Churchill Downs Q3 revenue $383.1M, adj EBITDA record $163.2M; closes Ellis Park buy, $2.75B P2E deal pending

Churchill Downs Inc

Q3 net revenue $383.1M (down 2.5% YoY); net income $57.0M ($1.49 EPS) vs $61.4M ($1.57 EPS) in Q3 2021.
Record Q3 Adjusted EBITDA of $163.2M, up from $156.1M YoY; driven by Live & Historical Racing and TwinSpires segments.
Completed acquisitions of Chasers Poker Room (NH) for ~$150M total and Ellis Park (KY) for $79M cash; expects additional ~$75M investment.
Signed definitive $2.75B deal to acquire P2E assets (Colonial Downs, HRM venues, del Lago, Hard Rock Sioux City); expected close before end of 2022.
Annual dividend raised 7% to $0.714/share; repurchased 288,781 shares for $59M in Q3; $300.2M remaining.

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