It was a successful second quarter for Churchill Downs Inc., which owns Rivers Casino in Des Plaines with Rush Street Gaming.
Churchill reported $209 million in net income during the three months that ended on June 30. That was 37.6% higher than the second quarter of 2023.
Revenue was also up year-over-year, certainly aided by Rivers Casino, which is regularily the top-performing casino in Illinois.
Revenue and EBITDA also up in Q2
In June, Rivers’ 43.9 million in adjusted gross revenue represented nearly 37% of market share. There are 15 retail casinos in the state, while Illinois online casinos remain illegal.
Churchill Downs Inc., which owns the famed Churchill Downs racetrack in Louisville, KY, also owns several gaming facilities across the US. Second-quarter revenue was $890.7 million, which exceeded Q2 in 2023 by 14.7%. Adjusted EBITDA was $444.8 million, a new company record, according to Churchill Downs.
Gaming revenue, buoyed by activity at Rivers, was up 11% compared to 2023. Revenue from live events at the many Churchill Downs venues was up 20% year-over-year. Also, TwinSpires, the online horse racing product from Churchill, reported EBITDA 36% higher than in Q2 of 2023.
The Kentucky Derby, held in early May, set records for total handle. Viewership was also up, as more than 16 million households tuned in for the 150th running of the race. That was the highest total since 1989. Churchill and NBC Sports have agreed on a deal that will keep the country’s most-famous horse race on NBC channels through 2032.
Churchill Downs opened Terre Haute Casino Resort on April 5 in Indiana. The company now holds ownership stakes in 13 casinos or gaming venues.
Rivers Casino has paid out over $2B in jackpots
Rivers Casino boasts more than 1,500 slot machines. It has paid out more than $2 billion in jackpots since it opened in 2011. The entertainment complex hosts more than 100 events annually.
Later this summer, Chris Isaak and Ben Folds will appear on stage at the casino in Des Plaines, which is less than 30 miles from downtown Chicago.
On-site at Rivers Casino is a BetRivers retail sportsbook, which offers sports action on multiple television screens, as well as food and bar service.
