Churchill Downs posts strong Q1 earnings while rethinking Louisville expansion plans

Record profits meet strategic pivots: Churchill Downs abandons a hotel project but eyes fresh opportunities. What's next for the iconic racetrack?

, and Administrator

2026 May 5 . 5:02 AM

1 min read

The image shows a black and white drawing of a horse race at Jerome Park in New York City. There... — The image shows a black and white drawing of a horse race at Jerome Park in New York City. There are people riding horses on the ground, a building in the background, a fence, trees, and a sky with clouds. At the bottom of the image there is text.

Churchill Downs posts strong Q1 earnings while rethinking Louisville expansion plans

Churchill Downs Inc. has reported strong financial results for the first quarter of the year. The company earned net revenue of $324.3 million and a net income of $36.1 million. Meanwhile, plans for expansion in Louisville remain under discussion, though some projects have been dropped.

The company’s casino gaming operations performed well, bringing in an adjusted EBITDA of $82.4 million. TwinSpires, its online wagering platform, also saw success with net revenues of $93.1 million. Derby City Gaming, a historical horse racing venue, set a record with $32.9 million in net revenue for the quarter.

Churchill Downs had previously considered building a hotel at its historic racetrack. However, CEO Bill Carstanjen confirmed that those plans have now been abandoned. Instead, the company is focusing on a series of three upgrades to the track, set to be completed by 2024. Another potential project involves a satellite historical horse racing parlor in downtown Louisville. If approved, the facility would compete with Caesars Southern Indiana casino for customers. Company officials are still reviewing the proposal alongside other expansion options in the area.

With first-quarter profits rising and multiple projects in development, Churchill Downs continues to grow its gaming and racing operations. The decision to drop the hotel plan shifts focus to track improvements and possible new venues. Further announcements on expansion are expected as discussions progress.