{"id":62,"date":"2024-06-12T11:55:37","date_gmt":"2024-06-12T08:55:37","guid":{"rendered":"https:\/\/miamiclubcasinonodepositbonus.icu\/2024\/06\/12\/churchill-downs-incorporated-reports-record-revenue-but-lower-net-income-in-q1-2024\/"},"modified":"2024-06-13T12:04:51","modified_gmt":"2024-06-13T09:04:51","slug":"churchill-downs-incorporated-reports-record-revenue-but-lower-net-income-in-q1-2024","status":"publish","type":"post","link":"https:\/\/miamiclubcasinonodepositbonus.icu\/2024\/06\/12\/churchill-downs-incorporated-reports-record-revenue-but-lower-net-income-in-q1-2024\/","title":{"rendered":"Churchill Downs Incorporated Reports Record Revenue but Lower Net Income in Q1 2024"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/ekrnlkl2_Qo\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Churchill Downs Incorporated recently published its first-quarter 2024 fiscal performance, concluding on March 31st.  Although the organization celebrated unprecedented earnings, its bottom line encountered a decrease compared to the corresponding timeframe last year.<\/p>\n<p>The corporation earned $590.9 million in revenue, a 6% year-over-year leap and a new peak.  Nevertheless, net income witnessed a substantial plunge of 48% to $80.4 million.  Despite this, modified EBITDA (earnings before interest, taxes, depreciation, and amortization) hit a record $242.5 million, a 9% boost.<\/p>\n<p>Examining separate divisions, live and historical racing observed revenue ascend 15% with adjusted EBITDA rising 23%. This triumph was primarily credited to expansion at their Kentucky Derby City Gaming establishment, their Virginia footprint, and the Rosies Gaming Emporia site which debuted in September 2023.<\/p>\n<p>TwinSpires, their digital wagering service, encountered an 18% increase in revenue and a 35% surge in adjusted EBITDA. This was driven by their Exacta Systems purchase and the ongoing growth of their physical and internet sports betting ventures. <\/p>\n<p>Their gaming sector, however, confronted a slight obstacle with an $8 million reduction in revenue. <\/p>\n<p>Churchill Downs Incorporated saw a revenue decline, dropping $4 million, during the initial three months of 2024. This decrease can be linked to a few key elements.  First, the organization withdrew from its managerial role at Lady Luck Casino Nemacolin.  Additionally, the broader gambling sector experienced the effects of adverse weather throughout January.<\/p>\n<p>Even with this downturn, the company continues to pursue its growth objectives. Churchill Downs revealed ambitious development blueprints for two fresh gaming enterprises: The Rose Gaming Resort and Owensboro Racing &#038; Gaming.  These initiatives are projected to commence in late September 2024 and the first quarter of 2025, respectively.<\/p>\n<p>Furthermore, the company concluded the sale of a 49% interest in United Tote Company to NYRA Content Management Solutions. They also sustained their stock buyback initiative, repurchasing $22 million of their shares in the first quarter of 2024.<\/p>\n<p>Although the company declared a net income of $80.4 million for the first quarter of 2024, this figure represents a reduction compared to the $155.7 million earned in the corresponding period last year. This disparity is primarily attributed to a one-time, post-tax profit from the divestiture of the Arlington Heights property in Illinois that transpired the previous year, coupled with certain modifications related to dealings, pre-opening expenditures, and other outlays.<\/p>\n<p>It&#8217;s noteworthy that Churchill Downs is building upon a robust performance in 2023. The company achieved record-setting yearly net revenue of $2.5 billion, signifying a substantial 36% surge compared to the preceding year. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Churchill Downs Incorporated recently published its first-quarter 2024 fiscal performance, concluding on March 31st. Although the organization celebrated unprecedented earnings, its bottom line encountered a decrease compared to the corresponding timeframe last year. The corporation earned $590.9 million in revenue, a 6% year-over-year leap and a new peak. Nevertheless, net income witnessed a substantial plunge [&hellip;]<\/p>\n","protected":false},"author":49,"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 Inc. Q1 2024: Record Revenue, But What About Profits?<\/title>\n<meta name=\"description\" content=\"Churchill Downs Inc. posted record revenue in Q1 2024, but net income saw a significant drop. 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