Churchill Downs Incorporated (CDI) reported a total net revenue of $934.4 million for the second quarter of 2025, marking an increase of 4.9% from $890.7 million in the same period of 2024. The growth was primarily driven by a $45.2 million increase in the Live and Historical Racing segment, attributed to the openings of The Rose Gaming Resort and Owensboro Racing and Gaming. The Wagering Services and Solutions segment also saw a revenue increase of $6.7 million, while the Gaming segment experienced a decline of $8.2 million due to the cessation of historical racing machine (HRM) operations in Louisiana.
Operating income for the quarter decreased slightly to $327.7 million from $330.0 million year-over-year, reflecting a decrease in the Gaming segment and increased selling, general, and administrative expenses. Net income attributable to CDI rose to $216.9 million, up from $209.3 million in the prior year, aided by lower state tax expenses and improved operational results. The company reported diluted earnings per share of $2.99, compared to $2.79 in the same quarter of 2024.
In terms of strategic developments, CDI completed the sale of 49% of its subsidiary, United Tote Company, to NYRA Content Management Solutions in April 2024. The company also announced plans to acquire 90% of PPE Casino Resorts NH Holdings for $180 million, which will enhance its presence in the New England gaming market. Additionally, CDI has initiated a new stock repurchase program, allowing for up to $500 million in share buybacks, which reflects its commitment to returning value to shareholders.
Operationally, CDI's total assets increased to $7.375 billion as of June 30, 2025, up from $7.276 billion at the end of 2024. The company reported a total debt of $5.034 billion, with a significant portion attributed to its revolving credit facility and senior notes. Cash flows from operating activities improved to $486.1 million for the first half of 2025, compared to $471.7 million in the same period of 2024, driven by lower cash paid for income taxes and interest.
Looking ahead, CDI anticipates continued growth in its Live and Historical Racing segment, bolstered by new venue openings and increased wagering activity. However, the company remains cautious about potential impacts from economic conditions, regulatory changes, and competition in the gaming industry. The management expects that cash flows from operations and available borrowings will be sufficient to support ongoing business operations and capital expenditures in the coming year.
About Churchill Downs Inc
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