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Churchill Downs Incorporated - CHDN STOCK NEWS

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Churchill Downs Incorporated (NASDAQ: CHDN), headquartered in Louisville, KY, is a leading name in the gaming entertainment and racing industry. Established in 1875 with the opening of its iconic namesake racetrack, Churchill Downs, the company has grown to encompass a wide range of operations including live racing, casino gaming, and online wagering.

Churchill Downs is famously known for hosting the Kentucky Derby and Kentucky Oaks, two of the most prestigious events in horse racing. These races have become synonymous with the company and continue to attract significant attention each year.

CDI operates through three main business segments:

  • Live and Historical Racing: This segment includes live and historical pari-mutuel racing events held at various racetracks owned by the company.
  • TwinSpires: This segment focuses on online horse racing, sports betting, and iGaming. It encompasses both online and retail sports betting operations.
  • Gaming: This segment comprises the operation of casino properties, including slot machines, table games, video lottery terminals, and video poker. It also includes ancillary services such as food and beverage, hotel accommodations, and racing events that support the casino licenses.

Recent achievements of CDI include the opening of the Seventh Kentucky HRM Entertainment Venue anticipated for early 2025, and the installation of 175 Exacta-Technology Driven Terminals at The Brook in Seabrook, New Hampshire.

With a rich history and a broad spectrum of gaming and racing operations, Churchill Downs Inc. continues to be a significant player in the entertainment industry, known for setting new records and providing unique experiences for its patrons.

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Churchill Downs Incorporated (CDI) announced the retirement of Robert L. Fealy from its Board of Directors on July 23, 2024. Bill Carstanjen, CDI's President and CEO, expressed gratitude for Fealy's long-term service, highlighting his perspective, insight, and dedication to the company. Carstanjen also personally thanked Fealy for his friendship and wisdom over their years of collaboration.

This change in the board composition marks a significant moment for CDI, potentially impacting the company's future strategic decisions. The departure of a long-serving board member often leads to a shift in dynamics and could bring new perspectives to the company's governance.

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Churchill Downs Incorporated (CDI) has announced an $80-$90 million renovation project for the grandstand at Churchill Downs Racetrack. The project, set to debut for the 151st Kentucky Derby in May 2025, will update ticketed seating options and improve amenities for all guests in the grandstand area. Key features include:

1. Grandstand Club: Transformation of outdoor aluminum bleachers into 8,300 new comfortable seating options, including covered and uncovered stadium-style seats and rail boxes along the dirt track's outer rail.

2. Grandstand Pavilion: Conversion of the second-floor amenity area into a covered outdoor garden environment with new concessions, bars, and wagering windows.

3. Improvements to 2,800 existing third-floor box seats under the Starting Gate Suites.

Construction is scheduled to begin in August 2024. The renovation aims to provide unique guest seating options while honoring the historic significance of the property.

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Churchill Downs Incorporated (CHDN) reported record-breaking Q2 2024 results:

- Net revenue of $890.7 million, up from $768.5 million in Q2 2023
- Net income of $209.3 million, compared to $143.0 million in Q2 2023
- Adjusted EBITDA of $444.8 million, up from $363.7 million in Q2 2023

Key highlights:
- Record Q2 revenue and Adjusted EBITDA across all segments
- 150th Kentucky Derby with all-time record handle and contribution to Adjusted EBITDA
- New 7-year agreement with NBC for Kentucky Derby Week coverage
- Opened Terre Haute Casino Resort in Indiana
- Successfully amended revolving credit facility and Term Loan A facility

Segment performance:
- Live and Historical Racing: Revenue up 20%, Adjusted EBITDA up 25%
- TwinSpires: Revenue up 15%, Adjusted EBITDA up 36%
- Gaming: Revenue up 11%, Adjusted EBITDA up 14%

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Churchill Downs announced an extension to the maturity dates of its revolving credit facility and term loan A facility, pushing the due date from 2027 to 2029. This move aims to provide the company with more financial flexibility. The amendment involves several changes to the existing senior secured credit agreement, although specific alterations were not detailed. The announcement was made on July 03, 2024, and is expected to positively impact CDI's financial stability and operational planning.

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International Game Technology (IGT) and Churchill Downs Incorporated (CDI) have expanded their Historical Horse Racing (HHR) technology to Malta through a partnership with National Lottery plc, a subsidiary of IZI Group. This marks the first HHR deployment outside the United States. IGT's products will initially dominate the HHR floor at IZIBINGO in St. Paul's Bay, with CDI's Exacta Systems providing the Exacta Connect® system solution for the gaming floor. The launch will include over 80 IGT HHR games on IGT hardware such as PeakSlant™49 and Cobalt™27 cabinets. IGT and Exacta will also support HHR offerings at other National Lottery venues in Malta. This collaboration aims to innovate and expand the National Lottery's operations internationally.

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Churchill Downs Incorporated (CDI) has promoted Michael Lilly to President of TwinSpires Horse Racing, effective June 27, 2024. Lilly will oversee the strategy and operations of TwinSpires Horse Racing, a leader in legal online horse betting and the official wagering partner of the Kentucky Derby. Lilly has been with CDI since 2018, starting as Senior Director of Finance at Arlington Racecourse, later advancing to Vice President of Finance in 2020, and Vice President of Finance and Operations in 2022. He holds a Bachelor of Arts from Northern Illinois University and an MBA from DePaul University.

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Churchill Downs Incorporated (CDI) announced the release and discussion date of its second quarter 2024 financial results. The results will be released after market close on July 24, 2024, with a corresponding conference call scheduled for July 25, 2024, at 9 a.m. ET. Interested parties can join the call through a real-time webcast or by registering for teleconference access. URL for accessing the webcast and replay is provided in the announcement. A news release with detailed financial and statistical information will be made available on the company's official website.

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Churchill Downs Incorporated (Nasdaq: CHDN) announced the appointment of Sam Ullrich as Vice President of Investor Relations on May 29, 2024. Ullrich brings over 15 years of financial expertise, having previously served as the Director of Commercial and Financial Planning for Kentucky Fried Chicken , a YUM! Brands subsidiary. He has extensive experience from his tenure at PricewaterhouseCoopers and various roles at KFC and YUM, including Interim CFO for KFC U.S. Ullrich will now oversee all aspects of investor relations at CDI, reporting to CFO Marcia Dall.

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Churchill Downs Incorporated (CHDN) has officially opened its new 122-room hotel and event center at Terre Haute Casino Resort in Terre Haute, Indiana. The 400,000-square-foot venue, which began operations on April 5, 2024, includes a casino floor with 1,000 slot machines, 36 table games, and a state-of-the-art sportsbook. The resort also features various dining options such as Four Cornered Steakhouse and Rockwood Bar & Grill.

The development, initiated in June 2022, generated nearly 1,000 construction jobs and will create approximately 550 full-time and part-time positions in the region. CEO Bill Carstanjen highlighted the resort's role in attracting visitors and enhancing the local economy. This opening marks a significant milestone for CDI in expanding its entertainment offerings.

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Churchill Downs Incorporated (Nasdaq: CHDN) announced the extension of its partnership with NBC Sports to present the Kentucky Derby on NBC and Peacock through 2032. This historic partnership began in 2001, making NBC the first media company to host the event for over three decades. The extension includes multiplatform rights to the Kentucky Derby, Kentucky Oaks, and Derby and Oaks Day programming.

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FAQ

What is Churchill Downs Incorporated?

Churchill Downs Incorporated (CDI) is a gaming entertainment and racing company based in Louisville, KY, known for hosting the Kentucky Derby.

What are the main business segments of CDI?

CDI operates through Live and Historical Racing, TwinSpires, and Gaming segments.

What events are Churchill Downs famous for?

Churchill Downs is renowned for the Kentucky Derby and Kentucky Oaks races.

What is TwinSpires?

TwinSpires is CDI's segment for online horse racing, sports betting, and iGaming.

What does the Gaming segment of CDI include?

The Gaming segment includes casino operations with slot machines, table games, video lottery terminals, video poker, and ancillary services like food and beverage.

Where is Churchill Downs Incorporated headquartered?

Churchill Downs Incorporated is headquartered in Louisville, Kentucky.

What are some recent achievements of CDI?

Recent achievements include the opening of the Seventh Kentucky HRM Entertainment Venue in early 2025 and installation of Exacta-Technology Driven Terminals at The Brook.

What kind of operations does the Live and Historical Racing segment include?

This segment includes live and historical pari-mutuel racing events.

How does CDI support its casino licenses?

CDI supports its casino licenses through racetrack operations that generate revenue and expenses from various gaming and racing events.

Who should I contact for more information about CDI?

For more information, you can contact Kaitlin Buzzetto at (502) 394-1091 or via email at Kaitlin.Buzzetto@kyderby.com.

Churchill Downs Incorporated

Nasdaq:CHDN

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CHDN Stock Data

10.10B
73.51M
9.73%
79.47%
2.54%
Casinos (except Casino Hotels)
Arts, Entertainment, and Recreation
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United States of America
LOUISVILLE