Q3 2025 Churchill Downs Inc Earnings Call Transcript
Key Points
- Churchill Downs Inc (CHDN) reported record net revenue and adjusted EBITDA for the third quarter.
- The company experienced strong performance in its Live and Historical Racing segment, with a 21% revenue growth and 25% adjusted EBITDA growth.
- The Kentucky Derby's growth is driven by increased ticketing revenue, broadcast rights, and international expansion.
- The HRM business is expanding with new venues in Kentucky and Virginia, contributing to long-term growth.
- The company has a disciplined capital management strategy, with a focus on maintaining leverage below 4 times and increasing dividends for the 15th consecutive year.
- The company faces risks and uncertainties related to forward-looking statements and regulatory challenges.
- Increased competition has impacted some of the Virginia HRM properties, affecting their performance.
- The company is still in the process of addressing illegal gaming machines in Virginia, which requires ongoing enforcement efforts.
- The construction of new projects like Victory Run involves significant capital investment and a multi-year timeline before realizing returns.
- The company is navigating the complexities of electronic table games (ETGs) and regulatory approvals, which could impact future growth opportunities.
Good day ladies and gentlemen and welcome to the Churchill Downs Incorporated 2025 third-quarter earnings conference call. (Operator Instructions)
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 2025 earnings conference call. After the company's prepared remarks, we will open the call for your questions.
The company's 2025 third-quarter business results were released yesterday afternoon. A copy of this release announcing 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 Investor section.
Before we get started, I would like to remind you that some of
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