Churchill Downs reported first quarter earnings, and its historical horse racing and gaming operations powered much of the record first-quarter performance.

CDI posted $87.2M in net revenue from its live racing and HHR operations, fueling $27.9M in adjusted earnings. Those adjusted earnings were up $9.6M compared with the $18.3M reported for Q1 ’21. In the gaming/casino segment, CDI reported adjusted earnings of $91.1M, up from the $82.4M reported in the year-ago period.

TwinSpires.com, CDI’s advance-deposit wagering platform, “saw a decline in net revenue” from $105M to $101.4M as “some online players returned to brick-and-mortar locations” 

Adjusted EBITDA increased $9.6 million due to a $5.3 million increase at Oak Grove, a $5.2 million increase at Derby City Gaming, and a $0.7 million increase at Newport from the increase in net revenue. Partially offsetting these increases was a $1.2 million decrease at Churchill Downs Racetrack due to the timing of Derby Week expenses and a $0.4 million decrease from higher expenses at Turfway Park.