Despite achieving record-breaking earnings, the CEO of Churchill Downs remains optimistic about the possibility of further growth.
Churchill Downs Unveils Growth Strategy for Q2 2025
Churchill Downs, the iconic racetrack and entertainment venue, has announced a comprehensive growth strategy for the second quarter of 2025. The strategy, outlined by CEO Bill Carstanjen, aims to expand the company's reach in ticketing, broadcast rights, wagering, sponsorships, and continued renovation and expansion.
The key elements of the strategy include:
- Ticketing and Attendance: Churchill Downs plans to increase on-site attendance, particularly for large events like the Kentucky Derby. This move is expected to strengthen the company's national and global reach, thereby enhancing ticket revenue.
- Broadcast Rights: The company aims to expand its broadcast and media exposure both nationally and globally. This initiative is designed to increase audience engagement beyond live attendees, supporting the growth of sponsorships and advertising.
- Wagering Services: Churchill Downs will focus on growing its Wagering Services and Solutions segment, which contributed significantly to revenue in Q2 2025. The company plans to leverage digital and historical racing wagering innovations to boost its market share.
- Sponsorships: Enhancing sponsorship deals, especially around flagship events such as the Kentucky Derby, is a key part of the strategy. The company expects to see continued growth in sponsorship revenue as the reach and prominence of these events expand.
- Renovation and Expansion: Churchill Downs will invest in planned developments and expansions at its physical venues to improve the customer experience, support higher attendance, and diversify revenue streams over the long term.
These initiatives have contributed to a record revenue of $934.4 million in Q2 2025, a 5% increase from the previous year. Net income also strengthened by 3.5% year-over-year during this period.
In other news, the Kentucky Oaks will have prime-time coverage on NBC for the first time in 2026. Carstanjen expressed optimism about this development, believing it will lead to increased viewership and wagering.
Regarding the company's recently-purchased Casino Salem in New Hampshire, Carstanjen has remained tight-lipped, stating he would have more to say when the deal is closed. However, he did express optimism about the market around Casino Salem, seeing potential to tap into both New Hampshire and Massachusetts suburbs for Boston.
Carstanjen also addressed concerns about prediction markets using Churchill Downs' horseracing products. He stated that while he is on the board of the American Gaming Association's executive committee and has been following the discussion about prediction markets, he does not view them as a concern for Churchill Downs' parimutuel horse racing wagering at this time.
In conclusion, Churchill Downs' growth strategy for Q2 2025 is a multi-faceted approach designed to capitalise on the company's existing strengths while expanding into new areas. The strategy's success is already evident in the record revenue achieved in Q2 2025.
- Churchill Downs' finance department is anticipating a boost in revenue from the expansion of its sports wagering services, which is expected to increase the company's market share.
- In addition to focus on the business side, Churchill Downs also aims to establish stronger ties within the sports industry, as evidenced by the prime-time coverage of the Kentucky Oaks on NBC in 2026.
