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CHURCHILL DOWNS INCORPORATED Churchill Downs Incorporated Reports 2021 Second Quarter Results July 28 , 2021 LOUISVILLE , Ky . , July 28 , 2021 ( GLOBE NEWSWIRE ) Churchill Downs Incorporated ( Nasdaq : CHDN ) ( the " Company " , " we " , " us " , " our " ) today reported business results for the second quarter ended June 30 , 2021 . Second Quarter 2021 Highlights • Record net revenue of $ 515.1 million compared to $ 185.1 million the prior year quarter • Net income ( a ) of $ 108.3 million compared to net loss of $ 118.8 million in the prior year quarter o Adjusted net income ( ª ) of $ 121.1 million , compared to adjusted net loss of $ 21.1 million in the prior year quarter • Record Adjusted EBITDA of $ 233.3 million compared to $ 30.1 million in the prior year quarter • Churchill Downs successfully ran the 147th Kentucky Oaks and Derby with strong ticketing , NBC viewership , sponsorship revenue , and margins despite capacity restrictions • Derby City Gaming delivered record net revenue , Adjusted EBITDA , and margins • Oak Grove Racing , Gaming & Hotel ( " Oak Grove " ) delivered strong double digit sequential growth in net revenue and Adjusted EBITDA as well as margin expansion in its third full quarter of operations • Gaming delivered record net revenue and record Adjusted EBITDA and our wholly - owned gaming properties delivered 3.6 percentage points of sequential margin expansion o Four of our wholly - owned casino properties delivered record net revenue , Adjusted EBITDA , and margins o Our wholly - owned casino properties delivered 10.3 percentage points of margin expansion compared to the same quarter in 2019 o Rivers Casino Des Plaines ( " Rivers Des Plaines " ) and Miami Valley Gaming delivered record net revenue , Adjusted EBITDA , and margins as well as significant margin expansion compared to the same quarter in 2019 ( a ) Reflects amounts attributable to Churchill Downs Incorporated . CONSOLIDATED RESULTS ( in millions , except per share data ) Net revenue Net income ( loss ) ( a ) Diluted EPS ( a ) Adjusted net income ( loss ) ( a ) ( b ) Adjusted diluted EPS ( a ) ( b ) Adjusted EBITDA ( b ) $ GA GA GA $ $ $ A A A $ $ Second Quarter 2021 515.1 $ 108.3 $ 2.76 $ 121.1 $ 3.08 $ 233.3 $ 2020 185.1 ( 118.8 ) ( 3.00 ) ( 21.1 ) ( 0.53 ) 30.1 ( a ) Reflects amounts attributable to Churchill Downs Incorporated . ( b ) These are non - GAAP measures . See explanation of non - GAAP measures below . Second Quarter 2021 Results The Company's second quarter of 2021 net income attributable to Churchill Downs Incorporated was $ 108.3 million compared to net loss attributable to Churchill Downs Incorporated of $ 118.8 million in the prior year quarter . The Company's second quarter of 2021 net income from continuing operations was $ 108.3 million compared to net loss from continuing operations of $ 23.6 million in the prior year quarter . The following items impacted the comparability of the Company's second quarter net income from continuing operations : $ 8.1 million non - cash after - tax impact related to an asset impairment at Churchill Downs Racetrack related to revised capital plans associated with the first turn project , • $ 4.8 million after - tax increase in Rivers Des Plaines ' legal reserves and transaction costs , • Partially offset by a $ 2.3 million after - tax expense decrease related to our equity portion of the non - cash change in fair value of Rivers Des Plaines ' interest rate swaps , and • $ 0.3 million after - tax expense decrease related to lower transaction , pre - opening and other expenses . Excluding these items , second quarter 2021 net income from continuing operations increased $ 142.2 million primarily due to the following :