{"id":318268,"date":"2024-04-25T00:23:07","date_gmt":"2024-04-25T05:23:07","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=318268"},"modified":"2024-04-25T10:13:45","modified_gmt":"2024-04-25T15:13:45","slug":"churchill-downs-q1-sales-hit-record-earnings-beat-estimates","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/churchill-downs-q1-sales-hit-record-earnings-beat-estimates\/","title":{"rendered":"Churchill Downs Posts Record Q1 Revenue, Analyst Bullish on Virginia Properties"},"content":{"rendered":"

Shares of Churchill Downs (NASDAQ: CHDN) jumped 3.74% in after-hours trading Wednesday after the gaming company reported record first-quarter sales and earnings that topped Wall Street estimates.<\/p>\n

\"Churchill
Churchill Downs’ new Terre Haute Casino Resort. New venues are boosting the company’s results. (Image: Tribune-Star<\/em>)<\/figcaption><\/figure>\n

The operator of the famed Kentucky racetrack of the same name said it earned $1.08 a share on revenue of $590.9 million in the first three months of the year. Analysts expected earnings of 76 cents on sales of $564 million. Churchill\u2019s Kentucky historical horse racing segment drove a topline increase in that unit of $33.1 million to $248.9 million. Stifel analyst Jeffrey Stantial highlighted strength at the operator\u2019s Virginia properties, including historical racing machine<\/a> (HRM) venues.<\/p>\n

Compositionally, we argue results evidence our select list thesis<\/a>, in particular highlighting 1) meaningful sequential acceleration for CHDN’s VA HRM properties (mid-December skill game ban; improving HRM product), and 2) resilient operating trends at Rivers,\u201d wrote the analyst.<\/p><\/blockquote>\n

Stantial has a \u201cbuy\u201d rating and $150 price target on Churchill — forecasts that are under review pending the company\u2019s conference call with analysts on Thursday morning.<\/p>\n

Live, Historical Racing, TwinSpires Boost Churchill Q1 Results<\/h2>\n

Churchill Downs\u2019 strong first-quarter results were supported by encouraging outcomes from the operator\u2019s historical and live horse racing segments, as well as from the TwinSpires online betting unit.<\/p>\n

\n

In the January through March period, Churchill\u2019s historical and live horse racing revenue jumped 15% as earnings before interest, taxes, depreciation, and amortization surged 23%. The gaming company said those metrics at TwinSpires increased 18% and 35%, respectively, year over year.<\/p>\n<\/div>\n

Those gains come ahead of the Kentucky Derby<\/a>, which is scheduled for Saturday, May 4. The 150th<\/sup> edition of the crown jewel in horse racing\u2019s triple crown could be another record-setter for Churchill this year as the operator has made significant investments, including a new paddock and more seating, at its eponymous Kentucky track to expand capacity and lure more affluent bettors.<\/p>\n

Stantial pointed out that HRM properties in Virginia showed the most year-over-year growth, underscoring benefits for Churchill Downs, which is the largest gaming operator in that state.<\/p>\n

Speaking of Virginia \u2026<\/h2>\n

Be it by way of HRM venues or traditional gaming properties, Virginia figures prominently in the long-term Churchill Downs investment thesis.<\/p>\n

Monthly data reported by VRC shows meaningful sequential improvement in Y\/Y growth across most of CHDN’s VA assets, likely reflecting a combination of 1) annualization of new supply headwinds, 2) mid-December implementation of a ban on competitive skill games, 3) improving HRM product & layout at CHDN facilities, and 4) broader ramp at relatively new properties,\u201d noted Stantial.<\/p><\/blockquote>\n

The analyst also observed that Churchill\u2019s recently opened casino<\/a> hotel in Terre Haute, Ind. is off to a strong start, and that venue is likely to be discussed in greater detail on the conference call.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Churchill Downs (NASDAQ: CHDN) jumped 3.74% in after-hours trading Wednesday after the gaming company reported record first-quarter sales and earnings that topped Wall Street estimates. The operator of the famed Kentucky racetrack of the same name said it earned $1.08 a share on revenue of $590.9 million in the first three months of […]<\/p>\n","protected":false},"author":46,"featured_media":316686,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,14577,86432,86430,86438,1074],"tags":[81903,81900,86697,86455,86457,80968],"acf":[],"yoast_head":"\nChurchill Downs Q1 Sales Hit Record, Earnings Beat Estimates<\/title>\n<meta name=\"description\" content=\"Churchill Downs Posts Record Q1 Revenue, Analyst Bullish on Virginia Properties.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/churchill-downs-q1-sales-hit-record-earnings-beat-estimates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Churchill Downs Q1 Sales Hit Record, Earnings Beat Estimates\" \/>\n<meta property=\"og:description\" content=\"Churchill Downs Posts Record Q1 Revenue, Analyst Bullish on Virginia Properties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/churchill-downs-q1-sales-hit-record-earnings-beat-estimates\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-25T05:23:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-25T15:13:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/Terre-Haute-Casino-Resort-Exterior-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"725\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/churchill-downs-q1-sales-hit-record-earnings-beat-estimates\/\",\"url\":\"https:\/\/www.casino.org\/news\/churchill-downs-q1-sales-hit-record-earnings-beat-estimates\/\",\"name\":\"Churchill Downs Q1 Sales Hit Record, Earnings Beat Estimates\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/churchill-downs-q1-sales-hit-record-earnings-beat-estimates\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/churchill-downs-q1-sales-hit-record-earnings-beat-estimates\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/Terre-Haute-Casino-Resort-Exterior-2.jpg\",\"datePublished\":\"2024-04-25T05:23:07+00:00\",\"dateModified\":\"2024-04-25T15:13:45+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Churchill Downs Posts Record Q1 Revenue, Analyst Bullish on Virginia Properties.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/churchill-downs-q1-sales-hit-record-earnings-beat-estimates\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/churchill-downs-q1-sales-hit-record-earnings-beat-estimates\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/churchill-downs-q1-sales-hit-record-earnings-beat-estimates\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/Terre-Haute-Casino-Resort-Exterior-2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/Terre-Haute-Casino-Resort-Exterior-2.jpg\",\"width\":1200,\"height\":725,\"caption\":\"Churchill Downs' new Terre Haute Casino Resort. 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