Church Downs Stock Price, News & Analysis

Churchill Downs Incorporated (CHDN) announced the appointment of Ben Murr as President of TwinSpires and Online Gaming, effective immediately. Murr, who has 24 years of leadership experience and 14 years at CDI, served previously as interim President of TwinSpires. He emphasized his commitment to expanding these operations and their strategic importance to the company. Murr will also retain his role as Senior Vice President. This leadership change aims to strengthen CDI's position in online gaming and wagering, reinforcing the growth potential of TwinSpires.

Churchill Downs Incorporated (CHDN) will announce its fourth quarter and full year 2021 financial results on February 23, 2022, after market close. A conference call to discuss the results is set for February 24, 2022, at 9 a.m. ET. Investors can access the live teleconference via a real-time webcast or by phone. The company's press release detailing the financial performance will be available on its official website. CDI, a leader in racing and gaming, operates multiple venues and online platforms.

Churchill Downs Incorporated (CHDN) has entered into an agreement to sell 115.7 acres of land near Calder Casino for $291 million, worth about $2.5 million per acre. The sale, expected to close in the first half of 2022, is subject to various conditions. Proceeds will be used for potential replacement property investments qualifying under IRS §1031. Post-sale, CDI will retain approximately 54 acres of the 170-acre site and may sell an additional 15-20 acres for retail development.

Churchill Downs Incorporated (CHDN) has received approval from the Indiana Gaming Commission for its application for a casino owner’s license via its subsidiary, CDITH, LLC. The proposed Queen of Terre Haute Casino Resort in Vigo County will involve a $240 million investment, featuring 1,000 slot machines, 50 table games, a 125-room luxury hotel, and a state-of-the-art sportsbook. The IGC's unanimous decision followed a competitive selection process against three other bidders, affirming CDI's strategic expansion into the Indiana gaming market.

Rivers Casino Des Plaines is expanding and aims to hire 400 new employees to support growth. Recently recognized as a 2021 Top Workplace by The Chicago Tribune, the casino plans to host a job fair on November 11, 2021. The expansion includes a 78,000 square-foot addition featuring a poker room, more gaming areas, and a new restaurant, which will increase gaming positions to the state maximum of 2,000. Salaries for dealer positions start at $55,000, with a minimum wage of $15 per hour for non-tipped roles. The casino offers comprehensive benefits, including tuition reimbursement and a 401(k) plan.

Churchill Downs reported record third-quarter net revenue of $393.0 million, a significant increase from $337.8 million in Q3 2020. Net income rose to $61.4 million compared to $43.2 million last year, with Adjusted EBITDA reaching $156.1 million. Key highlights include a 31% increase in TwinSpires Horse Racing handle compared to Q3 2019, aided by a new agreement selling property for $197.2 million and plans for a new 500 HRM venue in Louisville. A new $500 million stock repurchase plan and a dividend increase of 7% were also announced.

Churchill Downs Incorporated (CDI) will announce its third quarter 2021 financial results after market close on October 27, 2021. A conference call to discuss these results is scheduled for October 28, 2021, at 9 a.m. ET. Interested parties can listen via a webcast link or by phone with the specified conference ID. Following the call, a replay will be available online. CDI continues to lead in racing, online wagering, and gaming, operating multiple venues and a major online platform, TwinSpires, significantly contributing to the company's revenue.

Churchill Downs Incorporated (CHDN) has announced the reopening of Fair Grounds Race Course & Slots and 12 Off-Track Betting facilities in Louisiana affected by Hurricane Ida. The Fair Grounds and eight OTBs reopened by September 15, while four additional OTBs reopened between September 20 and September 26, 2021. The company is actively working to reopen three remaining properties. CDI holds property insurance, including business interruption coverage, subject to deductibles.

Churchill Downs Incorporated (CHDN) announced plans to open a new historical racing machine venue named Derby City Gaming Downtown in Louisville, Kentucky. The 43,000-square-foot facility will feature 500 HRMs, a fresh-air gaming area, and offer various dining experiences. Construction is set to begin in 2022 with an expected opening in early 2023. The project is anticipated to create 450 jobs and CDI pledged $1 million to the West End Opportunity Partnership to support economic development in underserved neighborhoods, with 80% of new tax revenue reinvested for local improvements.