The following is a summary of the Churchill Downs Incorporated (CHDN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Churchill Downs Incorporated reported Q1 net revenues of $591 million and record adjusted EBITDA of $243 million, showcasing strong performance across all segments.

• The firm has completed a significant construction development at the Churchill Downs Racetrack, the new Paddock project, with a $200 million investment.

• There has been a strong increase in their adjusted EBITDA due to the improved performances of their HRM properties in Virginia and Kentucky, increasing by nearly $13 million and $8.5 million respectively.

• The company generated $242 million of free cash flow for the quarter, a 21% per share increase compared to the previous year.

• The projected capital expenditure for the year is between $450 and $550 million.

Business Progress:

• Churchill Downs has made progress with the development of significant venues and projects, including plans for a new project to enhance guest experience at the 2025 Derby, the opening of an additional Kentucky HRM venue and a Virginia HRM venue, and the expansion of the Big Rosie venture.

• The acquirement of Exacta technology has significantly contributed to the improved performance of Virginia HRM venues, and the company intends to utilize this technology more extensively in Kentucky venues.

• The company witnessed a successful grand opening of the Terre Haute casino in Indiana marked by impressive demand and performance.

• Business deals with DraftKings and FanDuel are yielding success, with impacts soon to be clarified after the upcoming Derby Day.

• HRM-based electronic table games are in progress, aiming at enhancing the long-term performance of HRM venues.

• The company is analyzing several locations to deploy an additional 500-600 gaming machines in Virginia to commence by 2025.

More details: Churchill Downs IR

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