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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 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.
Churchill Downs Incorporated (CDI) will release its fourth quarter and full year 2020 financial results on February 24, 2021, after market close. A conference call to discuss these results is scheduled for February 25, 2021, at 9 a.m. ET. Investors can access the call via an online webcast or by phone. CDI operates three pari-mutuel gaming venues and owns the online wagering platform TwinSpires. The company is also a leader in casino gaming across eight states, with a significant number of gaming devices and table games.
Churchill Downs Incorporated (CHDN) announced the launch of its TwinSpires Sportsbook and iGaming platform in Michigan, effective January 22, 2021. The new platform enhances CDI's existing presence, following a retail sportsbook's launch in partnership with the Hannahville Indian Community in September 2020. The mobile app is available on iOS, Android, and desktop, providing access to sports betting and casino games. To celebrate the launch, TwinSpires is offering bonuses for new users, with plans for the brand to expand in other states throughout 2021.
Churchill Downs Incorporated (CHDN) has announced a shift to a single brand strategy for its online wagering segment, rebranding its sportsbook and iGaming platform from BetAmerica to TwinSpires. This transition begins with the launch in Michigan and will also encompass other states by mid-2021. The TwinSpires brand boasts over 13 years of experience and offers a robust technology platform for both horse racing and sports betting. This strategy aims to enhance marketing efficiencies and provide a more integrated experience for online wagering customers.
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.