Q4 2025 Churchill Downs Inc Earnings Call Transcript
Key Points
- Churchill Downs Inc (CHDN) delivered record net revenue and adjusted EBITDA in 2025, surpassing previous records set in 2024.
- The company hosted a highly successful Kentucky Derby with record handle and the highest television ratings in nearly 40 years.
- CHDN expanded its HRM footprint with new venues in Kentucky and Virginia, contributing to strong financial performance.
- The company announced plans to invest $180 million to $200 million in developing Rockingham Casino in Salem, New Hampshire.
- CHDN's strategic priorities include growing the Kentucky Derby, expanding HRM venues, and enhancing its TwinSpires horseracing business.
- Despite record performance, CHDN faced economic uncertainty and tariff-related volatility in 2025.
- The company's regional gaming properties experienced temporary headwinds, including road work and local curfews in Mississippi.
- CHDN's same-store wholly owned casino margins declined modestly by 0.8 points compared to 2024.
- Weather disruptions in January affected performance in Virginia, although the impact was mitigated.
- The introduction of electronic table games in Kentucky is still in the early stages, with potential bottlenecks in rollout and adoption.
Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc fourth quarter and full year 2025 results 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 fourth quarter 2025 earnings conference call. After the company's prepared remarks, we will open the call for your questions. The company's 2025 fourth 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 Investors section.
Before we get started, I would like to remind
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