Church Downs Stock Price, News & Analysis

Churchill Downs Incorporated (Nasdaq: CHDN) announced a multi-year series of capital projects aimed at enhancing the Kentucky Derby experience at Churchill Downs Racetrack. These projects mark the largest expansion and renovation in the company's 150-year history. The three main projects include:

• The Skye Project: Replacing 11,500 existing seats with 13,300 premium hospitality seats, including improved track views and upgraded amenities. Expected completion: May 2028.
• Conservatory Project: Replacing 2,100 temporary seats with over 7,000 premium experiences, including 36 suites. Expected completion: May 2028.
• Infield General Admission Project: Introducing three new permanent buildings with enhanced amenities and ticket upgrade opportunities. Expected completion: May 2028.

CDI will also invest in infrastructure improvements, including a new tunnel to the infield. The total investment for these projects is estimated between $880 million and $920 million, with $120 to $130 million expected to be spent in 2025. The company believes these investments will drive long-term shareholder value.

Churchill Downs (CHDN) reported strong financial performance for Q4 and full year 2024. Q4 highlights include net revenue of $624.2M (up 11%), net income of $71.7M (up 24%), and Adjusted EBITDA of $236.6M (up 8%). Full year results show net revenue of $2.7B (up 11%), net income of $426.8M (up 2%), and Adjusted EBITDA of $1.2B (up 13%).

Key operational achievements include the successful 150th Kentucky Derby with record handle and Derby Week EBITDA, opening of Terre Haute Casino Resort in Indiana, The Rose Gaming Resort in Virginia with 1,650 historical racing machines, and Owensboro Racing & Gaming in Kentucky. The company maintained a net bank leverage of 4.0x and returned $218.3M to shareholders through buybacks and dividends.

The company repurchased 506,300 shares for $65.3M in 2024 and increased its annual dividend by 7% to $0.409 per share, marking the 14th consecutive year of dividend growth. Capital investments for 2025 are projected at $350-400M.

Churchill Downs (CHDN) has announced the grand opening of Owensboro Racing & Gaming, its seventh historical horse racing entertainment venue in Kentucky. The $100 million facility features 600 historical racing machines, a retail sportsbook, simulcast wagering, and multiple dining options.

The new entertainment venue will support purse funding for Ellis Park Racing & Gaming's summer racing meet in Henderson, Kentucky. According to CEO Bill Carstanjen, this expansion in western Kentucky aims to boost tourism, entertainment, and economic opportunities in eastern Daviess County while strengthening Kentucky's horse racing industry.

Churchill Downs (CHDN) has announced it will release its fourth quarter and full year 2024 financial results after market close on Wednesday, February 19, 2025. The company will host a conference call to discuss the results on Thursday, February 20, 2025, at 9 a.m. ET.

Investors can access the earnings call through a real-time webcast on the company's investor relations website or via teleconference by registering in advance. Participants are advised to dial in 15 minutes before the start time. An online replay will be available on the company's website by noon ET on February 20, 2025, along with the earnings release and relevant financial information.

Churchill Downs Incorporated (CHDN) announced the grand opening of The Rose Gaming Resort in Dumfries, Virginia, representing a $460 million investment. The 175,000-square-foot entertainment venue features 1,650 historical racing machines, 8 bars and restaurants, and a hotel with over 100 rooms. The development has created approximately 500 permanent jobs and will support Virginia's Thoroughbred horse racing industry, adding 16 racing days to Colonial Downs Racetrack's 2025 season. The company has committed $2 million for a new community center design and contributed $400,000 to local nonprofits since 2021.

Churchill Downs Incorporated (CDI) has announced plans to develop a new historical racing machine (HRM) entertainment venue in Calvert City, Kentucky. The project, estimated to cost between $40 to $50 million, will feature a 23,000 square-foot facility housing 250 HRMs, a sports bar, sportsbook, and simulcast center. Set to open in early 2026, the venue will operate as an extension of Oak Grove Racing, Gaming and Hotel, marking CDI's eighth historical horse racing entertainment venue in Kentucky.

Churchill Downs (CHDN) reported strong Q3 2024 results with record net revenue of $628.5 million, up from $572.5 million in Q3 2023. Net income rose to $65.4 million from $61.0 million year-over-year. The company achieved record Adjusted EBITDA of $235.3 million.

Key segment performance showed Live and Historical Racing revenue up 12%, TwinSpires revenue up 6%, and Gaming revenue up 10%. The company opened The Rose Gaming Resort in Virginia with 1,650 historical racing machines and maintained a net bank leverage of 4.0x. The Board approved a $0.409 per share dividend, marking the fourteenth consecutive year of dividend increases.

Churchill Downs Incorporated (CDI) has announced the schedule for its 2024 third quarter financial results release and conference call. The company will release its Q3 2024 results after market close on Wednesday, October 23, 2024. A conference call to discuss the quarter will be held on Thursday, October 24, 2024, at 9 a.m. ET.

Investors and interested parties can access the call via a real-time webcast or by registering for the teleconference. An online replay of the call will be available by noon ET on October 24. The company's news release announcing quarterly results and relevant financial information will be accessible on the CDI website.

Churchill Downs Incorporated (CDI) announced the retirement of Robert L. Fealy from its Board of Directors on July 23, 2024. Bill Carstanjen, CDI's President and CEO, expressed gratitude for Fealy's long-term service, highlighting his perspective, insight, and dedication to the company. Carstanjen also personally thanked Fealy for his friendship and wisdom over their years of collaboration.

This change in the board composition marks a significant moment for CDI, potentially impacting the company's future strategic decisions. The departure of a long-serving board member often leads to a shift in dynamics and could bring new perspectives to the company's governance.