Strong numbers for 2025 for CDI’s live, historic racing

Although Churchill Downs Inc. reports some mixed results for 2025, the live and historic racing segment saw an increase in adjusted profits, including an increase in revenue and adjusted profits for Churchill Downs racing operations.

After trading closed on February 25, the Louisville, Kentucky-based company reported its operating results for the fourth quarter of 2025 and for the full year ended December 31, 2025.

For the year, the company reports a 10% decline in net profit attributable to CDI to $383 million. But the company also reported a 4% increase in adjusted earnings before interest, taxes, depreciation and amortization to $1,205.3 billion.

The company said four factors impacted the comparability of the company’s net income attributable to 2025 compared to 2024. It said a $33 million after-tax increase in impairment charges in the current year was primarily related to the impairment of Chasers’ gaming rights; a $3.8 million after-tax increase in other costs and recoveries, net; a $3.5 million after-tax increase in transaction, pre-opening and other costs; and a $3 million valuation allowance determined primarily for unrealizable state deferred tax assets. (Located about 30 minutes from downtown Boston, Chasers is the leading charity gambling operator in New Hampshire, offering poker and a variety of table games.)

Excluding these items, full year 2025 adjusted net income attributable to CDI decreased by $0.5 million primarily due to a $2.4 million increase in after-tax interest expense related to higher outstanding debt and higher interest rates, and a $0.2 million after-tax decrease as a result of a portion of the Company’s revenue from United Tote and its New Hampshire facility being recognized as income attributable to a non-controlling interest.

The live and historic racing segment continues to perform well. The company said 2025 revenues increased by $175.4 million due to an $88.3 million increase at the Virginia HHR locations, a $72.6 million increase at the Kentucky locations, an $8.4 million increase at the Churchill Downs track and a $6.1 million increase primarily at the New Hampshire locations.

Full year 2025 adjusted EBITDA in this segment increased by $62.4 million due to an increase of $41.4 million at HHR locations in Kentucky, an increase of $18.7 million at Virginia HHR locations, an increase of $1.6 million primarily at the New Hampshire locations, and an increase of $700,000 at Churchill Downs Racecourse.