Q1 2026 Churchill Downs Inc Earnings Call Transcript
Key Points
- Churchill Downs Inc (CHDN) reported record first-quarter net revenues of $663 million and adjusted EBITDA of $257 million, indicating strong execution and growth momentum.
- The successful opening of the Marshall Yards Historical Racing Machine venue in Kentucky on time and on budget is contributing positively to job creation and shareholder value.
- Significant progress in Virginia with 48 race dates planned for 2026 and successful legislative outcomes that support a favorable operating environment.
- Strategic acquisition of intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes, enhancing CHDN's portfolio of iconic racing events.
- Continued investment in enhancing the Kentucky Derby experience, including renovations and new hospitality offerings, aiming for long-term growth and increased international reach.
- Performance at some Virginia properties was impacted by weather and increased competition, requiring optimization of marketing and operating strategies.
- The cessation of HRM operations in Louisiana and weather-related disruptions affected the Gaming segment's performance.
- Increased competition in Virginia poses challenges, necessitating strategic adjustments to maintain market position.
- The introduction of tariffs last year impacted the sales process for the Kentucky Derby, although this year's cycle has been smoother.
- The legislative process in Virginia remains unpredictable, with potential future changes in gaming laws that could affect operations.
Good day, ladies and gentlemen, and welcome to the Churchill Downs Incorporated first-quarter 2026 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 first-quarter 2026 earnings conference call. After the company's prepared remarks, we will open the call for your questions. The company's 2026 first 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 you that some of
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