Churchill Downs Inc. achieved remarkable financial success in its third quarter, as reported in a press release on Wednesday. The Louisville-based company announced a net revenue increase to $628.5 million, up from $572.5 million in the same period last year. Additionally, net income rose to $65.4 million—or 86 cents per share—compared to $61 million, or 79 cents per share, in 2022.
The company's life and historical racing segment contributed significantly, with revenues climbing to $247.5 million, up from $219.5 million. The gaming segment also saw growth, rising to $269.7 million from $244.3 million.
During a conference call on Thursday, CEO Bill Carstanjen provided updates on the new starting-gate pavilion at the Churchill Downs racetrack, stating the project remains on schedule and budget for the upcoming Kentucky Derby. This renovation aims to enhance the seating capacity by replacing 10,000 bleacher seats with around 8,500 premium stadium and track-side box seats while significantly improving amenities for guests.
Moreover, Carstanjen shared plans for new infield experiences, transitioning temporary structures into permanent ones, increasing capacity from approximately 800 to 7,000. To facilitate this expansion, the company is considering a new ingress and egress option, which may include a new tunnel. Some infield updates are expected to be ready for the Kentucky Derby as early as 2026, with full completion anticipated by 2027 and 2028.