Churchill Downs Incorporated (CDI) reported strong financial performance for the third quarter and the first nine months of 2024, with net revenue reaching $628.5 million for the three months ended September 30, 2024, a 9.8% increase from $572.5 million in the same period of 2023. For the nine months ended September 30, 2024, net revenue totaled $2,110.1 million, up from $1,900.5 million in the prior year, reflecting a 11.0% increase.
The revenue growth was driven by significant contributions from the Live and Historical Racing segment, which generated $247.5 million in Q3 2024, compared to $219.5 million in Q3 2023. The Gaming segment also saw an increase, with revenues rising to $269.7 million from $244.3 million year-over-year. The TwinSpires segment reported a modest increase, with revenues of $111.3 million, up from $108.5 million in the previous year.
Operating income for Q3 2024 was $125.9 million, an increase of $13.6 million from $112.3 million in Q3 2023. However, net income attributable to Churchill Downs Incorporated for the three months ended September 30, 2024, was $65.4 million, a slight increase from $61.0 million in the same period last year. For the nine months ended September 30, 2024, net income was $355.1 million, down from $359.7 million in 2023, primarily due to an $86.2 million after-tax gain from the sale of the Arlington property in the prior year.
Total operating expenses for Q3 2024 were $502.6 million, up from $460.2 million in Q3 2023, attributed to the Exacta Transaction and the openings of new facilities, including Rosie's Emporia and the Terre Haute Casino Resort. Adjusted EBITDA for Q3 2024 was $235.3 million, an increase of $17.1 million from $218.2 million in Q3 2023.
As of September 30, 2024, total assets increased to $7,172.5 million from $6,955.5 million at the end of 2023. Total debt decreased slightly to $4,866.9 million from $4,874.0 million. CDI's cash and cash equivalents rose to $152.7 million, compared to $144.5 million at the end of 2023.
In terms of strategic developments, CDI completed the acquisition of Exacta Systems, LLC in August 2023 for $248.2 million, which has contributed to the company's growth. Additionally, in April 2024, CDI sold a 49% stake in United Tote Company to NYRA Content Management Solutions, LLC. The company continues to focus on capital investments, with projected expenditures of approximately $450.0 to $550.0 million in 2024.
About Churchill Downs Inc
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