Second-Highest Attendance in Track History as 167,227 Fans Watch Undefeated Nyquist Win the 142nd Kentucky Derby
LOUISVILLE, Ky., May 07, 2016 (GLOBE NEWSWIRE) — Nyquist added the 142nd Kentucky Derby Presented by Yum! Brands to his already impressive and perfect resume. Attendance of 167,227 was the second largest crowd in Derby history, just under the record of 170,513 in 2015.
Wagering from all-sources on the Kentucky Derby Day program was the second highest in history, totaling $192.6 million and only 1% off the record set in 2015. Wagering from all-sources on the Kentucky Derby race was $124.7 million, down 10% from 2015’s record, impacted by 2-1 prohibitive favorite, Nyquist.
On-track wagering on the Kentucky Derby Day program was up 2% to $23.5 million, just shy of the record $23.7 million in 2012. On-track wagering on the Kentucky Derby race totaled $11.3 million, a decrease of 6% from 2015.
Churchill Downs returned $151.8 million to bettors on the Kentucky Derby Day program. Additionally, purses earned from the Kentucky Derby Day program approximated $10.7 million that will be paid out to horsemen during the remainder of the 2016 race meets.
RACE COMMENTARY
“Congratulations to the connections of Nyquist on a very impressive performance to win the 142nd Kentucky Derby Presented by Yum! Brands,” said Kevin Flanery, President of Churchill Downs Racetrack. “We were excited to introduce our latest round of renovations and our investments in the facility continue to pay off as we strive to improve the fan experience every year. Thanks and congratulations to our horsemen, employees and volunteers that made this an amazing Derby and a phenomenal opening to our 2016 Spring Meet.”
BUSINESS COMMENTARY
“A special thanks to all of the fans of the Kentucky Derby around the world who once again made this an amazing spectacle,” said Bill Carstanjen, CEO of Churchill Downs Incorporated. “We expect another record Adjusted EBITDA and estimated growth of $4.5-to-$6.0 million over last year’s Kentucky Derby week.”
TWINSPIRES
TwinSpires, the country’s leading online and mobile betting platform and the official betting partner of the Kentucky Derby and the Breeders’ Cup World Championships, recorded $26.8 million in handle on Churchill Downs races for the Kentucky Derby Day program, an increase of 29% over the prior year. TwinSpires’ handle on just the Kentucky Derby race was $16.6 million, up 22% over 2015.
DERBY WEEK
All-sources handle for Opening Night, Saturday, April 30, through Derby Day, Saturday, May 7, rose to a new record of $266.8 million, up 1% from 2015’s previous record. Attendance for those five days was a record-breaking 376,980, up 3% from the previous record set in 2015.
DERBY WINNER
Nyquist, owned by Reddam Racing, LLC, and bred in Kentucky by Summerhill Farm, passed ultimate third-place finisher Gun Runner early in the stretch and held off a late run by Exaggerator to win by a length and a quarter as the 2-1 favorite, returning $6.60 for each $2 win wager. The winning connections, Reddam Racing, LLC, trainer Doug O’Neill and jockey Mario Gutierrez, each won the Kentucky Derby for the second time in five years, winning in 2012 with I’ll Have Another. The winner covered 1 ¼ miles over a fast track in 2:01:31 to maintain a perfect record in eight career starts. The victory was worth $1.63 million and increased Nyquist’s earnings to $4.95 million.
NON-GAAP MEASURES
In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company has provided a non-GAAP measurement, which presents a financial measure of earnings before interest, taxes, depreciation and amortization and certain other items as described in the Company’s Annual Report on Form 10K (“Adjusted EBITDA”). Churchill Downs Incorporated uses Adjusted EBITDA as a key performance measure of results of operations for purposes of evaluating performance internally. The Company believes the use of this measure enables management and investors to evaluate and compare, from period to period, the Company’s operating performance in a meaningful and consistent manner. This non-GAAP measurement is not intended to replace the presentation of the Company’s financial results in accordance with GAAP.
ABOUT CHURCHILL DOWNS RACETRACK
Churchill Downs, the world’s most legendary racetrack, has conducted Thoroughbred racing and presented America’s greatest race, the Kentucky Derby, continuously since 1875. Located in Louisville, the flagship racetrack of Churchill Downs Incorporated offers year-round simulcast wagering at the historic track. The track’s 2016 Spring Meet is scheduled for April 30-July 2. Churchill Downs has hosted the Breeders’ Cup World Championships eight times and recently announced that it will host the event a ninth time in 2018. Information about Churchill Downs can be found online at www.churchilldowns.com.
ABOUT CHURCHILL DOWNS INCORPORATED
Churchill Downs Incorporated (CDI) (NASDAQ:CHDN), headquartered in Louisville, Ky., is an industry-leading racing, gaming and online entertainment company anchored by our iconic flagship event – The Kentucky Derby. We are a leader in brick-and-mortar casino gaming with gaming positions in six states, and we are the largest, legal online account wagering platform for horseracing in the U.S., through our ownership of TwinSpires.com. We are also one of the world’s largest producers and distributors of mobile games through Big Fish Games, Inc. Additional information about CDI can be found online at www.churchilldownsincorporated.com.
