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) announced an agreement to purchase historical racing machines from Konami Gaming. This new line-up will debut at CDI’s HRM facilities in Kentucky in Q2 2021. The HRMs, approved by the Kentucky Horse Racing Commission, utilize results from past horse races. CDI aims to enhance gaming experiences with popular games like China Shores Great Stacks and Mayan Chief Great Stacks, providing diverse themes for players. This partnership expands CDI's portfolio alongside suppliers like Scientific Games, enhancing its competitive position.
Churchill Downs Incorporated (CHDN) has launched its TwinSpires Sports mobile app and desktop platform in Tennessee, expanding its gaming offerings to include various professional and collegiate sports betting. The launch coincides with March Madness, featuring a promotional player sign-up bonus. Additionally, TwinSpires plans to brand its existing sportsbooks across several states in the first half of 2021. CDI continues to enhance its presence in the gaming market with its reputable platforms and partnerships, including a new campaign with Brett Favre.
Churchill Downs Incorporated (CHDN) closed its offering of $200 million in 4.75% senior notes due 2028 and a $300 million senior secured Term Loan B due 2028. The notes were priced at 103.25% of the principal amount, while the Term Loan B has an interest rate of LIBOR plus 200 basis points. The offering was made only to qualified institutional buyers and non-U.S. persons, with no registration under the Securities Act. The company will register the Additional Notes for resale after one year if they remain non-tradable.
Churchill Downs Incorporated (CHDN) has announced a four-year partnership that names Kendall-Jackson and La Crema as the Preferred Wines of the Kentucky Derby from 2021 to 2024. Kendall-Jackson has held the title of America’s top-selling Chardonnay since 1992. La Crema is recognized for its influence in cool-climate winemaking. This sponsorship will feature their wines at all Churchill Downs events, emphasizing a blend of racing and winemaking excellence.
Churchill Downs announced the pricing of $200 million of 4.75% senior notes due 2028 and a $300 million senior secured Term Loan B, both expected to close on March 17, 2021. The additional notes are priced at 103.25% and the Term Loan B at LIBOR plus 200 basis points. Proceeds will be used to repay revolving credit facility debt, cover transaction expenses, and for general corporate purposes. The notes will not be registered under the Securities Act and sold only to qualified institutional buyers. This financing supports CDI's ongoing operations and growth plans.
Churchill Downs Incorporated (CHDN) announced plans to offer $200 million in senior notes due 2028 in a private offering. The new notes will match existing notes terms, with proceeds aimed at repaying debt, covering transaction expenses, and working capital. The offering is limited to qualified institutional buyers and won't be registered under the Securities Act. CDI will register the notes for resale in a year if they remain non-tradable. Notably, the offering is not approved by gaming regulatory authorities and will not be listed on any securities exchange.
Churchill Downs reported a 2020 net revenue of $1,054 million, a 21% decline from 2019. The company faced a net loss of $81.9 million, down from a net income of $137.5 million. Adjusted net income fell by 81% to $33.3 million. However, the TwinSpires Horse Racing segment achieved record revenues of $405 million, up 39%. The company opened new facilities like the Oak Grove HRM in 2020. A stock buyback of 1 million shares at $193.94 was completed in February 2021, signaling confidence in future growth.
Churchill Downs Incorporated (CHDN) has announced the sale process for 326 acres of the Arlington International Racecourse in Arlington Heights, Illinois, facilitated by CBRE. The sale is expected to conclude post the 2021 racing season, which runs from April 30 to September 25. Despite the sale, CDI is committed to maintaining racing operations and exploring the relocation of Arlington’s racing license. The company emphasizes its dedication to the Illinois thoroughbred racing industry and potential opportunities for its continuity.
Churchill Downs Incorporated (Nasdaq: CHDN) announced expansion plans for Rivers Casino Des Plaines, aiming to add 725 gaming positions, reaching the state limit of 2,000. The proposed $87 million, 78,000 square-foot project includes a new restaurant, a poker room, and a ballroom for events. Subject to regulatory approval, construction is expected to commence in spring 2021 and conclude by spring 2022. The expansion reflects Rivers' position as Illinois' leading casino and aims to enhance guest loyalty and experience.
Churchill Downs Incorporated (CHDN) has announced a share repurchase of 1 million shares at $193.94 each, totaling approximately $193.9 million. This transaction was authorized by the Board and is distinct from the remaining $147.1 million in its existing share repurchase plan. Additionally, CDI amended its Credit Agreement to increase the restricted payment capacity from $26 million to $226 million to facilitate this repurchase. The shares will be acquired using available cash and borrowings under its senior secured credit facility.