Churchill Downs Reports Record Q2 Revenue of $980M, Announces Strategic Asset Review
Churchill Downs (NASDAQ:CHDN) reported record second-quarter revenue of $980 million and adjusted EBITDA of $477 million in fiscal year 2026. The results were driven by strong performance from the Kentucky Derby, growth at historical racing machine properties, and increased wagering through its TwinSpires platform. The company is conducting a strategic review to potentially sell nine regional gaming assets, with proceeds intended for debt reduction, reinvestment in core operations, and share repurchases. Churchill Downs also highlighted continued investment in major projects like the $285 million Victory Run racetrack development and Rockingham Grand Casino expansion while maintaining leverage between 3.6x and 3.8x. The Kentucky Derby contributed significantly to performance with record attendance, broadcast revenue under a new NBC contract, and increased social media engagement. The company plans to expand the Derby Week experience beyond Saturday's main event by introducing distinct events across multiple days.
Topics: capital plans ebitda free cash flow revenue strategic asset review