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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) 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.
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.