Churchill Downs Incorporated’s (CDI) net revenue for the fiscal year that ended on December 31, 2022, was $1.81 billion, which was a new record for the company. Compared to the amount that was recorded in 2021, which was $1.6 billion, this number was up 13%.

It should not come as a surprise that CDI was able to announce an increase in its net income in 2022. In 2022, the business had a record-breaking net income of $439.4 million.

The result from 2022 indicated a rise of 76% when placed in comparison to the $249.1 million that was recorded for the same time in the preceding year.

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In a similar vein, the adjusted EBITDA in 2022 reached a record high of $763.6 million, setting a new benchmark. The most recent results show that adjusted EBITDA increased by 22% when placed in comparison to the previous year’s reported result of $627 million.

A breakdown that was supplied by CDI shows that there was a considerable rise in revenue generated from both live racing and historical racing in 2022.

As we look back to 2021, the net revenue from that section peaked at $409.1 million, but by 2022, it had skyrocketed to $614.6 million. The net revenue from gaming also grew, reaching $755.9 million, which is an improvement over the result of $695.4 million in 2021.

In contrast to this growth, the net revenue that TwinSpires brought in dropped by approximately 4% to a total of $436.4 million.

Also, the money made from other activities went down until a total of $2.9 million was made.

It is important to note that CDI admitted that the loosening of COVID restrictions was good for the company’s business. In fact, it was stated that there were no limitations placed on those participating in the Kentucky Derby 2022 like there was the year before.

Seats are being installed in the First Turn! #KyDerby 149 is 68 Days away!

📸: Linda Doane pic.twitter.com/oW36gr9IQp

— Churchill Downs (@ChurchillDowns) February 27, 2023

In addition to the results it got for the whole year 2022, CDI pointed out a number of strategic things that were done during that time. In November, the business bought Peninsula Pacific Entertainment LLC for $2.75 billion.

Prior to that, in the month of September, CDI successfully completed the acquisition of Chasers Poker Room, which is situated in the city of Salem in the state of New Hampshire.

Because of this strategic decision, the company’s goal of continuing to grow got a boost. In September, CDI finished buying Ellis Park Racing and Gaming for the second time.

CDI’s Strategic Moves Throughout 2022

This purchase came with the right to open a new entertainment center in Owensboro, Kentucky, that is just for historic racing machines (HRM).

At the beginning of 2022, CDI successfully concluded the sale of land in Calder in June, and in February, it successfully finalized the sale of its property in Arlington Heights, Illinois, to the Chicago Bears in a deal that was over $200 million.

CDI has shared information about its performance for the fourth quarter as well as its revenue for 2022. The firm recorded net sales of $480.1 million for the fourth quarter of 2022.

This figure represents a significant increase when compared to a similar period in 2021 when revenue reached a plateau of $364.8 million. In the fourth quarter of 2022, adjusted EBITDA reached a new high of $180.7 million.