Churchill Downs Q1 Net Income Rises 8% to $83M, Revenue Hits $663M
Churchill Downs generated Q1 net income of $83M, up 8% year-over-year, with adjusted EPS of $1.21 and record net revenue of $663M, a 3% rise that beat expectations by $1M. The company will invest $180M–$200M in Rockingham Grand Casino, opened Marshall Yards venue, and paid $85M for Preakness Stakes IP.
1. Q1 Financial Performance
Churchill Downs posted record net revenue of $663 million for Q1, up 3% year-over-year, while net income rose 8% to $83 million and adjusted EBITDA reached $257 million, a 5% increase, yielding adjusted EPS of $1.21.
2. Rockingham Investment and Marshall Yards Opening
The company plans to invest $180 million to $200 million in Rockingham Grand Casino in New Hampshire with a mid-2027 opening, and commenced operations at Marshall Yards Racing & Gaming in Southwestern Kentucky in February 2026.
3. Preakness Stakes IP Acquisition
Churchill Downs entered a definitive agreement to acquire all trademarks and associated rights of the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland for $85 million.
4. Shareholder Returns and Leverage
During Q1, the company paid a $0.438 per share dividend—its fifteenth consecutive annual increase—returned $31 million to shareholders and ended the quarter with net bank leverage of 3.8x.