Mage was crowned the winner of the 149th Kentucky Derby a few days ago. Bettors were surprised when the horse ran the mile-and-aquarter in 2:01.57. They thought that Angel of Empire or Forte would be the winner.
Mage’s upset of Kentucky Derby favorites marked a major event that resulted in Angel of Empire placing third and Forte further behind. Mage’s stunning win was also the first for Javier Castellano as its rider and Gustavo Delgado as its trainer.
Churchill Downs updates its EBITDA expectation for the Kentucky Derby event in the wake of the amazing race. Bill Carstanjen is the chief executive officer at the company and was quoted by Gambling Insider as saying that they expect Kentucky Derby Week adjusted EBITDA will dramatically increase.
We expect Kentucky Derby Week adjusted EBITDA will reflect a record, with a $14 to $16m growth over the previous record set last season.
Bill Carstanjen, CEO, Churchill Downs
Churchill Downs CEO said that the company will focus on a celebration of jubilee and preparations for the 150th Kentucky Derby, scheduled to take place in May 2024.
This year’s race was the most successful yet
The Kentucky Derby’s metrics soared this year. The Kentucky Derby Day Program, for instance, reached $288.7 millions, the highest number ever recorded. Mage’s race in particular beat the Kentucky Derby Day Program, which recorded $188.7 millions.
The program generated $412 million in total during the Kentucky Derby Week. This is a far greater amount than last year’s $391.8 millions.
TwinSpires reported a record handle of $73.6million, exceeding last year’s $67.4million. Kentucky Derby alone accounted for $47,000,000 of the total. Comparatively, the brand reported sports betting of $44million during the race in 2022.
The attendance at Saturday’s race was also higher than the results of 2022. Official data shows that 150,335 spectators visited the iconic track to watch the race. The number of guests is up slightly from the 147.294 that the iconic twin spires attracted to the racetrack in 2022.
The Kentucky Derby Day race was a success despite the recent concerns regarding the safety of the sport, and the horses that were involved. There were protesters who voiced their concerns about the greyhound racing that Churchill Downs participates in.
Churchill Downs recently posted revenue that was a record breaking Q1 2023, which defied market expectations.
