Churchill Downs today reported business results for the third quarter ended September 30, 2023.

Record net revenue was $572.5 million, up 49% compared to the prior year quarter.Net income of $61.0 million, up 7% compared to the prior year quarter. Record Adjusted EBITDA of $218.2 million, up 34% compared to the prior year quarter.

For the third quarter of 2023, revenue increased $123.1 million driven by an $89.0 million increase attributable to the Virginia properties acquired in the P2E Transaction, a $14.7 million increase attributable to the properties acquired in the Ellis Park and Chasers Transactions, an $8.8 million increase primarily due to the opening of Turfway Park in Northern Kentucky in September 2022, a $7.4 million increase from our Derby City Gaming property in Louisville, and a $4.3 million increase from our Oak Grove property in Southwestern Kentucky.

These increases were partially offset by a $1.1 million decrease at Churchill Downs Racetrack due to the decision to move July race days as part of the Churchill Downs Racetrack Spring Meet to Ellis Park