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 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 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.
Churchill Downs reported record 2021 net revenue of $1,597.2 million, a 52% increase year-over-year. The net income for the year reached $249.1 million, recovering from an $81.9 million net loss in 2020. Adjusted EBITDA soared by 119% to $627.0 million. The company achieved significant growth in various segments, with Derby City Gaming and Oak Grove Racing reporting record revenues. The announcement of strategic acquisitions and capital investments supports future growth, alongside a successful year for the Kentucky Oaks and Derby with strong attendance and viewership.
Churchill Downs Incorporated (CHDN) has announced its acquisition of Peninsula Pacific Entertainment LLC for $2.485 billion. This strategic move enhances CDI's geographic footprint by adding key assets in Virginia and New York, including Colonial Downs Racetrack and del Lago Resort & Casino. The transaction is forecasted to close by late 2022, pending regulatory approvals. CDI aims to achieve growth through these assets and anticipates the deal to be immediately accretive to free cash flow and diluted earnings per share.
Churchill Downs Incorporated (CHDN) has appointed Nate Simon as Senior Vice President and Chief Technology Officer, effective immediately. Simon has over 20 years of technology leadership experience and prior to this role, he was the President of United Tote, contributing significantly to its modernization and generating over $25 million in revenue. His promotion follows the recent ascension of Ben Murr to President of TwinSpires and Online Gaming. The company looks forward to Simon's strategic leadership in technology as it aims to enhance innovation and growth.
Churchill Downs Incorporated (CHDN) announced significant leadership changes as Austin Miller retires effective March 1, 2022, after eight years as Senior Vice President of Gaming Operations. Maureen Adams, previously Vice President of Gaming Operations, has been promoted to fill this role. Additionally, Ryan Jordan will serve as Senior Vice President of Real Estate Development, taking over responsibilities for strategic planning and property development. These internal promotions are designed to continue the company's growth trajectory in the gaming and entertainment sector.
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.