{"id":264,"date":"2024-06-27T20:42:58","date_gmt":"2024-06-27T17:42:58","guid":{"rendered":"https:\/\/comicplaycasinonodepositbonus.icu\/2024\/06\/27\/churchill-downs-reports-record-earnings-in-q2-2022\/"},"modified":"2024-06-27T20:42:58","modified_gmt":"2024-06-27T17:42:58","slug":"churchill-downs-reports-record-earnings-in-q2-2022","status":"publish","type":"post","link":"https:\/\/comicplaycasinonodepositbonus.icu\/2024\/06\/27\/churchill-downs-reports-record-earnings-in-q2-2022\/","title":{"rendered":"Churchill Downs Reports Record Earnings in Q2 2022"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/LV4drumXbA4\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Churchill Downs Incorporated (CDI) announced record earnings in the second quarter of 2022, fueled by a resurgence in its live and historical horse racing operations. The corporation stated it would use funds from recent property sales to make purchases.<\/p>\n<p>CDI mentioned its racing business profited from the relaxation of COVID-19 limitations, which had affected operations in the same period last year and in the second quarter of 2020.<\/p>\n<p>This year, patrons were able to attend significant races like the Kentucky Derby at Churchill Downs without limitations, and there was unrestricted access to Oaklawn Racing, Casino and Hotel, Derby City Gaming, Newport Racing and Gaming, and Turfway Park facilities.<\/p>\n<p>CDI also stated its historical racing machine (HRM) assets benefitted from the removal of capacity restrictions implemented during the pandemic.<\/p>\n<p>As a result, live and historical racing revenue climbed by 48.3% year-on-year to $260.9 million (\u00a3214.5 million\/\u20ac255.7 million) in the three months ending June 30, 2022.<\/p>\n<p>CDI noted that its other two divisions performed poorly, with TwinSpires revenue dropping 2.9% to $138 million. <\/p>\n<p>CDIs second-quarter earnings surged by $5 million, driven by the decision to exit the direct online sports and gambling sector in the initial quarter of 2022.<\/p>\n<p>Although gaming income decreased by 0.9% to $184.3 million, CDI attributed this to the current economic environment, competitive pressures, and the mask requirement at its Harlow&#8217;s facility, which was not lifted until early June.<\/p>\n<p>However, the expansion in the racing business was so substantial that it propelled overall revenue by 13.1% to $582.5 million, a record high for the company.<\/p>\n<p>Operating expenses for the second quarter increased slightly to $382.8 million. The sale of land near the Calder Casino in Florida generated $274.6 million in revenue, resulting in total other income for the quarter of $280.2 million. The company stated it would utilize some of the proceeds from the sale to &#8220;invest in other alternative assets.&#8221;<\/p>\n<p>As a consequence, pre-tax profit reached $479.9 million, a 220.2% increase from a year prior. After paying $140.6 million in taxes, CDI&#8217;s net profit was $339.3 million, a 213.3% increase year-over-year and a new quarterly record for the company.<\/p>\n<p>Furthermore, CDI reported that its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also reached a record high for the quarter at $291.2 million.<\/p>\n<p>Examining CDI&#8217;s performance for the first half of the year, group revenue for the six months ending June 30 was $946.6 million, up 12.8% year-over-year.<\/p>\n<p>This was again fueled by growth in the racing business, which saw revenue increase by 45.1% to $356.9 million. Gaming revenue also climbed by 7.0% to $361.6 million, but TwinSpires revenue declined by 3.0% to $237.1 million. <\/p>\n<p>Operational expenses saw a minor rise, but this was partly balanced out by $291.4 million in non-routine gains, again largely due to the sale of the Calder casino property.<\/p>\n<p>Profits before taxes more than doubled to $538.5 million, while net earnings also climbed by over 100% to $381.4 million. CDI also mentioned that adjusted EBITDA for the six-month period expanded by 22.0% to $419.7 million.<\/p>\n<p>In the meantime, CDI provided updates on other mergers and acquisitions that took place during the quarter, including the purchase of Pacific Peninsula Entertainment (P2E). CDI reached an agreement in February to buy all of its assets for $2.49 billion.<\/p>\n<p>The operator stated that it has secured approval from the Virginia Racing Commission to obtain ownership interests in P2E&#8217;s Virginia holdings. The transaction is subject to standard closing conditions, including approval from the New York Gaming Commission and the Iowa Racing and Gaming Commission, but CDI anticipates the deal to be finalized by the end of 2022.<\/p>\n<p>CDI also inked a definitive agreement in March to acquire Chasers Poker Room, a charitable gaming establishment in New Hampshire. CDI stated that following the deal&#8217;s completion, it intends to develop an expanded charitable gaming facility to accommodate HRMs.<\/p>\n<p>The operator expects the total investment, encompassing the acquisition price, to be roughly $150 million, and the transaction is anticipated to be finalized in the third quarter of 2022.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Churchill Downs Incorporated (CDI) announced record earnings in the second quarter of 2022, fueled by a resurgence in its live and historical horse racing operations. The corporation stated it would use funds from recent property sales to make purchases. CDI mentioned its racing business profited from the relaxation of COVID-19 limitations, which had affected operations [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Churchill Downs Soars: Record Earnings &amp; Big Plans<\/title>\n<meta name=\"description\" content=\"Churchill Downs Incorporated reports record Q2 earnings, driven by strong horse racing performance and strategic investments. 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