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Churchill Downs Incorporated operates a racing, online wagering, and regional gaming business built around Churchill Downs Racetrack and the Kentucky Derby. Company updates cover Kentucky Derby Week, the Kentucky Oaks, seasonal race meets, TwinSpires wagering activity, and the operation and expansion of live and historical racing entertainment venues.
Recurring CHDN news also includes regional casino gaming properties, historical racing machine venues such as Marshall Yards, quarterly operating results, dividends, share repurchases, leverage, and regulatory or legal matters affecting pari-mutuel racing and racing-industry fees.
Churchill Downs Incorporated (CHDN) has successfully completed the sale of 326 acres of property in Arlington Heights, Illinois, to the Chicago Bears for $197.2 million. This transaction is part of an Internal Revenue Code §1031, allowing the company to use the proceeds for purchasing and improving previously acquired real estate linked to the Peninsula Pacific Gaming acquisition from 2022. The sale aligns with CDI's ongoing strategy of expanding its entertainment offerings and enhancing its asset portfolio.
Churchill Downs Incorporated (CDI), headquartered in Louisville, Kentucky, has announced that it will release its fourth quarter and full year 2022 financial results on February 22, 2023, after market close. A conference call discussing these results will take place on February 23, 2023, at 9 a.m. ET. Participants can access the call via an online webcast or by registering for a teleconference. Following the call, a replay will be available online. CDI has been a leader in live racing and casino gaming for nearly 150 years, with a strong focus on enhancing its entertainment experiences.
Churchill Downs Incorporated (CHDN) has renewed its partnership with Woodford Reserve, extending their sponsorship of the Kentucky Derby for five more years, through 2027. Woodford Reserve, a prestigious bourbon brand, has been the presenting sponsor since 1999. The agreement also includes other Brown-Forman brands, such as Old Forester and Finlandia. The 150th Kentucky Derby will occur on May 6, 2023, with preparations underway for a commemorative bourbon. This collaboration highlights the cultural significance of bourbon and horse racing in Kentucky.
Churchill Downs Incorporated (CHDN) has announced a multi-year partnership with bet365 for online sports betting and iGaming access in Pennsylvania, pending regulatory approvals. This collaboration is in line with CDI's strategy to monetize its online sports and iGaming market access, while focusing on expanding the TwinSpires horse racing business. Bill Carstanjen, CEO of CDI, highlighted the significance of joining forces with a leading global gaming brand, enabling enhanced offerings for Pennsylvania sports fans.
Exacta Systems announced a definitive agreement with Churchill Downs Incorporated (CDI, NASDAQ: CHDN) on December 21, 2022. This partnership aims to enhance Exacta's offerings in the historical horse racing (HHR) industry. CEO Jeremy Stein expressed excitement over aligning Exacta’s flexible HHR technology with CDI’s established presence, creating new growth opportunities while maintaining customer support. The Exacta Connect protocol will integrate top-performing gaming content from various manufacturers, facilitating expanded growth in the sector.
Churchill Downs Incorporated (CHDN) announced its agreement to acquire Exacta Systems for $250 million in cash, pending regulatory approvals. This acquisition is expected to enhance CDI's historical horse racing (HHR) operations following its previous acquisition of Colonial Downs Racetrack and Rosie’s Gaming Emporium. Exacta supports HHR in several states, integrating multiple gaming manufacturers. The transaction will be treated as an asset purchase for tax benefits, potentially increasing cash flow and improving the transaction's economics.
Churchill Downs Incorporated (CHDN) appointed Andréa Carter to its Board of Directors, expanding the board to nine members. With over 20 years in human resources, Carter brings experience from Global Payments and Habitat for Humanity. She aims to leverage her expertise to enhance CDI's talent functions and support its growth, particularly related to the Kentucky Derby brand. Carter's term as a Class II Director will expire at the 2025 Annual Meeting of Shareholders, emphasizing a strategic move to strengthen leadership in the company.
Churchill Downs Incorporated (CHDN) and DraftKings (DKNG) have forged a multi-year agreement to introduce horse racing betting to DraftKings' platform via DK HORSE. This product, powered by CDI's TwinSpires technology, is set to launch before the Kentucky Derby in May 2023, initially available in 21 states. DraftKings aims for DK HORSE to be profitable from the start, enhancing customer engagement during key racing events. The agreement grants DraftKings rights to CDI's horse racing content, including prestigious races like the Kentucky Oaks.
Churchill Downs Incorporated has completed the acquisition of Peninsula Pacific Entertainment LLC for $2.75 billion, significantly expanding its operations into Virginia, New York, and Iowa. The acquisition includes key properties like Colonial Downs Racetrack in Virginia and Del Lago Resort & Casino in New York, enhancing growth opportunities. CDI aims to leverage these assets and expand through development rights for additional venues, including up to 5 new HRM locations in Virginia, boosting its gaming portfolio and market presence.
Churchill Downs reported its third-quarter results for 2022, showing a net revenue of $383.1 million, down from $393.0 million in Q3 2021. Net income also decreased to $57.0 million from $61.4 million. However, the company achieved a record Adjusted EBITDA of $163.2 million, up from $156.1 million the previous year. Key acquisitions include Chasers Poker Room and Ellis Park, totaling $79 million. The board announced a 7% increase in the annual dividend, now at $0.714 per share.