Church Downs Stock Price, News & Analysis

Churchill Downs Incorporated (Nasdaq: CHDN) announced key leadership changes effective immediately. Mike Anderson has been appointed the 14th President of Churchill Downs Racetrack, leveraging his 24 years of experience with the company. Mike Ziegler was named Senior Vice President and General Manager of the Racetrack, enhancing safety and integrity efforts in horse racing. Ryan Jordan assumes the role of Vice President of Operations, Corporate, supporting all business units. These appointments aim to drive continued growth and operational excellence.

Churchill Downs Incorporated (Nasdaq: CHDN) announced that T. Kevin Flanery will retire as President of Churchill Downs Racetrack at the end of 2020 after 11 years in the role. Flanery, who began his tenure in 2005, has overseen significant improvements, including capital investments in track lighting and venue expansions. These initiatives have enhanced the Kentucky Derby experience. Bill Mudd, COO, will serve as interim President while the search for a successor begins. Flanery expressed gratitude for the opportunity to honor the legacy of the Kentucky Derby.

Churchill Downs reported a strong Q3 2020 with a 10% increase in net revenue to $337.8 million and a net income of $43.2 million, significantly up from $14.8 million in Q3 2019. The company's Adjusted EBITDA rose by 39% to $121.9 million. The success of TwinSpires contributed to record revenue of $116.0 million, a 77% increase year-over-year. New facilities opened, including Oak Grove and Newport, and an annual dividend of $0.622 was approved, marking a 7% increase. COVID-19 safety protocols remained in effect, ensuring operational safety amid ongoing challenges.

Churchill Downs Incorporated (CHDN) announced it will release its third quarter 2020 financial results after the market closes on October 28, 2020. A conference call will be held on October 29, 2020, at 8 a.m. ET, to discuss the results. The call can be accessed via a webcast or by phone. Investors can find a news release with detailed financial and statistical information on the company's website. Churchill Downs is recognized for its racing, online wagering, and gaming entertainment, operating the largest online horse racing wagering platform in the U.S.

Churchill Downs Incorporated (CHDN) announced that it does not utilize the Exacta system for historical horse racing machines in Kentucky, following a Kentucky Supreme Court ruling. The company will collaborate with Kentucky legislators to maintain its HRM operations, essential for the equine industry's funding. Governor Andy Beshear emphasized the significance of historical horse racing, noting its contribution of over $21 million to the state budget. Churchill Downs operates renowned gaming and online wagering platforms, enhancing its position within the industry.

Churchill Downs Incorporated (CHDN) announced the opening of simulcast and historical racing machine operations at Oak Grove Racing, Gaming & Hotel on September 18, 2020. The facility will feature 1,325 HRMs from top gaming companies. The $200 million development, which began construction in April 2019, is expected to create nearly 400 jobs. Live harness racing is set to return in October 2020. The company emphasizes safety measures in light of COVID-19, following CDC guidelines. This project aims to boost local racing by increasing purses and attracting better horses.

Churchill Downs held the 146th Kentucky Derby on Labor Day weekend, with Authentic winning the race by 1 1/4 lengths. This marked a historic event for the Derby. Despite the achievement, total wagering was $126.0 million, down from $250.9 million in 2019, mainly due to a lack of on-track betting and fewer horses. CEO Bill Carstanjen expressed gratitude for fan support, looking forward to the next Derby in May 2021. The company remains optimistic about profitability despite these challenges.

The 146th Longines Kentucky Oaks featured a historic win by Shedaresthedevil, clocking in at 1:48.28, the fastest Oaks race ever. Jockey Florent Geroux and trainer Brad Cox celebrated their second Oaks victory, with Shedaresthedevil claiming a $1.25 million prize. Despite the success of the race, wagering dropped significantly: total all-sources wagering was $30.8 million, down from $60.2 million in 2019, attributed to lower field sizes and lack of on-track bets. Churchill Downs Incorporated continues its commitment to cancer awareness, donating $50,000 to Norton Cancer Institute.

Churchill Downs Incorporated (CHDN) has opened a new 8,000 square foot outdoor gaming patio at Derby City Gaming in Louisville, Kentucky, adding 225 historical racing machines (HRMs), increasing the total to 1,225 HRMs. This expansion aims to enhance customer experience with more machines and outdoor space, as noted by Senior VP Austin Miller. The facility is currently operating under capacity restrictions due to COVID-19 safety protocols, which include social distancing and enhanced cleaning measures.