Churchill Downs Q1 Earnings Call Highlights

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MarketBeat

Thu, April 23, 2026 astatine 10:21 AM CDT 9 min read

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Record Q1 results: Churchill Downs reported first-quarter nett gross of $663 cardinal and adjusted EBITDA of $257 million, driven by beardown Live and Historical Racing and Wagering show (Live & HRM adj. EBITDA +11%; Kentucky HRMs +17%; Wagering adj. EBITDA +8%), and generated $276 cardinal of escaped currency travel with slope covenant nett leverage of 3.9x.
Expansion and merchandise rollouts: The institution opened the Marshall Yards HRM successful Kentucky and began rolling retired roulette physics array games astatine six Kentucky HRMs (calling aboriginal results “very encouraging”), with plans to grow ETGs and adhd caller HRM-based games similar craps and blackjack.
Strategic assets and Derby outlook: Churchill Downs signed a woody to get the Preakness and Black‑Eyed Susan IP with a $3 cardinal basal interest (growing 2.5% annually from 2028) positive a 2% grip interest for the 2 days, and reiterated assurance successful $15–20 cardinal of incremental Derby EBITDA this twelvemonth portion investing $180–220 cardinal successful task capex for 2026.
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Churchill Downs (NASDAQ:CHDN) reported grounds first-quarter 2026 nett gross and adjusted EBITDA, citing beardown execution crossed its portfolio, continued maturation successful humanities racing instrumentality (HRM) venues, and momentum heading into Kentucky Derby week.

CEO William C. Carstanjen said the institution delivered “record archetypal 4th nett revenues of $663 cardinal and grounds adjusted EBITDA of $257 million,” calling the 4th a “strong commencement to 2026.” CFO Marcia A. Dall added that some the Live and Historical Racing conception and the Wagering Services and Solutions conception achieved grounds show for the period.

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In Live and Historical Racing, Dall said adjusted EBITDA roseate by much than $11 million, oregon 11%, versus the prior-year quarter. She attributed overmuch of the summation to Kentucky HRMs, wherever adjusted EBITDA grew by much than $9 million, oregon 17%, supported by show successful some Western and Northern Kentucky and the February opening of Marshall Yards.

In Virginia, Dall said adjusted EBITDA accrued by $3 million, oregon 6%. She highlighted The Rose, noting it posted sequential increases successful mean gaming gross per instrumentality per time successful each period of the quarter. “We’re encouraged by the continued top-line maturation and summation successful the margins astatine The Rose and judge the spot remains successful the aboriginal stages with a agelong runway for growth,” she said.

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