Churchill Downs Incorporated (CDI) reported a total net revenue of $642.6 million for the first quarter of 2025, marking an increase of $51.7 million compared to $590.9 million in the same period of 2024. The growth was primarily driven by a $27.4 million increase in the Live and Historical Racing segment, attributed to the openings of The Rose Gaming Resort in November 2024 and Owensboro Racing and Gaming in February 2025. The Gaming segment also contributed significantly, with a $24.0 million increase largely due to the opening of the Terre Haute Casino Resort in April 2024. Operating income rose to $134.6 million, up from $126.3 million a year earlier, while net income attributable to CDI decreased slightly to $76.7 million from $80.4 million.
In terms of operational metrics, CDI's Live and Historical Racing segment generated $272.5 million in revenue, up from $245.1 million in the prior year. The Wagering Services and Solutions segment saw a modest increase to $106.9 million, while the Gaming segment reported $263.2 million, compared to $239.2 million in 2024. The company’s total operating expenses increased to $508.0 million from $464.6 million, driven by higher costs associated with new openings and increased competition in the gaming sector. Notably, the company reported a decrease in transaction expenses, which fell to $0.4 million from $4.1 million.
CDI's balance sheet as of March 31, 2025, showed total assets of $7.35 billion, an increase from $7.28 billion at the end of 2024. Total liabilities also rose to $6.25 billion from $6.17 billion, primarily due to increased current deferred revenue related to advance ticket sales for the Kentucky Derby. Shareholders' equity decreased to $1.07 billion from $1.08 billion, reflecting share repurchases during the quarter. The company repurchased approximately 798,250 shares at a total cost of $89.4 million under its stock repurchase programs.
Looking ahead, CDI anticipates continued growth driven by its recent expansions and new gaming facilities. The company has announced capital investments projected between $250 million and $290 million for 2025, which includes enhancements to existing venues and the development of new projects. CDI's management remains optimistic about the potential for increased revenue and profitability, despite challenges such as regional gaming softness and heightened competition. The company is also focused on maintaining its liquidity, with cash flows from operations expected to adequately fund its business operations and capital expenditures in the coming year.
About Churchill Downs Inc
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