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Churchill Downs (NASDAQ:CHDN) reported a document income tally for Q1 of $559.5M, pushed increased income greater than doubling within the Dwell and Historic Racing phase.
Web earnings was $155.7M vs. $42.1M a yr in the past. A $86.2M after-tax achieve on the sale of the Arlington property impacted web earnings. The online earnings windfalls was solely partially offset by a $1.2M after-tax web enhance in changes associated to unconsolidated associates, transaction, pre-opening and different bills.
Adjusted EBITDA got here in at $222.9M for the quarter vs. $128.5M within the prior yr. Adjusted EBITDA was up 194% for the Dwell and Historic Racing phase, rose 22% for the TwinSpires phase, and was 42% increased for the Gaming phase.
The corporate famous that it closed the sale of its Arlington Heights, Illinois property to the Chicago Bears for $197.2M through the quarter and amended its senior secured credit score settlement to extend the loans beneath the prevailing Time period Mortgage A credit score facility due 2027 by $500M to $1.3B. A two-for-one inventory break up was introduced earlier on Wednesday.
Shares of Churchill Downs (CHDN) fell 1.66% in postmarket buying and selling to vs. the 52-week buying and selling vary of $172.75 to $264.11.
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