On the same day it reported plans to pause some planned construction projects at Churchill Downs racetrack, Churchill Downs Inc. reported largely positive numbers for the first quarter of 2025.
After trading closed April 23, the Louisville, Ky.-based company reported record net revenue of $642.6 million, up 9% year over year; and record adjusted earnings (EBITDA) for the first quarter of $245.1 million, up 1%. The company did report that net income "attributable to CDI" declined 5% to $76.7 million.
Also Wednesday the company announced that it would pause capital projects in The Skye,
Conservatory, and infield general admission areas of Churchill Downs because of the current economic environment. CDI does plan renovations of the Finish Line Suites and The Mansion.
The company said factors that impacted the company's first quarter 2025 net income to the prior year quarter included a $6.7 million after-tax decrease in other recoveries primarily driven by insurance claim proceeds recorded in the prior year quarter that was partially offset by a $5.6 million after-tax decrease in transaction, pre-opening, and other expenses.
Other factors included a $3 million after-tax decrease in equity income from unconsolidated affiliates; a $2 million after-tax increase in interest expense associated with lower capitalization of interest related to capital projects in the current year, partially offset by lower interest rates; and a $500,000 after-tax decrease due a portion of United Tote's income being recognized as noncontrolling interest.
