• Churchill Downs average operating margin for 2023 was 20.38%, a 7.15% increase from 2022.
• Churchill Downs average operating margin for 2022 was 19.02%, a 18.65% increase from 2021.
• Churchill Downs average operating margin for 2021 was 16.03%, a 155.66% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.