisitions, including the purchase of Ellis [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Churchill Downs Races to Record Earnings &amp; Acquisitions<\/title>\n<meta name=\"description\" content=\"CDI reports record Q3 EBITDA and announces completion of Peninsula Pacific Entertainment acquisition. 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