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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 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.
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.