Q3 2024 Churchill Downs Inc Earnings Call Transcript
Key Points
- Churchill Downs Inc (CHDN) reported all-time record net revenue and adjusted EBITDA for the third quarter.
- The company achieved record third-quarter revenue and adjusted EBITDA across its live and historical racing, gaming, and TwinSpires segments.
- Significant progress has been made on the Starting Gate Pavilion project at Churchill Downs Racetrack, expected to be completed on time and on budget for the next Kentucky Derby.
- The new HRM property in Dumfries, Virginia, called The Rose, has opened successfully, with a grand opening planned for November 7.
- Churchill Downs Inc (CHDN) has a strong balance sheet, generating $591 million in free cash flow during the first nine months of the year, up 32% from the previous year.
- The TwinSpires horseracing business experienced lower handle due to less content access, despite maintaining strong margins.
- Some regional gaming properties showed lower unrated play and faced increased competition, impacting margins.
- The Derby City Gaming downtown Louisville property has been slower to ramp up, partly due to post-COVID changes in downtown activity.
- There is ongoing competition from illegal gray games in Virginia, although enforcement actions are underway.
- The company faces challenges in ensuring the successful ramp-up of new properties, such as the large Dumfries facility, which requires careful management to provide a great customer experience.
Good day, ladies and gentlemen, and welcome to the Churchill Downs Incorporated 2024 third-quarter earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. Sam Ullrich, Vice President, Investor Relations.
Thank you, Andrew. Good morning, and welcome to our third-quarter 2024 earnings conference call. After the company's prepared remarks, we will open the call for your questions. The company's 2024 third-quarter business results were released yesterday afternoon. A copy of this release announcing the results and other financial and statistical information about the period to be presented in this conference call, including information required by Regulation G, is available at the section of the company's website titled News located at churchilldownsincorporated.com, as well as in the website's Investors section.
Before we get started, I would like to remind you that some of the
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