Churchill Downs Q1 Revenue Increases 9% Year-on-Year

Churchill Downs Incorporated (CDI), the parent company of Churchill Downs racetrack, has announced a year-on-year increase in revenue of 9% for the first quarter of the 2025 fiscal year. 

The figures for Q1 2025 show net revenue hitting $642.6 million, a significant increase from last year’s Q1 figure of $590.9 million. 

The improved returns reflect the ongoing expansion of Historical Horse Racing Machine (HRM) venues and the opening of the Terre Haute Casino Resort, based in Indiana, in April 2024. 

Historic horse racing

HRM is a form of gaming in which historical horse racing results are used to generate outcomes on electronic gaming terminals that look similar to slots. It has been increasingly popular in states where racetracks are not permitted to offer casino gaming, especially amid the decline of horse wagers nationwide. 

According to CDI, their Q1 2025 revenue was boosted by an $18.2 million increase at HRM venues throughout Virginia, largely due to the opening of the Rose Gaming Resort in northern Virginia in November 2024. 

Kentucky’s HRM venues also contributed, generating an $8.9 million increase. As with Virginia, the increase was fueled by the launch of a new HRM venue, in this case, the Owensboro Racing and Gaming venue in the western part of the state, as well as increased HRM take at venues in the north and southwest of the state. 

The other significant boost to Q1 2025 income came from the opening of Terre Haute. The $290 million, 400,000 square-foot development includes over 1,000 slot machines, 36 table games, a sportsbook, and numerous bars and restaurants. 

Nationwide expansion

The launch of the Terre Haute Casino was Churchill Downs’ first venture in Indiana. It marked the company's 14th state with properties, as the group continues to expand throughout the United States. Music to the ears of our best horse racing betting sites.

In addition, CDI owns live and historical racing venues in Kentucky, New Hampshire, and Virginia and provides gaming solutions in Florida, Iowa, Louisiana, Maine, Maryland, Mississippi, New York, and Pennsylvania. 

Although Churchill Downs is known globally for staging the Kentucky Derby, with the 151st Kentucky Derby set to race on May 3, the core live racing product forms a relatively small part of CDI’s revenue in 2025. Revenue from live and simulcast racing was $11.2 million in Q1 2025, compared to $11.0 million in Q1 2024. Ahead of the big race, make sure to read about how to bet on horse racing, and make sure to wager at one of our top Kentucky Derby betting sites.

The company is also currently involved in new construction projects in three states, including the Starting Gate Pavilion and Courtyard and the Finish Line Suites, which could total between $90 million and $105 million in spending in 2025.