Welcome to our dedicated page for Church Downs news (Ticker: CHDN), a resource for investors and traders seeking the latest updates and insights on Church Downs stock.
Churchill Downs Incorporated (NASDAQ: CHDN) generates a steady flow of news tied to its gaming entertainment, online wagering, and racing operations. As the company behind the Kentucky Derby and a growing portfolio of live and historical racing venues, online wagering platforms, and regional casino gaming properties, its announcements span development projects, financial performance, partnerships, and event programming.
Investors following CHDN news can expect regular updates on segment results for Live and Historical Racing, Wagering Services and Solutions, and Gaming. Recent releases have detailed record quarterly net revenue and Adjusted EBITDA, performance at Kentucky and Virginia historical racing machine venues, and contributions from TwinSpires Horse Racing, Exacta, and regional gaming properties across several states.
CDI’s news flow also highlights strategic growth initiatives. Examples include the acquisition of a majority interest in Casino Salem in Salem, New Hampshire, and subsequent plans to redevelop the charitable gaming facility as Rockingham Grand Casino within The Mall at Rockingham Park. The company has also announced the Victory Run capital investment at Churchill Downs Racetrack, a new multi-story hospitality structure designed to enhance seating and premium experiences during major racing events.
Other notable news items cover capital management actions such as share repurchase programs and annual dividend decisions, as well as conference call invitations for quarterly and full-year financial results. CDI also issues joint announcements with partners, including agreements with Everi, an IGT brand, to deploy financial technology and compliance solutions across its venues, and media updates with NBC Sports regarding primetime coverage of the Kentucky Oaks and continued broadcast of the Kentucky Derby.
For market participants, the CHDN news page offers a centralized view of how Churchill Downs Incorporated’s racing, wagering, and gaming strategies evolve over time, with direct links to earnings releases, development milestones, partnership agreements, and other material events.
Churchill Downs Incorporated (CHDN) has announced the retirement of Chuck Kenyon from his role as Senior Vice President of Human Resources after 18 years. Katherine Armstrong, previously Vice President of Culture, has been appointed to replace him, effective immediately. Armstrong will not only lead HR but also continue her focus on diversity, equity, and inclusion initiatives. Kenyon's retirement will occur on August 1, 2022, and he is recognized for his significant contributions to the company during his tenure.
Churchill Downs Incorporated (CHDN) celebrated a historic Kentucky Derby, with 147,294 fans watching Rich Strike's shocking 80-1 victory, marking the second-largest upset ever. The all-sources wagering reached an unprecedented $273.8 million, up 17% from 2021 and surpassing the previous record of $250.9 million in 2019. TwinSpires reported a record $67.4 million in wagers for Derby Day, up 8% year-over-year. The company anticipates adjusted EBITDA growth of $7 to $9 million compared to the previous record in 2019, indicating strong financial performance.
On May 6, 2022, Churchill Downs Incorporated (CHDN) announced a record handle for the Longines Kentucky Oaks, totaling $74.6 million, a 37% increase from 2021 and a 24% rise from the previous record in 2019. The Kentucky Oaks race alone garnered $24.3 million in wagering, up 40% compared to 2021. A total of 100,188 spectators attended the event, marking a return to full-capacity crowds. The event also spotlighted women's health initiatives, featuring breast and ovarian cancer survivors in a special parade.
Churchill Downs Incorporated (CHDN) announced a transformative $185 - $200 million redevelopment project for the Paddock area, set to debut during the 150th Kentucky Derby in May 2024. This initiative is part of a three-year capital investment plan aimed at enhancing guest experiences at the historic racetrack. The project will expand guest capacity from 1,000 to 2,400, adding 3,612 premium reserved seats and improving amenities and views. It follows earlier investments of $44.5 million and $89.2 million in related projects to uplift Churchill Downs.
Churchill Downs reported record first-quarter results for 2022, with net revenue of $364.1 million, up from $324.3 million in Q1 2021. Net income increased to $42.1 million compared to $36.1 million the previous year, with adjusted EBITDA rising to $128.5 million from $110.6 million. The company announced the acquisition of Peninsula Pacific Entertainment for $2.485 billion and secured financing through a $1.2 billion revolver and $800 million term loan. The gaming segment showed robust growth, while TwinSpires experienced a slight revenue decline.
Churchill Downs Incorporated (CHDN) has successfully amended its senior secured credit agreement, extending the maturity date of its revolving credit facility to 2027 and increasing commitments from $700 million to $1.2 billion. Additionally, an $800 million delayed draw term loan A has been established, due in 2029. The financing is part of CDI's acquisition of Peninsula Pacific Entertainment. The company also closed a $1.2 billion offering of 5.750% senior notes due 2030, with proceeds pending for the acquisition and related expenses.
Churchill Downs Incorporated (CDI) announced that it will release its first quarter 2022 financial results on April 27, 2022, after market close. A subsequent conference call is scheduled for April 28, 2022, at 9 a.m. ET to discuss these results. Investors can access the live webcast via CDI's investor relations website or by calling directly. The company operates multiple gaming venues and is a leader in online wagering with TwinSpires, significantly contributing to its revenue through historical racing machines and retail sportsbooks.
Churchill Downs Incorporated (CHDN) announced an upsized offering of $1,200 million in 5.750% senior notes due 2030 through its subsidiary, CDI Escrow Issuer, Inc. The offering is part of financing for its proposed acquisition of assets from Peninsula Pacific Entertainment LLC, expected to close on April 13, 2022. The proceeds will be held in escrow until conditions are met. The notes will not be registered under the Securities Act and are intended for qualified institutional buyers. CDI plans to use proceeds to finance the acquisition and cover transaction costs.
Churchill Downs Incorporated (CHDN) announced plans to offer $900 million in senior notes due 2030, via its subsidiary, CDI Escrow Issuer, to finance the acquisition of Peninsula Pacific Entertainment LLC. The offering is contingent upon certain conditions, including regulatory approvals. The proceeds will help fund the acquisition and cover related expenses. The notes are not registered under the Securities Act and will be sold primarily to qualified institutional buyers. This move reflects CDI's ongoing strategy to enhance its operations and market presence.
Churchill Downs Incorporated (CHDN) has signed an agreement to acquire Chasers Poker Room in Salem, New Hampshire, marking its entry into the state.
Chasers has led New Hampshire's charitable gaming sector since 2017, excelling in both revenue and charitable contributions. Following the acquisition, CDI plans to introduce historical racing machines (HRMs) at the facility, expanding its operations across four states.
The transaction is expected to close in Q2 2022 and is pending regulatory approval from the New Hampshire Lottery Commission.