Churchill Downs (NASDAQ: CHND) has announced plans to invest $80 to $90 million in renovating the grandstand at its renowned Kentucky racetrack.
The construction of the Grandstand Club and Pavilion will begin next month, with the enhancements expected to be completed before the 2025 Kentucky Derby. This announcement coincides with the gaming company’s second-quarter earnings release.
The first floor of the Grandstand Club will include bars, betting windows, and permanent concessions.
Ongoing Improvements at Churchill Downs
Churchill Downs has already invested in upgrading its iconic venue, adding new amenities such as a new paddock. These enhancements have boosted attendance and revenue for the first leg of the Triple Crown.
The grandstand and pavilion renovations are anticipated to drive EBITDA and revenue for Churchill, especially during the busy Derby Week next May.
Churchill Downs Q2 Earnings Review
For the April through June period, Churchill Downs reported adjusted EBITDA of $444.8 million on revenue of $890.07 million, surpassing analysts’ estimates by 9% and 4%, respectively. EBITDA margins were 49.9%.
“Based on results and commentary, we believe key upside drivers included impressive initial results at Terre Haute, lower racing costs, and ramping contributions from TwinSpires strategic ADW partnerships,” wrote Stifel analyst Jeffrey Stantial in a report.
Churchill repurchased $13 million worth of its stock during the quarter and has
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