Churchill Downs announces major capital projects; cash flow and revenue surge past Street forecasts

Churchill Downs

Churchill Downs set enough records in Q2 to fill a small jukebox: record net revenue and adjusted cash flow at four hotel-casinos, including Rivers Des Plaines in Illinois; record revenue at Derby City, its high-performing historical racing centre; and record overall cash flow and net revenue, both of which exceeded Wall Street forecasts.

The company owns five racetracks, six casinos, and also the Twinspires online betting platform. It announced over $200 million in investments in Derby City and key areas of Churchill Downs.

For the three months ended June 30, the company reported net income of $108.3 million, or $2.76 per share. This reverses a net loss of $118.8 million, or $3 per share, the previous year. The most recent result exceeded the $2.62 consensus average forecast of analysts surveyed by Seeking Alpha.

 

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Nassima Azmzm

Nassima Azmzm

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