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 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.
Churchill Downs Incorporated (CHDN) announced the reopening of Calder Casino in Miami Gardens, Florida, effective August 31, 2020. With this opening, all of CDI's gaming properties will be operational again. The casino will implement safety measures including enhanced cleaning protocols, temperature checks, and social distancing. CEO Bill Carstanjen expressed gratitude for the team's efforts to safely reopen. CDI operates various gaming facilities and platforms, including TwinSpires.com and BetAmerica, furthering its position in the gaming industry.
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.