Church Downs Stock Price, News & Analysis

Churchill Downs Incorporated (CHDN) has announced multi-year partnerships with GAN Limited and Kambi Group PLC to enhance its BetAmerica sports betting and iGaming platform. The collaboration aims to improve player account management and sports trading capabilities, facilitating the rollout of BetAmerica's offerings as states legalize sports betting. CDI's CEO Bill Carstanjen highlighted the efficiency gained from these partnerships, which are expected to attract more players to BetAmerica, currently operational in New Jersey, Pennsylvania, Indiana, and Mississippi.

Churchill Downs Incorporated (CHDN) announced that the 146th Kentucky Derby, scheduled for September 5, 2020, will be held without fans due to the surge in COVID-19 cases in Louisville. The decision prioritizes the health and safety of the community and follows consultation with health authorities. Ticket holders will receive refunds, and only essential personnel will attend the event. Governor Andy Beshear supports the decision, citing the aggressive spread of the virus. The Kentucky Oaks will also run without spectators, and NBC will broadcast both events.

Churchill Downs Incorporated (CHDN) reported a significant drop in second-quarter results for 2020, with net revenues of $185.1 million, down 61% year-over-year. The company experienced a net loss of $118.8 million, a stark contrast to the net income of $107.1 million in the same quarter of 2019. Adjusted EBITDA also fell 86% to $30.1 million. Despite challenges, TwinSpires showed resilience with a 21.6% growth in handle. All gaming properties have reopened except Calder Casino. Future expectations hinge on the postponed 146th Kentucky Derby.

Churchill Downs Incorporated (CHDN) announced its launch of the BetAmerica sports betting and iGaming platform in Michigan through a partnership with the Hannahville Indian Community. This initiative includes a retail BetAmerica sportsbook at Island Resort & Casino and an online platform for bettors statewide, pending regulatory approval. Bill Mudd, COO, emphasized the innovative offerings available to Michigan sports fans. BetAmerica currently operates in New Jersey, Pennsylvania, Indiana, and Mississippi, aiming to enhance its market presence and customer engagement in Michigan.

Churchill Downs Incorporated (CHDN) has announced the reopening of the Oxford Casino Hotel in Oxford, Maine, effective July 9, 2020, at 9:00 a.m. Guests can enjoy slot machines, with table games and food offerings to be available later. The reopening will adhere to state capacity restrictions and feature enhanced safety protocols, including increased cleaning, social distancing measures, and mandatory health checks for guests and team members. CDI operates multiple gaming and wagering facilities and is known for its Kentucky Derby event.

Churchill Downs Incorporated (CHDN) announced the temporary suspension of operations at Calder Casino in Florida due to a Miami-Dade Emergency Order related to COVID-19. The closure, effective July 3, 2020, aims to control the rising COVID-19 cases. CDI plans to collaborate with local officials to reopen Calder when appropriate. CDI is known for its iconic Kentucky Derby and operates various gaming platforms, including TwinSpires.com and BetAmerica, alongside brick-and-mortar casinos across multiple states.

Churchill Downs Incorporated (CHDN) announced the reopening of Rivers Des Plaines in Illinois on July 1, 2020, following enhanced health and safety protocols. A dedicated 'Rivers Clean Team' is responsible for implementing new measures, including protective plexiglass, sanitization stations, and social distancing markers. Key initiatives include extensive training for team members, use of EPA-approved disinfectants, and modifications for social distancing on the gaming floor. The BetRivers Sportsbook has also reopened with limited seating, further enhancing customer service during the pandemic.

Churchill Downs Incorporated (CHDN) announced the reopening of Presque Isle Downs & Casino in Erie, Pennsylvania, at 12 p.m. on June 26, 2020. Live racing will resume without spectators on July 27 through October 22, held from Mondays to Thursdays at 4:45 p.m. The reopening will adhere to strict capacity restrictions and safety protocols, including enhanced cleaning and mandatory temperature checks. CDI will share updates regarding the reopening of additional locations as dates are confirmed.

Churchill Downs Incorporated (CHDN) announced an agreement with the Illinois Thoroughbred Horsemen’s Association for the 2020 and 2021 live race meets at Arlington International Racecourse. The Illinois Racing Board approved Arlington's 2020 Summer Meet, allowing spectator-free live racing from July 23 to September 26, 2020. Arlington’s backstretch opens on or before July 6 for owners and trainers, with racing on Thursdays, Fridays, and Saturdays.

Arlington's off-track betting locations are operational, enhancing wagering opportunities.