Company Highlights
- Record 2023 net revenue of
$2.5 billion , up 36% compared to$1.8 billion in the prior year. - 2023 net income of
$417 million , down 5% compared to$439 million in the prior year. - Record 2023 Adjusted EBITDA of
$1.0 billion , up 34% compared to$0.8 billion in the prior year. - We successfully ran the 149th
Kentucky Derby on the first Saturday in May generating record Derby Week all-sources handle and record Derby Week contribution to Adjusted EBITDA. - Derby City Gaming expanded its gaming floor and amenities and opened a new 123-room hotel in
June 2023 . - Rosie's Gaming Emporium opened in
Emporia, Virginia inSeptember 2023 as our seventh Rosie's HRM entertainment venue inVirginia . - Derby City Gaming Downtown opened in
Louisville, Kentucky inDecember 2023 . This represents our sixth HRM entertainment venue inKentucky . - We completed the acquisition of
Exacta Systems, LLC ("Exacta") onAugust 22, 2023 (the "Exacta Transaction"). - We closed the sale of our
Arlington Heights, Illinois property to theChicago Bears for$197.2 million onFebruary 15, 2023 . - We ended 2023 with net bank leverage of 4.0x and maintained our commitment to returning capital to shareholders:
- We repurchased
$55.3 million of shares under our share repurchase program in 2023. - On
December 18, 2023 , we entered into a privately negotiated agreement with an affiliate ofThe Duchossois Group Inc. to repurchase 1,000,000 shares for$123.75 per share and closed the transaction onJanuary 2, 2024 . - On
January 5, 2024 , we paid a$0.382 per share dividend to shareholders of record which represents the thirteenth consecutive year of increased dividend per share.
- We repurchased
CONSOLIDATED RESULTS |
Fourth Quarter | Years Ended | ||||||||||||||
(in millions, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Net revenue | $ | 561.2 | $ | 480.1 | $ | 2,461.7 | $ | 1,809.8 | |||||||
Net income | $ | 57.6 | $ | 1.0 | $ | 417.3 | $ | 439.4 | |||||||
Diluted EPS | $ | 0.76 | $ | 0.01 | $ | 5.49 | $ | 5.71 | |||||||
Adjusted EBITDA(a) | $ | 219.1 | $ | 180.7 | $ | 1,023.9 | $ | 763.6 | |||||||
(a) This is a non-GAAP measure. See explanation of non-GAAP measures below. |
SEGMENT RESULTS |
The summaries below present revenue from external customers and intercompany revenue from each of our reportable segments.
Live and
Fourth Quarter | Years Ended | ||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Revenue | $ | 235.3 | $ | 180.9 | $ | 1,084.6 | $ | 646.4 | |||||||
Adjusted EBITDA | 88.9 | 61.2 | 475.4 | 287.5 | |||||||||||
Fourth Quarter 2023
- Revenue for the fourth quarter of 2023 increased
$54.4 million from the prior year quarter primarily due to$32.8 million in revenue attributable to theVirginia properties acquired in the P2E Transaction, a$9.5 million increase from Derby City Gaming and the opening of Derby City Gaming Downtown inDecember 2023 inLouisville, Kentucky , a$6.3 million increase driven by continued growth at Turfway andNewport inNorthern Kentucky , a$2.5 million increase driven by continued growth fromOak Grove inSouthwestern Kentucky , a$2.2 million increase attributable to theEllis Park and Chasers Transactions, and a$1.1 million increase atChurchill Downs Racetrack . - Adjusted EBITDA for the fourth quarter of 2023 increased
$27.7 million from the prior year quarter primarily due to a$16.2 million increase attributable to theVirginia properties acquired in the P2E Transaction which includes$5.1 million of savings from the Exacta Transaction, a$4.4 million increase from ourNorthern Kentucky properties, a$3.2 million increase from ourLouisville properties, a$2.8 million increase driven by ourSouthwestern Kentucky property, and a$1.1 million increase attributable to theEllis Park and Chasers Transactions.
Total Year 2023
- Revenue for 2023 increased
$438.2 million driven by a$313.9 million increase attributable to theVirginia properties acquired in the P2E Transaction, a$41.2 million increase inNorthern Kentucky primarily due to the opening ofTurfway Park inSeptember 2022 , a$36.4 million increase attributable to properties acquired in theEllis Park and Chasers Transactions, a$20.7 million increase due to a record-breaking Derby Week atChurchill Downs Racetrack , a$19.2 million increase due to growth from our Derby City Gaming property and the opening of Derby City Gaming Downtown inDecember 2023 inLouisville, Kentucky , and a$16.5 million increase from ourOak Grove property inSouthwestern Kentucky . These increases were partially offset by a$9.7 million decrease for non-Derby Week racing operations primarily due to the decision to move a portion of the Churchill Downs Racetrack Spring Meet toEllis Park . - Adjusted EBITDA for 2023 increased
$187.9 million driven by a$145.0 million increase attributable to theVirginia properties acquired in the P2E Transaction and savings as a result of the Exacta Transaction, a$15.7 million increase due to a record-breaking Derby Week atChurchill Downs Racetrack , a$13.1 million increase from continued growth atOak Grove inSouthwestern Kentucky , an$8.6 million increase inNorthern Kentucky primarily due to the opening ofTurfway Park inSeptember 2022 , a$7.2 million increase due to growth from our Derby City Gaming property and the opening of Derby City Gaming Downtown inDecember 2023 inLouisville, Kentucky , and a$5.4 million increase attributable to our other Live andHistorical Racing properties. These increases were partially offset by a$7.1 million decrease for non-Derby Week racing operations primarily driven by the decision to move a portion of the Churchill Downs Racetrack Spring Meet toEllis Park in 2023.
TwinSpires
Fourth Quarter | Years Ended | ||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Revenue | $ | 110.6 | $ | 94.3 | $ | 458.4 | $ | 441.6 | |||||||
Adjusted EBITDA | 34.9 | 25.0 | 132.1 | 114.1 | |||||||||||
Fourth Quarter 2023
- Revenue for the fourth quarter of 2023 increased
$16.3 million from the prior year quarter driven by a$13.6 million increase attributable to the Exacta Transaction, a$2.1 million increase in all other Horse Racing revenue primarily driven by increased handle from our higher-wagering volume customer base, partially offset by lower retail Horse Racing handle due to industry race day cancellations, and a$0.6 million increase from our sports betting business. - Adjusted EBITDA for the fourth quarter of 2023 increased
$9.9 million from the prior year quarter driven by an$8.7 million increase attributable to the Exacta Transaction and a$1.7 million increase primarily from cost reductions associated with the exit of the direct online Sports and Casino business, partially offset by a$0.5 million decrease in all other Horse Racing driven by lower revenue.
Total Year 2023
- Revenue for 2023 increased
$16.8 million driven by a$19.1 million increase attributable to the Exacta Transaction, a$5.3 million increase primarily from the B2B expansion strategy associated with United Tote totalisator fees, a$1.9 million increase from our retail sports betting business, and a$1.8 million increase in all other Horse Racing revenue primarily driven by increased handle from our higher-wagering volume customer base, partially offset by lower retail Horse Racing handle due to industry race day cancellations and the decision to move a portion of the Churchill Downs Racetrack Spring Meet toEllis Park in 2023 and an$11.3 million reduction primarily due to the exit of the direct online Sports and Casino business. - Adjusted EBITDA for 2023 increased
$18.0 million driven by an$11.8 million increase attributable to the Exacta Transaction, an$11.3 million increase primarily from significant cost reductions associated with the exit of the direct online Sports and Casino business, and a$3.7 million increase primarily from the B2B expansion strategy associated with United Tote totalisator fees. These increases were partially offset by an$8.8 million decrease primarily as a result of lower retail Horse Racing handle as well as higher content-related expenses and higher advance deposit wagering taxes in certain jurisdictions.
Gaming
Fourth Quarter | Years Ended | ||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Revenue | $ | 230.2 | $ | 212.2 | $ | 974.6 | $ | 761.8 | |||||||
Adjusted EBITDA | 113.4 | 112.4 | 488.6 | 421.9 | |||||||||||
Fourth Quarter 2023
- Revenue for the fourth quarter of 2023 increased
$18.0 million from the prior year quarter primarily due to$22.3 million attributable to theNew York andIowa properties and$3.0 million attributable to theLouisiana andMaryland properties, partially offset by$5.0 million as a result of our decision not to renew the management agreement at Lady Luck and a$2.3 million decrease from our other wholly owned properties in four states. - Adjusted EBITDA for the fourth quarter of 2023 increased
$1.0 million from the prior year quarter driven by a$6.0 million increase attributable to ourNew York andIowa properties, a$1.3 million increase attributable to ourLouisiana andMaryland properties, and a$0.2 million increase from our equity investments, partially offset by a$4.2 million decrease at our other wholly owned properties and a$2.3 million decrease attributable to proceeds for business interruption insurance claims related to Hurricane Ida received in the fourth quarter of 2022.
Total Year 2023
- Revenue for 2023 increased
$212.8 million driven by a$230.0 million increase attributable to theNew York andIowa properties acquired in the P2E Transaction, partially offset by a$16.9 million decrease inPennsylvania primarily due to our decision not to renew the management agreement at Lady Luck and a$0.3 million net decrease from our other gaming properties. - Adjusted EBITDA for 2023 increased
$66.7 million driven by a$78.9 million increase attributable to theNew York andIowa properties acquired in the P2E Transaction and a$7.1 million increase from our equity investments. These increases were partially offset by a$14.6 million decrease from our other wholly owned Gaming properties primarily driven byFlorida ,Mississippi , andPennsylvania and a$4.7 million decrease attributable to proceeds for business interruption insurance claims related to Hurricane Ida. We received$6.3 million of insurance proceeds in 2022 compared to$1.6 million in 2023.
All Other
Fourth Quarter | Years Ended | ||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Revenue | $ | 0.2 | $ | 1.1 | $ | 0.9 | $ | 3.3 | |||||||
Adjusted EBITDA | (18.1 | ) | (17.9 | ) | (72.2 | ) | (59.9 | ) | |||||||
Fourth Quarter 2023
- Net revenue for the fourth quarter of 2023 decreased
$0.9 million from the prior year quarter primarily as a result of decreased revenue from Arlington International Racecourse (“Arlington”) which ceased racing and simulcast operations at the end of 2021. - Adjusted EBITDA for the fourth quarter of 2023 decreased
$0.2 million from the prior year quarter due to an increase in corporate compensation expenses driven by enterprise growth.
Total Year 2023
- Net revenue for 2023 decreased
$2.4 million primarily as a result ofArlington ceasing racing and simulcast operations at the end of 2021. - Adjusted EBITDA for 2023 decreased
$12.3 million primarily driven by increased corporate compensation and benefits related expenses.
CAPITAL MANAGEMENT |
Share Repurchase Program
The Company repurchased 151,394 shares of its common stock at an average share price of approximately
The Duchossois Group Share Repurchase
On
Annual Dividend
On
Capital Investments
We currently expect our project capital to be approximately
NET INCOME |
Fourth Quarter 2023 Results
The Company's fourth quarter 2023 net income was
The following items impacted the comparability of the Company's fourth quarter net income:
$25.2 million after-tax decrease in asset impairments primarily associated with the Presque Isle asset impairment not recurring in the current year quarter;$22.2 million after-tax decrease in expenses related to transaction, pre-opening and other expenses, net; and$1.3 million after-tax decrease in legal reserves.
Partially offset by:
$1.7 million after-tax increase in other charges.
Excluding the items above, fourth quarter 2023 adjusted net income increased
$20.7 million after-tax increase from the prior year quarter driven by the results of our operations; and- Partially offset by
$11.1 million after-tax increase from the prior year quarter in interest expense associated with higher outstanding debt balances.
Full Year 2023 Results
The Company's 2023 net income was
The following items impacted the comparability of the Company's full year net income from continuing operations:
$112.4 million decrease in after-tax gains on property sales; and$9.2 million after-tax benefit related to our equity portion of the non-cash change in fair value ofRivers Des Plaines' interest rate swap that did not recur in 2023.
Partially offset by:
$16 .6 million after-tax decrease in transaction, pre-opening, and other expenses;$10 .1 million after-tax decrease in non-cash asset impairments; and$3.1 million decrease of other charges.
Excluding these items, 2023 adjusted net income increased
$197 .1 million after-tax increase primarily driven by the results of our operations;- Partially offset by a
$127 .4 million after-tax increase in interest expense associated with higher outstanding debt balances.
Conference Call
A conference call regarding this news release is scheduled for
Use of Non-GAAP Measures
In addition to the results provided in accordance with GAAP, the Company also uses non-GAAP measures, including adjusted net income, adjusted diluted EPS, EBITDA (earnings before interest, taxes, depreciation and amortization), and Adjusted EBITDA.
The Company uses non-GAAP measures as a key performance measure of the results of operations for purposes of evaluating performance internally. These measures facilitate comparison of operating performance between periods and help investors to better understand the operating results of the Company by excluding certain items that may not be indicative of the Company's core business or operating results. The Company believes the use of these measures enables management and investors to evaluate and compare, from period to period, the Company’s operating performance in a meaningful and consistent manner. The non-GAAP measures are a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP, and should not be considered as an alternative to, or more meaningful than, net income or diluted EPS (as determined in accordance with GAAP) as a measure of our operating results.
We use Adjusted EBITDA to evaluate segment performance, develop strategy, and allocate resources. We utilize the Adjusted EBITDA metric to provide a more accurate measure of our core operating results and enable management and investors to evaluate and compare from period to period our operating performance in a meaningful and consistent manner. Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure provided in accordance with GAAP. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited.
Adjusted net income and adjusted diluted EPS exclude discontinued operations net income or loss; net income or loss attributable to noncontrolling interest; changes in fair value for interest rate swaps related to
Adjusted EBITDA includes our portion of EBITDA from our equity investments.
Adjusted EBITDA excludes:
- Transaction expense, net which includes:
- Acquisition, disposition, and property sale related charges;
- Direct online Sports and Casino business exit costs; and
- Other transaction expense, including legal, accounting, and other deal-related expense;
- Stock-based compensation expense;
Rivers Des Plaines' impact on our investments in unconsolidated affiliates from:- The impact of changes in fair value of interest rate swaps; and
- Legal reserves and transaction costs;
- Asset impairments;
- Gain on property and asset sales;
- Legal reserves;
- Pre-opening expense; and
- Other charges, recoveries, and expenses.
On
As of
For segment reporting, Adjusted EBITDA includes intercompany revenue and expense totals that are eliminated in the Consolidated Statements of Comprehensive Income. See the Reconciliation of Comprehensive Income to Adjusted EBITDA included herewith for additional information.
About
This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” “scheduled,” and similar words or similar expressions (or negative versions of such words or expressions).
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; additional or increased taxes and fees; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, including possible new variants of COVID-19, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires sports betting business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigation; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the
We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited except year ended 2023 and 2022 amounts) | |||||||||||||||
Three Months Ended | Years Ended | ||||||||||||||
(in millions, except per common share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Net revenue: | |||||||||||||||
Live and | $ | 228.4 | $ | 175.4 | $ | 1,047.3 | $ | 614.6 | |||||||
TwinSpires | 104.2 | 93.1 | 444.9 | 436.4 | |||||||||||
Gaming | 228.4 | 210.9 | 968.6 | 755.9 | |||||||||||
All Other | 0.2 | 0.7 | 0.9 | 2.9 | |||||||||||
Total net revenue | 561.2 | 480.1 | 2,461.7 | 1,809.8 | |||||||||||
Operating expense: | |||||||||||||||
Live and | 156.5 | 131.7 | 662.2 | 400.9 | |||||||||||
TwinSpires | 68.4 | 64.0 | 288.2 | 293.6 | |||||||||||
Gaming | 171.7 | 150.9 | 700.0 | 537.9 | |||||||||||
All Other | 3.6 | 2.2 | 15.6 | 11.0 | |||||||||||
Selling, general and administrative expense | 51.7 | 51.5 | 202.3 | 164.2 | |||||||||||
Asset impairments | 0.1 | 33.4 | 24.6 | 38.3 | |||||||||||
Transaction expense, net | 3.0 | 34.7 | 4.8 | 42.1 | |||||||||||
Total operating expense | 455.0 | 468.4 | 1,897.7 | 1,488.0 | |||||||||||
Operating income | 106.2 | 11.7 | 564.0 | 321.8 | |||||||||||
Other (expense) income: | |||||||||||||||
Interest expense, net | (70.6 | ) | (54.7 | ) | (268.4 | ) | (147.3 | ) | |||||||
Equity in income of unconsolidated affiliates | 35.9 | 37.3 | 146.3 | 152.7 | |||||||||||
Gain on the sale of assets | — | — | 114.0 | 274.6 | |||||||||||
Miscellaneous, net | 0.4 | 2.6 | 5.9 | 7.0 | |||||||||||
Total other (expense) income | (34.3 | ) | (14.8 | ) | (2.2 | ) | 287.0 | ||||||||
Income before provision for income taxes | 71.9 | (3.1 | ) | 561.8 | 608.8 | ||||||||||
Income tax (provision) benefit | (14.3 | ) | 4.1 | (144.5 | ) | (169.4 | ) | ||||||||
Net income | $ | 57.6 | $ | 1.0 | $ | 417.3 | $ | 439.4 | |||||||
Net income per common share - basic | $ | 0.77 | $ | 0.01 | $ | 5.55 | $ | 5.79 | |||||||
Net income per common share - diluted | $ | 0.76 | $ | 0.01 | $ | 5.49 | $ | 5.71 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 75.1 | 75.2 | 75.2 | 75.9 | |||||||||||
Diluted | 75.8 | 76.3 | 76.1 | 77.0 | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(in millions) | 2023 | 2022 | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 144.5 | $ | 129.8 | |||
Restricted cash | 77.3 | 74.9 | |||||
Accounts receivable, net | 106.9 | 81.5 | |||||
Income taxes receivable | 12.6 | 14.0 | |||||
Other current assets | 59.5 | 44.3 | |||||
Total current assets | 400.8 | 344.5 | |||||
Property and equipment, net | 2,561.2 | 1,978.3 | |||||
Investment in and advances to unconsolidated affiliates | 655.9 | 659.4 | |||||
899.9 | 723.8 | ||||||
Other intangible assets, net | 2,418.4 | 2,391.8 | |||||
Other assets | 19.3 | 27.0 | |||||
Long-term assets held for sale | — | 82.0 | |||||
Total assets | $ | 6,955.5 | $ | 6,206.8 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 158.5 | $ | 145.5 | |||
Accrued expenses and other current liabilities | 426.8 | 363.1 | |||||
Current deferred revenue | 73.2 | 39.0 | |||||
Current maturities of long-term debt | 68.0 | 47.0 | |||||
Dividends payable | 29.3 | 27.0 | |||||
Total current liabilities | 755.8 | 621.6 | |||||
Long-term debt (net of current maturities and loan origination fees of | 1,697.1 | 2,081.6 | |||||
Notes payable (net of debt issuance costs of | 3,071.2 | 2,477.1 | |||||
Non-current deferred revenue | 11.8 | 11.8 | |||||
Deferred income taxes | 388.2 | 340.8 | |||||
Other liabilities | 137.8 | 122.4 | |||||
Total liabilities | 6,061.9 | 5,655.3 | |||||
Commitments and contingencies | |||||||
Shareholders' equity: | |||||||
Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding | — | — | |||||
Common stock, no par value; 300.0 shares authorized; 74.5 shares issued and outstanding | — | — | |||||
Retained earnings | 894.5 | 552.4 | |||||
Accumulated other comprehensive loss | (0.9 | ) | (0.9 | ) | |||
Total shareholders' equity | 893.6 | 551.5 | |||||
Total liabilities and shareholders' equity | $ | 6,955.5 | $ | 6,206.8 |
CONSOLIDATED STATEMENTS OF CASH FLOWS for the years ended | |||||||
(in millions) | 2023 | 2022 | |||||
Cash flows from operating activities: | |||||||
Net income | $ | 417.3 | $ | 439.4 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 169.0 | 113.7 | |||||
Equity in income of unconsolidated affiliates | (146.3 | ) | (152.7 | ) | |||
Distributions from unconsolidated affiliates | 155.1 | 156.9 | |||||
Stock-based compensation | 32.9 | 31.8 | |||||
Deferred income taxes | 47.4 | 108.7 | |||||
Asset impairments | 24.6 | 38.3 | |||||
Amortization of operating lease assets | 6.2 | 5.3 | |||||
Gain on sale of assets | (114.0 | ) | (274.6 | ) | |||
Other | 5.4 | 7.4 | |||||
Changes in operating assets and liabilities, net of businesses acquired and dispositions: | |||||||
Income taxes | (1.1 | ) | 28.2 | ||||
Deferred revenue | 34.2 | (12.7 | ) | ||||
Other assets and liabilities | (25.4 | ) | 21.1 | ||||
Net cash provided by operating activities | 605.3 | 510.8 | |||||
Cash flows from investing activities: | |||||||
Capital maintenance expenditures | (77.7 | ) | (50.2 | ) | |||
Capital project expenditures | (598.8 | ) | (373.3 | ) | |||
Acquisition of businesses, net of cash acquired | (241.3 | ) | (2,918.5 | ) | |||
Acquisition of gaming rights, net of cash acquired | — | (33.3 | ) | ||||
Proceeds from sale of assets | 195.7 | 279.0 | |||||
Other | 4.1 | (7.4 | ) | ||||
Net cash used in investing activities | (718.0 | ) | (3,103.7 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from borrowings under long-term debt obligations | 1,771.1 | 2,862.4 | |||||
Repayments of borrowings under long-term debt obligations | (1,536.0 | ) | (205.4 | ) | |||
Payment of dividends | (27.1 | ) | (26.0 | ) | |||
Repurchase of common stock | (55.9 | ) | (174.9 | ) | |||
Taxes paid related to net share settlement of stock awards | (25.5 | ) | (28.4 | ) | |||
Proceeds from pending equity transaction | 14.4 | — | |||||
Debt issuance costs | (13.0 | ) | (27.3 | ) | |||
Change in bank overdraft | 2.0 | 13.3 | |||||
Other | (0.7 | ) | 2.3 | ||||
Net cash provided by financing activities | 129.3 | 2,416.0 | |||||
Cash flows from discontinued operations: | |||||||
Operating cash flows of discontinued operations | 0.5 | 26.0 | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 17.1 | (150.9 | ) | ||||
Cash, cash equivalents and restricted cash, beginning of year | 204.7 | 355.6 | |||||
Cash, cash equivalents and restricted cash, end of year | $ | 221.8 | $ | 204.7 |
SUPPLEMENTAL INFORMATION (unaudited) | |||||||||||||||
Three Months Ended | Years Ended | ||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||
GAAP net income | $ | 57.6 | $ | 1.0 | $ | 417.3 | $ | 439.4 | |||||||
Adjustments, continuing operations: | |||||||||||||||
Changes in fair value of interest rate swaps related to | — | — | — | (12.6 | ) | ||||||||||
Legal reserves and transaction costs related to | — | — | — | 0.6 | |||||||||||
Other charges | 2.4 | — | 2.4 | 1.0 | |||||||||||
Transaction, pre-opening and other expense | 9.6 | 40.7 | 39.8 | 62.7 | |||||||||||
Legal reserves | (1.2 | ) | 0.6 | (1.2 | ) | 3.8 | |||||||||
Asset impairments | 0.1 | 33.4 | 24.6 | 38.3 | |||||||||||
Gain on sale of assets | — | — | (114.0 | ) | (274.6 | ) | |||||||||
Income tax impact on net income adjustments(a) | (3.1 | ) | (19.9 | ) | 10.6 | 51.2 | |||||||||
Total adjustments | 7.8 | 54.8 | (37.8 | ) | (129.6 | ) | |||||||||
Adjusted net income | $ | 65.4 | $ | 55.8 | $ | 379.5 | $ | 309.8 | |||||||
Adjusted diluted EPS | $ | 0.86 | $ | 0.73 | $ | 4.99 | $ | 4.02 | |||||||
Weighted average shares outstanding - Diluted | 75.8 | 76.3 | 76.1 | 77.0 |
(a) | The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. |
Three Months Ended | Years Ended | ||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||
Total Handle | |||||||
439.1 | 431.0 | 1,991.9 | 1,958.6 |
SUPPLEMENTAL INFORMATION (unaudited except year ended 2023 and 2022 amounts) | |||||||||||||||
Three Months Ended | Years Ended | ||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Net revenue from external customers: | |||||||||||||||
Live and | |||||||||||||||
$ | 14.5 | $ | 14.2 | $ | 205.8 | $ | 196.8 | ||||||||
50.8 | 41.4 | 189.0 | 169.9 | ||||||||||||
22.7 | 16.9 | 85.8 | 46.1 | ||||||||||||
36.1 | 33.6 | 147.8 | 131.4 | ||||||||||||
6.0 | 4.3 | 31.8 | 4.5 | ||||||||||||
95.0 | 62.4 | 375.4 | 62.4 | ||||||||||||
3.3 | 2.6 | 11.7 | 3.5 | ||||||||||||
Total Live and | 228.4 | 175.4 | 1,047.3 | 614.6 | |||||||||||
TwinSpires: | 104.2 | 93.1 | 444.9 | 436.4 | |||||||||||
Gaming: | |||||||||||||||
24.2 | 25.0 | 100.7 | 106.2 | ||||||||||||
23.5 | 15.6 | 96.0 | 15.6 | ||||||||||||
35.5 | 33.6 | 145.6 | 140.8 | ||||||||||||
26.0 | 26.6 | 114.1 | 114.4 | ||||||||||||
24.0 | 23.3 | 106.9 | 105.3 | ||||||||||||
23.4 | 23.8 | 100.9 | 101.8 | ||||||||||||
45.2 | 30.9 | 180.5 | 30.9 | ||||||||||||
26.6 | 32.1 | 123.9 | 140.9 | ||||||||||||
Total Gaming | 228.4 | 210.9 | 968.6 | 755.9 | |||||||||||
All Other | 0.2 | 0.7 | 0.9 | 2.9 | |||||||||||
Net revenue from external customers | $ | 561.2 | $ | 480.1 | $ | 2,461.7 | $ | 1,809.8 | |||||||
Intercompany net revenues: | |||||||||||||||
Live and | $ | 6.9 | $ | 5.5 | $ | 37.3 | $ | 31.8 | |||||||
TwinSpires | 6.5 | 1.2 | 13.5 | 5.2 | |||||||||||
Gaming | 1.8 | 1.3 | 6.0 | 5.9 | |||||||||||
All Other | — | 0.4 | — | 0.4 | |||||||||||
Eliminations | (15.2 | ) | (8.4 | ) | (56.8 | ) | (43.3 | ) | |||||||
Intercompany net revenue | $ | — | $ | — | $ | — | $ | — |
SUPPLEMENTAL INFORMATION (unaudited except year ended 2023 and 2022 amounts) | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
(in millions) | Live and | TwinSpires | Gaming | Total Segments | All Other | Total | |||||||||||||||||
Net revenue from external customers | |||||||||||||||||||||||
Pari-mutuel: | |||||||||||||||||||||||
Live and simulcast racing | $ | 14.7 | $ | 76.5 | $ | 6.7 | $ | 97.9 | $ | — | $ | 97.9 | |||||||||||
Historical racing(a) | 189.8 | — | 8.1 | 197.9 | — | 197.9 | |||||||||||||||||
Racing event-related services | 4.9 | — | 1.6 | 6.5 | — | 6.5 | |||||||||||||||||
Gaming(a) | 3.2 | 6.4 | 188.1 | 197.7 | — | 197.7 | |||||||||||||||||
Other(a) | 15.8 | 21.3 | 23.9 | 61.0 | 0.2 | 61.2 | |||||||||||||||||
Total | $ | 228.4 | $ | 104.2 | $ | 228.4 | $ | 561.0 | $ | 0.2 | $ | 561.2 |
Three Months Ended | |||||||||||||||||||||||
(in millions) | Live and | TwinSpires | Gaming | Total Segments | All Other | Total | |||||||||||||||||
Net revenue from external customers | |||||||||||||||||||||||
Pari-mutuel: | |||||||||||||||||||||||
Live and simulcast racing | $ | 12.9 | $ | 76.5 | $ | 6.1 | $ | 95.5 | $ | — | $ | 95.5 | |||||||||||
Historical racing(a) | 143.4 | — | 5.0 | 148.4 | — | 148.4 | |||||||||||||||||
Racing event-related services | 4.4 | — | 1.1 | 5.5 | — | 5.5 | |||||||||||||||||
Gaming(a) | 2.6 | 6.4 | 177.8 | 186.8 | — | 186.8 | |||||||||||||||||
Other(a) | 12.1 | 10.2 | 20.9 | 43.2 | 0.7 | 43.9 | |||||||||||||||||
Total | $ | 175.4 | $ | 93.1 | $ | 210.9 | $ | 479.4 | $ | 0.7 | $ | 480.1 |
(a) | Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the estimated standalone selling prices in Other revenue with a corresponding offset recorded as a reduction in historical racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were |
SUPPLEMENTAL INFORMATION (unaudited except year ended 2023 and 2022 amounts) | |||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||
(in millions) | Live and | TwinSpires | Gaming | Total Segments | All Other | Total | |||||||||||||||||
Net revenue from external customers | |||||||||||||||||||||||
Pari-mutuel: | |||||||||||||||||||||||
Live and simulcast racing | $ | 81.9 | $ | 359.7 | $ | 26.6 | $ | 468.2 | $ | — | $ | 468.2 | |||||||||||
Historical racing(a) | 739.1 | — | 28.6 | 767.7 | — | 767.7 | |||||||||||||||||
Racing event-related services | 145.9 | — | 6.4 | 152.3 | — | 152.3 | |||||||||||||||||
Gaming(a) | 11.4 | 17.3 | 803.5 | 832.2 | — | 832.2 | |||||||||||||||||
Other(a) | 69.0 | 67.9 | 103.5 | 240.4 | 0.9 | 241.3 | |||||||||||||||||
Total | $ | 1,047.3 | $ | 444.9 | $ | 968.6 | $ | 2,460.8 | $ | 0.9 | $ | 2,461.7 |
Year Ended | |||||||||||||||||||||||
(in millions) | Live and | TwinSpires | Gaming | Total Segments | All Other | Total | |||||||||||||||||
Net revenue from external customers | |||||||||||||||||||||||
Pari-mutuel: | |||||||||||||||||||||||
Live and simulcast racing | $ | 66.8 | $ | 367.4 | $ | 28.1 | $ | 462.3 | $ | — | $ | 462.3 | |||||||||||
Historical racing(a) | 374.1 | — | 9.8 | 383.9 | — | 383.9 | |||||||||||||||||
Racing event-related services | 129.8 | — | 1.8 | 131.6 | — | 131.6 | |||||||||||||||||
Gaming(a) | 3.5 | 28.2 | 647.4 | 679.1 | — | 679.1 | |||||||||||||||||
Other(a) | 40.4 | 40.8 | 68.8 | 150.0 | 2.9 | 152.9 | |||||||||||||||||
Total | $ | 614.6 | $ | 436.4 | $ | 755.9 | $ | 1,806.9 | $ | 2.9 | $ | 1,809.8 |
(a) | Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the estimated standalone selling prices in Other revenue with a corresponding offset recorded as a reduction in historical racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were |
SUPPLEMENTAL INFORMATION (unaudited except year ended 2023 and 2022 amounts) | ||||||||||||||||||||||||||||
Adjusted EBITDA by segment is comprised of the following: | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
(in millions) | Live and | TwinSpires | Gaming | Total Segments | All Other(a) | Eliminations | Total | |||||||||||||||||||||
Revenue | $ | 235.3 | $ | 110.6 | $ | 230.2 | $ | 576.1 | $ | 0.2 | $ | (15.1 | ) | $ | 561.2 | |||||||||||||
Gaming taxes and purses | (63.8 | ) | (4.8 | ) | (76.1 | ) | (144.7 | ) | — | — | (144.7 | ) | ||||||||||||||||
Marketing and advertising | (9.7 | ) | (1.8 | ) | (8.9 | ) | (20.4 | ) | 0.1 | (0.1 | ) | (20.4 | ) | |||||||||||||||
Salaries and benefits | (27.0 | ) | (8.6 | ) | (36.8 | ) | (72.4 | ) | — | — | (72.4 | ) | ||||||||||||||||
Content expenses | (1.4 | ) | (44.0 | ) | (1.9 | ) | (47.3 | ) | — | 9.7 | (37.6 | ) | ||||||||||||||||
Selling, general, and administrative expense | (8.5 | ) | (4.3 | ) | (10.3 | ) | (23.1 | ) | (18.1 | ) | 0.5 | (40.7 | ) | |||||||||||||||
Maintenance, insurance and utilities | (11.4 | ) | (1.2 | ) | (10.3 | ) | (22.9 | ) | (0.1 | ) | — | (23.0 | ) | |||||||||||||||
Property and other taxes | (1.6 | ) | (1.1 | ) | (3.6 | ) | (6.3 | ) | (0.1 | ) | — | (6.4 | ) | |||||||||||||||
Other operating expense | (23.2 | ) | (9.8 | ) | (17.7 | ) | (50.7 | ) | (0.1 | ) | 5.0 | (45.8 | ) | |||||||||||||||
Other income | 0.2 | (0.1 | ) | 48.8 | 48.9 | — | — | 48.9 | ||||||||||||||||||||
Adjusted EBITDA | $ | 88.9 | $ | 34.9 | $ | 113.4 | $ | 237.2 | $ | (18.1 | ) | $ | — | $ | 219.1 |
Three Months Ended | |||||||||||||||||||||||||||
(in millions) | Live and | TwinSpires | Gaming | Total Segments | All Other(a) | Eliminations | Total | ||||||||||||||||||||
Revenue | $ | 180.9 | $ | 94.3 | $ | 212.2 | $ | 487.4 | $ | 0.4 | $ | (8.4 | ) | $ | 479.4 | ||||||||||||
Gaming taxes and purses | (50.6 | ) | (5.7 | ) | (72.0 | ) | (128.3 | ) | — | — | (128.3 | ) | |||||||||||||||
Marketing and advertising | (6.9 | ) | (1.6 | ) | (7.6 | ) | (16.1 | ) | — | 0.2 | (15.9 | ) | |||||||||||||||
Salaries and benefits | (20.3 | ) | (6.9 | ) | (30.7 | ) | (57.9 | ) | — | — | (57.9 | ) | |||||||||||||||
Content expenses | (1.2 | ) | (42.8 | ) | (1.9 | ) | (45.9 | ) | — | 7.7 | (38.2 | ) | |||||||||||||||
Selling, general, and administrative expense | (8.9 | ) | (1.8 | ) | (10.9 | ) | (21.6 | ) | (18.2 | ) | 0.2 | (39.6 | ) | ||||||||||||||
Maintenance, insurance and utilities | (8.9 | ) | (0.9 | ) | (10.0 | ) | (19.8 | ) | (0.1 | ) | — | (19.9 | ) | ||||||||||||||
Property and other taxes | (0.9 | ) | (0.1 | ) | (3.0 | ) | (4.0 | ) | — | — | (4.0 | ) | |||||||||||||||
Other operating expense | (22.1 | ) | (9.6 | ) | (14.6 | ) | (46.3 | ) | — | 0.3 | (46.0 | ) | |||||||||||||||
Other income | 0.1 | 0.1 | 50.9 | 51.1 | — | — | 51.1 | ||||||||||||||||||||
Adjusted EBITDA | $ | 61.2 | $ | 25.0 | $ | 112.4 | $ | 198.6 | $ | (17.9 | ) | $ | — | $ | 180.7 |
(a) | The revenue and expenses associated with the Adjusted EBITDA for All Other excludes the results of |
SUPPLEMENTAL INFORMATION (unaudited except year ended 2023 and 2022 amounts) | |||||||||||||||||||||||||||
Adjusted EBITDA by segment is comprised of the following: | |||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||
(in millions) | Live and | TwinSpires | Gaming | Total Segments | All Other(a) | Eliminations | Total | ||||||||||||||||||||
Revenue | $ | 1,084.6 | $ | 458.4 | $ | 974.6 | $ | 2,517.6 | $ | 0.9 | $ | (56.8 | ) | $ | 2,461.7 | ||||||||||||
Gaming taxes and purses | (267.7 | ) | (22.6 | ) | (322.8 | ) | (613.1 | ) | — | — | (613.1 | ) | |||||||||||||||
Marketing and advertising | (37.6 | ) | (9.8 | ) | (35.4 | ) | (82.8 | ) | (0.1 | ) | 0.2 | (82.7 | ) | ||||||||||||||
Salaries and benefits | (107.0 | ) | (29.3 | ) | (146.0 | ) | (282.3 | ) | — | — | (282.3 | ) | |||||||||||||||
Content expenses | (6.5 | ) | (205.1 | ) | (8.8 | ) | (220.4 | ) | — | 47.4 | (173.0 | ) | |||||||||||||||
Selling, general, and administrative expense | (31.9 | ) | (12.4 | ) | (42.7 | ) | (87.0 | ) | (72.2 | ) | 1.4 | (157.8 | ) | ||||||||||||||
Maintenance, insurance and utilities | (43.2 | ) | (3.8 | ) | (40.0 | ) | (87.0 | ) | (0.4 | ) | — | (87.4 | ) | ||||||||||||||
Property and other taxes | (6.0 | ) | (0.2 | ) | (13.5 | ) | (19.7 | ) | (0.4 | ) | — | (20.1 | ) | ||||||||||||||
Other operating expense | (110.6 | ) | (44.1 | ) | (70.2 | ) | (224.9 | ) | — | 7.8 | (217.1 | ) | |||||||||||||||
Other income | 1.3 | 1.0 | 193.4 | 195.7 | — | — | 195.7 | ||||||||||||||||||||
Adjusted EBITDA | $ | 475.4 | $ | 132.1 | $ | 488.6 | $ | 1,096.1 | $ | (72.2 | ) | $ | — | $ | 1,023.9 |
Year Ended | |||||||||||||||||||||||||||
(in millions) | Live and | TwinSpires | Gaming | Total Segments | All Other(a) | Eliminations | Total | ||||||||||||||||||||
Revenue | $ | 646.4 | $ | 441.6 | $ | 761.8 | $ | 1,849.8 | $ | 0.8 | $ | (43.3 | ) | $ | 1,807.3 | ||||||||||||
Gaming taxes and purses | (168.6 | ) | (27.0 | ) | (278.1 | ) | (473.7 | ) | — | — | (473.7 | ) | |||||||||||||||
Marketing and advertising | (19.8 | ) | (13.0 | ) | (18.9 | ) | (51.7 | ) | (0.2 | ) | 0.2 | (51.7 | ) | ||||||||||||||
Salaries and benefits | (63.4 | ) | (26.8 | ) | (102.7 | ) | (192.9 | ) | — | — | (192.9 | ) | |||||||||||||||
Content expenses | (3.4 | ) | (203.3 | ) | (8.3 | ) | (215.0 | ) | — | 41.4 | (173.6 | ) | |||||||||||||||
Selling, general, and administrative expense | (18.6 | ) | (9.7 | ) | (31.3 | ) | (59.6 | ) | (60.1 | ) | 1.3 | (118.4 | ) | ||||||||||||||
Maintenance, insurance and utilities | (24.3 | ) | (3.0 | ) | (31.1 | ) | (58.4 | ) | (0.4 | ) | — | (58.8 | ) | ||||||||||||||
Property and other taxes | (2.6 | ) | (0.2 | ) | (10.5 | ) | (13.3 | ) | (0.1 | ) | — | (13.4 | ) | ||||||||||||||
Other operating expense | (58.6 | ) | (44.6 | ) | (49.9 | ) | (153.1 | ) | — | 0.4 | (152.7 | ) | |||||||||||||||
Other income | 0.4 | 0.1 | 190.9 | 191.4 | 0.1 | — | 191.5 | ||||||||||||||||||||
Adjusted EBITDA | $ | 287.5 | $ | 114.1 | $ | 421.9 | $ | 823.5 | $ | (59.9 | ) | $ | — | $ | 763.6 |
(a) | The revenue and expenses associated with the Adjusted EBITDA for All Other excludes the results of |
SUPPLEMENTAL INFORMATION (unaudited except year ended 2023 and 2022 amounts) | |||||||||||||||
Three Months Ended | Years Ended | ||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Net income and comprehensive income | $ | 57.6 | $ | 1.0 | $ | 417.3 | $ | 439.4 | |||||||
Additions: | |||||||||||||||
Depreciation and amortization | 47.2 | 35.0 | 169.0 | 113.7 | |||||||||||
Interest expense | 70.6 | 54.7 | 268.4 | 147.3 | |||||||||||
Income tax provision | 14.3 | (4.1 | ) | 144.5 | 169.4 | ||||||||||
EBITDA | $ | 189.7 | $ | 86.6 | $ | 999.2 | $ | 869.8 | |||||||
Adjustments to EBITDA: | |||||||||||||||
Stock-based compensation expense | $ | 8.1 | $ | 8.3 | $ | 32.9 | $ | 31.8 | |||||||
Legal reserves | (1.2 | ) | 0.6 | (1.2 | ) | 3.8 | |||||||||
Pre-opening expense | 7.2 | 4.3 | 18.6 | 13.2 | |||||||||||
— | — | 9.4 | 5.7 | ||||||||||||
Other expense, net | (0.6 | ) | 1.7 | 7.0 | 1.7 | ||||||||||
Transaction expense, net | 3.0 | 34.7 | 4.8 | 42.1 | |||||||||||
Asset impairments | 0.1 | 33.4 | 24.6 | 38.3 | |||||||||||
Other income, expense: | |||||||||||||||
Interest, depreciation and amortization expense related to equity investments | 10.4 | 11.1 | 40.2 | 42.8 | |||||||||||
Changes in fair value of | — | — | — | (12.6 | ) | ||||||||||
— | — | — | 0.6 | ||||||||||||
Other charges and recoveries, net | 2.4 | — | 2.4 | 1.0 | |||||||||||
Gain on the sale of assets | — | — | (114.0 | ) | (274.6 | ) | |||||||||
Total adjustments to EBITDA | 29.4 | 94.1 | 24.7 | (106.2 | ) | ||||||||||
Adjusted EBITDA | $ | 219.1 | $ | 180.7 | $ | 1,023.9 | $ | 763.6 |
Adjusted EBITDA by segment: | |||||||||||||||
Live and | $ | 88.9 | $ | 61.2 | $ | 475.4 | $ | 287.5 | |||||||
TwinSpires | 34.9 | 25.0 | 132.1 | 114.1 | |||||||||||
Gaming | 113.4 | 112.4 | 488.6 | 421.9 | |||||||||||
Total segment Adjusted EBITDA | 237.2 | 198.6 | 1,096.1 | 823.5 | |||||||||||
All Other | (18.1 | ) | (17.9 | ) | (72.2 | ) | (59.9 | ) | |||||||
Total Adjusted EBITDA | $ | 219.1 | $ | 180.7 | $ | 1,023.9 | $ | 763.6 |
SUPPLEMENTAL JOINT VENTURE FINANCIAL STATEMENTS (Unaudited) | |||||||||||||||
Summarized financial information for our equity investments is comprised of the following: | |||||||||||||||
Three Months Ended | Years Ended | ||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Net revenue | $ | 216.6 | $ | 212.2 | $ | 864.8 | $ | 825.5 | |||||||
Operating and SG&A expense | 132.2 | 128.7 | 534.0 | 509.1 | |||||||||||
Depreciation and amortization | 6.3 | 8.3 | 23.8 | 25.8 | |||||||||||
Operating income | 78.1 | 75.2 | 307.0 | 290.6 | |||||||||||
Interest and other expense, net | (11.2 | ) | (11.0 | ) | (43.9 | ) | (24.8 | ) | |||||||
Net income | $ | 66.9 | $ | 64.2 | $ | 263.1 | $ | 265.8 |
(in millions) | 2023 | 2022 | |||||
Assets | |||||||
Current assets | $ | 104.8 | $ | 91.0 | |||
Property and equipment, net | 339.4 | 345.7 | |||||
Other assets, net | 266.1 | 265.0 | |||||
Total assets | $ | 710.3 | $ | 701.7 | |||
Liabilities and Members' Deficit | |||||||
Current liabilities | $ | 106.2 | $ | 97.9 | |||
Long-term debt | 847.2 | 838.6 | |||||
Other liabilities | 0.7 | 0.2 | |||||
Members' deficit | (243.8 | ) | (235.0 | ) | |||
Total liabilities and members' deficit | $ | 710.3 | $ | 701.7 |
PLANNED CAPITAL PROJECTS (Unaudited) | ||||
Planned capital projects for the Company are as follows: | ||||
(in millions) | Project | Target Completion | Planned Spend | |
Live and Historical Racing Segment | ||||
( | ||||
Jockey Club Suites | ||||
The Rose ( | Property Build Out | Late Third Quarter 2024 | ||
( | Property Build Out | First Quarter 2025 | ||
New Hampshire HRM Facility | Property Build Out | TBD | TBD | |
Gaming Segment | ||||
Property Build Out (Casino) | Up to | |||
Property Build Out (Hotel) |
Contact:
(502) 394-1091
Kaitlin.Buzzetto@kyderby.com
Source:
2024 GlobeNewswire, Inc., source