Business
Churchill Downs Incorporated Reports 2022 Third Quarter Results
LOUISVILLE, Ky., Oct. 26, 2022 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company") today reported business results for the third
About this update from Churchill Downs, Incorporated
[{"type":"text","content":"LOUISVILLE, Ky., Oct. 26, 2022 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the \"Company\") today reported business results for the third quarter ended September 30, 2022. Third Quarter 2022 Highlights Net revenue of $383.1 million compared to $393.0 million in third quarter 2021Net income of $57.0 million compared to $61.4 million in third quarter 2021Record third quarter Adjusted EBITDA of $163.2 million compared to $156.1 million in third quarter 2021Completed the previously-announced purchase of Chasers Poker Room in Salem, New Hampshire (\"Chasers\")Announced and closed on the acquisition of Ellis Park Racing & Gaming (\"Ellis Park\") in Henderson, Kentucky for total consideration of $79.0 million in cashAnnounced a multi-year agreement with FanDuel to enable FanDuel to create a fully integrated and seamless wagering experience with a single wallet for horse racing and sports CONSOLIDATED RESULTS Third Quarter(in millions, except per share data) 2022 2021 Net revenue$ 383.1 $ 393.0 Net income$ 57.0 $ 61.4 Diluted EPS$ 1.49 $ 1.57 Adjusted EBITDA(a)$ 163.2 $ 156.1 (a) This is a non-GAAP measure. See explanation of non-GAAP measures below. SEGMENT RESULTS During the first quarter of 2022, we updated our operating segments to include the results of our United Tote business in the TwinSpires segment. Results of our United Tote business were previously included in our All Other segment. The summaries below present net revenue from external customers and intercompany revenue from each of our reportable segments: Live and Historical Racing Third Quarter(in millions) 2022 2021 Net revenue$102.4 $81.5Adjusted EBITDA 34.5 27.7 For the third quarter of 2022, net revenue increased $20.9 million due primarily to a $6.5 million increase at Churchill Downs Racetrack as a result of increased handle from holding more live race days in the third quarter of 2022 as compared to the same quarter of 2021, a $6.2 million increase at Oak Grove Racing, Gaming and Hotel (\"Oak Grove\"), a $3.2 million increase at Turfway Park as a result of the opening of the historical racing facility on September 1, 2022, a $2.6 million increase at Newport Racing & Gaming (\"Newport\"), a $1.3 million increase at Derby City Gaming, and a $1.1 million increase related to the acquisitions of Chasers and Ellis Park in September 2022. Adjusted EBI...