Churchill Downs reported a record quarter with $663M in net revenues and $257M adjusted EBITDA, driven by strategic expansion and operational momentum, notably in Kentucky and Virginia.

• Achieved record first-quarter revenue and EBITDA, reflecting strong execution across their diversified portfolio.
• Opened the Marshall Yards HRM facility in Kentucky on schedule, contributing positively to local industry funding and job creation.
• Maintained a favorable legislative environment in Virginia, supporting continued racing and expansion efforts while avoiding restrictive legislation.
• Acquired the IP rights to the Preakness Stakes, enhancing long-term brand and wagering opportunities alongside Derby upgrades.
• Upgrades to Kentucky Derby infrastructure and international expansion plans aim to boost attendance, wagering, and premium experiences through 2028 and beyond.