written and last updated by
Sam Smith at
24 Apr 2025
Journalist, Editorial Department
Churchill Downs Incorporated (CDI) has reported a record net revenue of $642.6 million for the first quarter of 2025, marking a 9% increase compared to the same period last year. The primary drivers of this growth were the expansion of its gaming machine venues and the launch of the Terre Haute casino resort in Indiana.
The Historical Racing Machines (HRM), which accept bets on historical horse races, generated $276.4 million for the operator, an 11% increase from the previous year. The HRM venues in Virginia contributed an additional $18.2 million, bolstered by the opening of The Rose resort in November. In Kentucky, revenue growth was driven by the launch of Owensboro Racing and Gaming in February, which added $8.9 million to the company’s earnings.
Sports betting revenues reached $115.8 million, slightly above last year's figures. This growth was largely attributed to the Exacta venue, which saw an increase of $3.1 million due to heightened activity in Virginia and New Hampshire.
The classic gaming and slot segment brought in $267.2 million, up $24 million from the previous year. A significant portion of this revenue came from the Terre Haute Casino Resort, which reported $31.6 million.
The results for the first quarter of 2025 continue the momentum from a successful 2024, during which the company earned $2.7 billion. This growth was fueled by the historic Kentucky Derby horse racing event and the expansion of HRM facilities. As Churchill Downs Incorporated enters the second quarter of 2025, it is prioritizing cost management and optimizing capital investments.
It is worth noting that Urban One and Churchill Downs Incorporated have been promoting the casino resort project ahead of a referendum in Richmond.
