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Derby Week, HHR Gaming Raise Churchill Downs Inc.

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The appreciable funding Churchill Downs Inc. has positioned in historic horse racing continues to pay dividends because the success of the pari-mutuel video games that seem like slot machines—together with a record-breaking Kentucky Derby (G1) week—paced the Louisville, Ky.-based firm to report adjusted earnings.

In its second quarter (by way of June 30) report of enterprise outcomes launched July 26 after buying and selling had closed, CDI reported report second quarter income of $768.5 million, earnings of $408 million, and report adjusted earnings of $363.7 million behind a robust quarter for its dwell and historic horse racing section.

By way of dwell racing, the success was powered by one other record-breaking Derby week. CDI mentioned report all-sources deal with and the debut of latest seating within the first flip at Churchill Downs racetrack helped energy a $20.5 million improve in income for the week. 

After a rash of equine fatalities throughout racing, the Churchill spring-summer meet was moved June 10 to CDI sister observe Ellis Park. Beneath its TwinSpires section, CDI famous a $3.9 million decline in adjusted earnings in contrast with the second quarter of 2022 in its advance-deposit wagering operation, attributing that drop to “decrease retail horse racing deal with as a consequence of business race day cancellations and the choice to maneuver a portion of the Churchill Downs racetrack spring meet to Ellis Park in June 2023 in addition to greater content-related bills and better advance-deposit wagering taxes in sure jurisdictions.”

The corporate reported web earnings of $143 million for the quarter, which was down from the $339.3 million reported within the second quarter of 2022 when the corporate reported a $193.6 million after-tax acquire on the sale of the previous Calder Race Course land.

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