The first quarter of 2023 brought in $559.5 million for Churchill Downs.

Churchill Downs reported $559.5 million in total net revenue for the first quarter of 2023, a substantial increase above the $364.1 million reported for the same period in 2022.

In addition, adjusted EBITDA for the business came to $222.9m, an increase of 73% year over year. At the same time, its net income increased 270%, from $42.1m in 2021 to $155.7m in Q1 2023.

In Q1 2023, the company's net revenue from live and historical racing jumped from $87.2m to $215.8m. Adjusted EBITDA reached $82.1m, representing a 194% year-over-year gain.

Churchill Downs earned its second-highest first-quarter EBITDA since the beginning of 2022, as shown in the graph below.

Churchill Downs has had a promising start to 2023 and is hoping that momentum carries over to the remainder of the year.

The firm set a new full-year record at Churchill Downs in 2022 with a revenue of $1.8 billion. Its net income for 2022 was $439.4m, which was a record for the whole year and a huge 76% increase from the previous year. 

In addition, the company set a new record for adjusted EBITDA in 2022 with $763.6m, an increase of 22% from the previous year. 

Churchill Downs also acquired Peninsula Pacific Entertainment, Ellis Park Racing & Gaming, and the Salem, New Hampshire poker room Chasers in 2022. The company's record-breaking revenue quantities were boosted by these acquisitions.