Church Downs (CHDN) Stock News

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.

Churchill Downs Incorporated (CHDN) has appointed Jason Sauer as Senior Vice President of Corporate Development, effective immediately. Sauer, who joined the company in 2014, will collaborate with senior management on strategic growth initiatives. CEO Bill Carstanjen praised Sauer's expertise in M&A and complex commercial deals. Previously, Sauer worked as legal counsel at Humana and as an attorney specializing in corporate transactions. He holds degrees from Harvard and the University of Kentucky.

The Chicago Bears have entered a multi-year exclusive partnership with Rush Street Interactive, Inc. (RSI) and Rivers Casino, marking the Bears' first such deal in the Sportsbook and Casino sectors. BetRivers will become the Bears' Official Sportsbook Partner, while Rivers Casino will be the Official Casino Partner. The partnership includes significant in-stadium presence, digital assets, and exclusive promotions for BetRivers players. This agreement is seen as a milestone for both the Bears and RSI, aiming to enhance fan engagement and customer experience.

Churchill Downs Incorporated (CHDN) has announced an agreement to feature Aristocrat Gaming machines at its historical racing machine (HRM) facilities in Kentucky, including Derby City Gaming and Turfway Park. This collaboration aims to attract Aristocrat's loyal customer base with popular games like Buffalo and Wild Lepre’Coins, utilizing the advanced MarsX gaming cabinets. The partnership with Aristocrat joins other prominent suppliers, enhancing CDI's gaming offerings in a growing market.

International Game Technology (IGT) has expanded its historical horse racing (HHR) offerings with the launch of Wheel of Fortune-themed games at Churchill Downs Incorporated (CDI) facilities in Kentucky. This introduction marks IGT's first licensed theme in the HHR market. A total of 40 CrystalWheel cabinets featuring the Wheel of Fortune Cash Link Exotic Far East theme have been deployed at Derby City Gaming, Oak Grove Racing, Gaming & Hotel, and Newport Racing & Gaming. The games include multiple jackpot levels and free games to enhance player engagement.