Business
Churchill Downs Incorporated Reports 2019 Fourth Quarter and Full Year Results
LOUISVILLE, Ky., Feb. 26, 2020 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) ("CDI" or "the Company") today reported business results for
About this update from Churchill Downs, Incorporated
[{"type":"text","content":"LOUISVILLE, Ky., Feb. 26, 2020 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (\"CDI\" or \"the Company\") today reported business results for the quarter and full year ended December 31, 2019.\n Fourth Quarter 2019 Highlights Net revenue of $280.6 million, up 28% over the prior year quarterNet income attributable to CDI of $4.0 million, compared to $11.4 million in the prior year quarter Adjusted net income of $16.8 million, up 95%, compared to $8.6 million in the prior year quarter Record Adjusted EBITDA of $73.8 million, up 72%, compared to $43.0 million in the prior year quarterCompleted the acquisition of Turfway ParkDelivered another strong quarter with sequential growth at Derby City GamingStrong performance of our wholly-owned Gaming properties and our equity investments in Rivers Casino Des Plaines (\"Rivers Des Plaines\") and Miami Valley Gaming and Racing (\"MVG\") Full Year 2019 Highlights Net revenue of $1,329.7 million, up 32% over the prior yearNet income attributable to CDI of $137.5 million, compared to $352.8 million in the prior year Adjusted net income of $179.9 million, up 19%, compared to $151.3 million in the prior year Record Adjusted EBITDA of $451.4 million, up 37%, compared to $328.8 million in the prior yearAchieved 10th consecutive year of record-setting financial performance for Derby Week and The Kentucky DerbyCompleted the acquisitions of Presque Isle Downs & Casino (\"Presque Isle\"), the management of Lady Luck Casino Nemacolin (\"Lady Luck Nemacolin\"), and Turfway ParkCompleted the 61.3% equity investment in Midwest Gaming Holdings, LLC (\"Midwest Gaming\"), the parent company of Rivers Des PlainesStrong performance at Derby City Gaming during its first full year of operationsOrganic growth from our wholly-owned Gaming properties and from Rivers Des Plaines and MVG CONSOLIDATED RESULTSFourth Quarter Years Ended December 31,(in millions, except per share data)2019 2018 2019 2018 Net revenue$280.6 $219.0 $1,329.7 $1,009.0 Net income attributable to CDI$4.0 $11.4 $137.5 $352.8 Diluted EPS attributable to CDI$0.10 $0.28 $3.38 $8.48 Adjusted net income(a)(b)$16.8 $8.6 $179.9 $151.3 Adjusted diluted EPS(a)(b)$0.42 $0.21 $4.43 $3.64 Adjusted EBITDA(b)$73.8 $43.0 $451.4 $328.8 (a) Reflects amounts attributable to CDI.(b) These are non-GAAP measures. See explanation of non-GAAP measure...