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 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.
Churchill Downs Incorporated (CHDN) announced a new $500 million share repurchase program on September 29, 2021, replacing the previous $300 million program. The new authorization, effective immediately, allows repurchases in the open market or through privately negotiated transactions, with no time limit and potential for suspension. CEO Bill Carstanjen emphasized the Board's confidence in the company's strong free cash flow and long-term growth potential. The prior program had an unused authorization of $97.9 million as of the announcement date.
Churchill Downs Incorporated (CHDN) has signed a Purchase and Sale Agreement with the Chicago Bears to sell its 326-acre Arlington Heights property for $197.2 million. The sale is expected to close in late 2022 or early 2023, contingent on specific closing conditions. The company plans to utilize the proceeds to acquire or invest in qualifying replacement property as per Internal Revenue Code §1031. This strategic move signals CDI's commitment to optimizing its real estate portfolio to enhance shareholder value.
Churchill Downs Incorporated (CHDN) announced the proposal for the Queen of Terre Haute Casino Resort in Vigo County, Indiana, alongside an application for an open casino license. The resort is expected to include 1,000 slot machines, 50 table games, a luxury hotel, and a sportsbook. An economic impact study from Purdue University estimates the project will yield $190 million annually, creating 1,000 construction jobs and 500 permanent jobs. The company aims to demonstrate the proposal's benefits to local stakeholders and the Indiana Gaming Commission.
Churchill Downs Incorporated (CHDN) announced the closure of its Louisiana operations, including the Fair Grounds Race Course & Slots and 15 Off-Track Betting facilities, due to Hurricane Ida. The company is assessing the damages and planning for reopening while providing ongoing pay and benefits to affected employees. CDI has property insurance, including business interruption coverage, subject to deductibles. The impact of this disruption on financial performance remains to be seen as further evaluations continue.
Churchill Downs reported a record net revenue of $515.1 million for Q2 2021, up from $185.1 million year-over-year. The net income reached $108.3 million, a significant recovery from a $118.8 million loss in the prior year. Adjusted EBITDA also soared to $233.3 million compared to $30.1 million in Q2 2020. Key growth drivers included the successful running of the 147th Kentucky Oaks and Derby and record performances from various gaming properties. However, increased marketing expenses for sports and casino affected adjusted EBITDA from those segments.
Churchill Downs Incorporated (CHDN) has announced significant multi-year capital investments to enhance guest experiences at the Kentucky Derby through three major projects. The Homestretch Club, costing $45 million, will provide 3,250 all-inclusive seats, set to open in May 2022. The Turn 1 Experience, a $90 million upgrade, aims to enhance seating capacity to 7,100 by 2023. Additionally, a redesign of the Paddock Area aims to improve guest flow and experience by 2024. These investments build on a $10 million turf course upgrade, ensuring Churchill Downs remains a premier racing destination.
Churchill Downs Incorporated (CHDN) has announced a $76 million expansion at Derby City Gaming in Louisville, Kentucky. The project will add 135,000 sq. ft. of new space, including 200 new gaming positions, and can ultimately accommodate up to 400 new gaming positions. Features will include a VIP gaming space, a new sports bar, and an upscale-casual restaurant. A adjoining hotel with 123 rooms is also planned, set to enhance guest experiences. Construction is expected to start in early 2022 and create around 400 construction jobs and 60 permanent jobs.
Churchill Downs Incorporated (CHDN) will release its second quarter 2021 financial results on July 28, 2021, after market close. A conference call to discuss the results is scheduled for July 29, 2021, at 9 a.m. ET. Investors can access the live webcast or listen via telephone by calling the provided numbers. A replay of the call will be available online shortly after the event. The Company is recognized for its industry-leading racing, online wagering, and gaming entertainment services, anchored by the Kentucky Derby, along with various gaming venues and online platforms.