Churchill Downs Incorporated (NASDAQ:CHDN) announced attendance of 150,335 Derby fans at Churchill Downs Racetrack for the running of the Kentucky Derby on Saturday.
The company also announced a record level of wagering of from all sources, which included the Kentucky Derby race, the Kentucky Derby Day program, and Kentucky Derby Week races.
Wagering from all sources on the Kentucky Derby Day program set a new record of $288.7M, beating last year’s record of $273.8M. All-sources wagering on the Kentucky Derby race was a new record of $188.7 million, beating the previous record of $179.0M set in 2022. All-sources handle for Derby Week rose to a new record of $412.0M to top last year’s record of $391.8M.
TwinSpires, the official betting partner of the Kentucky Derby, handled a new record of $73.6M in wagering on Churchill Downs races for the Kentucky Derby Day program, compared to last year’s record of $67.4M. TwinSpires’ handle on the Kentucky Derby race was a new record of $47.0M to beat last year’s record of $44.0M.
Churchill Downs CEO Bill Carstanjen said the company expects the Kentucky Derby Week adjusted EBITDA to be at a record level and $14M to $16M above last year’s tally.
Jefferies analyst David Katz said this year’s Derby demonstrates the event can continue to generate solid growth annually for CHDN. Katz expects shares to have a positive reaction on Monday to the Derby betting action. The firm has a Buy rating on the stock and price target of $330.
Keep an eye on DraftKings (DKNG) as well this week with the company’s sports betting app taking Derby bets for the first time across many states.
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