Church Downs Stock Price, News & Analysis

Churchill Downs (NASDAQ:CHDN) has announced a new $500 million share repurchase program, replacing its previous program of the same amount authorized in March 2025. The program demonstrates the company's commitment to returning value to shareholders.

The new authorization allows management to conduct share repurchases at their discretion through open market transactions or private negotiations. Notably, the program has no time limit and can be suspended or discontinued at any time. The company may implement these purchases through a 10b5-1 plan or other means.

Churchill Downs (NASDAQ:CHDN) reported strong Q2 2025 results with record net revenue of $934.4 million, up 5% year-over-year, and net income of $216.9 million, a 4% increase. The company achieved record Adjusted EBITDA of $450.9 million, up 1%.

The 151st Kentucky Derby delivered record-breaking performance with all-time high all-sources handle and peak viewership of 21.8 million. The company announced plans to acquire 90% of Casino Salem for $180 million and approved a new $500 million share repurchase program. During Q2, CHDN returned $250.4 million to shareholders through share repurchases and maintained a net bank leverage of 4.2x.

Churchill Downs (NASDAQ:CHDN) has announced definitive agreements to acquire a majority stake in Casino Salem, a joint venture in Salem, New Hampshire. The casino project, located at The Mall at Rockingham Park approximately 30 minutes from downtown Boston, will feature historical horse racing machines (HRMs) and table games.

The initial phase has already launched on July 9th with 100 HRMs and 13 live table games. Local developers Joe Faro and Sal Lupoli will retain ownership stakes and remain involved in the project. CDI plans to expand the gaming floor, rebrand the venue, and add food and beverage concepts in future phases.

The transaction, expected to close in Q3 2025 pending New Hampshire Lottery Commission approval, will be financed through CDI's existing credit facility. CDI will continue to operate its separate Chasers Poker Room in Salem.

Churchill Downs Incorporated (CHDN) has scheduled its second quarter 2025 financial results announcement and conference call. The company will release its Q2 2025 results after market close on Wednesday, July 23, 2025, followed by a conference call on Thursday, July 24, 2025, at 9 a.m. ET. Investors can participate through a webcast at the company's IR website or via teleconference by registering in advance. Participants are advised to dial in 15 minutes before the call starts. An online replay will be available on the IR website by noon ET on July 24, 2025, along with the earnings release and related financial information.

Sovereignty won the 151st Kentucky Derby, finishing with a time of 2:02.31 over a sloppy track at 7-1 odds. The race, held under steady rain with over 147,000 spectators, set multiple wagering records:

- Kentucky Derby Day program: $349.0 million (up from $320.5M) - Kentucky Derby race: $234.4 million (up from $210.7M) - Derby Week: $473.9 million (up from $446.6M)

TwinSpires, the official betting partner, also achieved record handles of $108.0 million for Derby Day and $73.0 million for the race. Churchill Downs (NASDAQ: CHDN) expects Adjusted EBITDA for Derby Week to be among its top two historical results, though $2-4 million lower than last year's 150th anniversary.

In the 151st Longines Kentucky Oaks, Good Cheer emerged victorious in a field of 13 horses under sloppy track conditions. The Godolphin-owned filly, trained by Brad Cox and ridden by Luis Saez, won by 2 1/4 lengths with a time of 1:50.15. All-sources wagering on the full Kentucky Oaks race day reached $73.9 million, with the Kentucky Oaks race alone generating $22.7 million, up 4% year-over-year. TwinSpires, the official betting partner, set a new record with $20.9 million in wagering on Churchill Downs races for the Kentucky Oaks Day program, surpassing last year's $20.3 million. The event also continued its tradition of supporting women's health initiatives, with 150 cancer survivors participating in the 17th annual Survivors Parade.

Churchill Downs Incorporated (CHDN) has announced updates to its capital projects at Churchill Downs Racetrack. The company will proceed with renovations of the Finish Line Suites and The Mansion, expected to complete in April 2026, with an estimated investment of $25-30 million.

The Finish Line Suites renovation will modernize 15 suites on the fifth floor, increasing capacity to 750 guests, while the Trophy Room renovation will enhance amenities and add a new feature bar for over 300 guests. The Mansion, built in 2013, will receive updated finishes and enhancements to its exclusive sixth-floor location.

However, CDI has temporarily paused the development of The Skye, Conservatory, and Infield areas due to increasing uncertainty in construction costs related to tariff and trade disputes and current macro-economic conditions. The company will reassess the timing of these projects as economic conditions evolve.

Churchill Downs (CHDN) reported mixed Q1 2025 results with record net revenue of $642.6M, up 9% year-over-year, while net income declined 5% to $76.7M. The company achieved record Adjusted EBITDA of $245.1M, a 1% increase.

Key developments include the opening of Owensboro Racing and Gaming in Western Kentucky featuring 600 historical racing machines, and the announcement of new projects at Churchill Downs Racetrack. However, some capital projects were paused due to economic conditions. The company maintained a net bank leverage of 4.0x and returned $119.5M to shareholders through dividends and share repurchases.

Segment performance showed mixed results: Live and Historical Racing revenue increased $27.5M, Gaming revenue rose $24.0M primarily due to Terre Haute Casino Resort opening, while Wagering Services saw modest growth of $1.7M. The Board approved a new $500M share repurchase program, with $434.6M remaining as of March 31, 2025.

Churchill Downs Incorporated (CHDN) has scheduled its first quarter 2025 financial results announcement for Wednesday, April 23, 2025, after market close. The company will host a conference call to discuss the quarterly performance on Thursday, April 24, 2025, at 9 a.m. ET.

Investors can access the conference call through a real-time webcast on the company's investor relations website or via teleconference with pre-registration required. Participants are advised to dial in 15 minutes before the call begins. An online replay will be available on the company's IR website by noon ET on April 24, 2025.