Business
Churchill Downs Incorporated Reports 2021 Fourth Quarter and Full Year Results
LOUISVILLE, Ky., Feb. 23, 2022 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company", "we", "us", "our") today reported business
About this update from Churchill Downs, Incorporated
[{"type":"text","content":"LOUISVILLE, Ky., Feb. 23, 2022 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the \"Company\", \"we\", \"us\", \"our\") today reported business results for the quarter and full year ended December 31, 2021. Company Highlights Record 2021 net revenue of $1,597.2 million, up 52% over the prior year2021 net income(a) was $249.1 million, compared to net loss(a) of $81.9 million in the prior yearRecord 2021 Adjusted EBITDA of $627.0 million, up 119%, compared to $286.5 million in the prior yearWe had strong operating performance from our business segments: Churchill Downs successfully ran the 147th Kentucky Oaks and Derby with over 51,000 fans gathered in person and strong NBC viewership, sponsorship revenue, and marginsDerby City Gaming delivered record net revenue and Adjusted EBITDA in 2021 and Oak Grove Racing, Gaming & Hotel (\"Oak Grove\") delivered strong growth in net revenue and Adjusted EBITDA in its first full year of operationTwinSpires Horse Racing delivered Adjusted EBITDA of $119.0 million in 2021, down 6% from the prior year TwinSpires Horse Racing Adjusted EBITDA in 2021 was up 52% from 2019 Our Gaming Segment delivered a record $411.9 million of Adjusted EBITDA, an increase of $238.8 million, or 138%, compared to 2020, despite restrictions at our properties during the year and disruption from Hurricane Ida at Fair Grounds and VSI Our wholly-owned casinos delivered record margins of 37% in 2021, up 11.1 points from 2020 and up 7.8 points from 2019 We announced on February 22, 2022 definitive agreement to acquire substantially all of the assets of Peninsula Pacific Entertainment LLC (\"P2E\") for total consideration of $2.485 billionWe announced key strategic long-term organic growth investments: We announced three major multi-year capital investments at Churchill Downs Racetrack: the Homestretch Club, the Turn 1 Experience, and the Paddock and Under the Spires projectsWe announced plans to invest $76 million to expand Derby City Gaming for up to 450 additional historical racing machines (\"HRMs\") and to build a new five-story hotel with 123 rooms including amenities to better serve and attract guestsWe continued building the new HRM and grandstand facility at Turfway Park Racing & Gaming (\"Turfway Park\") and are on schedule to open the new entertainment venueWe announced plans to open Derby City ...