Thanks in part to another strong Kentucky Derby week performance at Churchill Downs racetrack and a significant bump from historical gaming facility Derby City Gaming in Louisville, Ky., Churchill Downs Inc. reports a 23% increase in adjusted earnings for the second quarter to $215 million.

In comparing the second quarter of 2019 to the second quarter of 2018 in its results reported July 31, CDI notes a $14 million increase in adjusted EBITDA to $121.9 million for the three-month period ended June 30, 2019 in its Churchill Downs racetrack segment, which includes the track and Derby City Gaming. 

“For the second quarter of 2019, net revenue increased $28.8 million from the second quarter of the prior year due to a $21.2 million increase from the opening of Derby City Gaming in September 2018 and a $7.6 million increase at Churchill Downs racetrack, primarily due to a successful Kentucky Derby and Oaks week driven by increased ticket sales for reserved seating, sponsorship growth, and record handle,” the company reported on the track segment in a release at the close of trading July 31.

“Adjusted EBITDA increased $14.0 million from the second quarter of the prior year due to an $8.8 million increase from the opening of Derby City Gaming in September 2018 and a $5.2 million increase at Churchill Downs Racetrack, primarily due to a successful Kentucky Derby and Oaks week driven by increased ticket sales for reserved seating, sponsorship growth, and record handle.”

The company repurchased 187,608 shares of its common stock in conjunction with its $300.0 million publicly announced share repurchase program at a total purchase price of $18.0 million in the second quarter of 2019, based on trade date. Approximately $225 million in repurchase authority remains under this program as of June 30, based on trade date.