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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 an extension to the maturity dates of its revolving credit facility and term loan A facility, pushing the due date from 2027 to 2029. This move aims to provide the company with more financial flexibility. The amendment involves several changes to the existing senior secured credit agreement, although specific alterations were not detailed. The announcement was made on July 03, 2024, and is expected to positively impact CDI's financial stability and operational planning.
International Game Technology (IGT) and Churchill Downs Incorporated (CDI) have expanded their Historical Horse Racing (HHR) technology to Malta through a partnership with National Lottery plc, a subsidiary of IZI Group. This marks the first HHR deployment outside the United States. IGT's products will initially dominate the HHR floor at IZIBINGO in St. Paul's Bay, with CDI's Exacta Systems providing the Exacta Connect® system solution for the gaming floor. The launch will include over 80 IGT HHR games on IGT hardware such as PeakSlant™49 and Cobalt™27 cabinets. IGT and Exacta will also support HHR offerings at other National Lottery venues in Malta. This collaboration aims to innovate and expand the National Lottery's operations internationally.
Churchill Downs Incorporated (CDI) has promoted Michael Lilly to President of TwinSpires Horse Racing, effective June 27, 2024. Lilly will oversee the strategy and operations of TwinSpires Horse Racing, a leader in legal online horse betting and the official wagering partner of the Kentucky Derby. Lilly has been with CDI since 2018, starting as Senior Director of Finance at Arlington Racecourse, later advancing to Vice President of Finance in 2020, and Vice President of Finance and Operations in 2022. He holds a Bachelor of Arts from Northern Illinois University and an MBA from DePaul University.
Churchill Downs Incorporated (CDI) announced the release and discussion date of its second quarter 2024 financial results. The results will be released after market close on July 24, 2024, with a corresponding conference call scheduled for July 25, 2024, at 9 a.m. ET. Interested parties can join the call through a real-time webcast or by registering for teleconference access. URL for accessing the webcast and replay is provided in the announcement. A news release with detailed financial and statistical information will be made available on the company's official website.
Churchill Downs Incorporated (Nasdaq: CHDN) announced the appointment of Sam Ullrich as Vice President of Investor Relations on May 29, 2024. Ullrich brings over 15 years of financial expertise, having previously served as the Director of Commercial and Financial Planning for Kentucky Fried Chicken , a YUM! Brands subsidiary. He has extensive experience from his tenure at PricewaterhouseCoopers and various roles at KFC and YUM, including Interim CFO for KFC U.S. Ullrich will now oversee all aspects of investor relations at CDI, reporting to CFO Marcia Dall.
Churchill Downs Incorporated (CHDN) has officially opened its new 122-room hotel and event center at Terre Haute Casino Resort in Terre Haute, Indiana. The 400,000-square-foot venue, which began operations on April 5, 2024, includes a casino floor with 1,000 slot machines, 36 table games, and a state-of-the-art sportsbook. The resort also features various dining options such as Four Cornered Steakhouse and Rockwood Bar & Grill.
The development, initiated in June 2022, generated nearly 1,000 construction jobs and will create approximately 550 full-time and part-time positions in the region. CEO Bill Carstanjen highlighted the resort's role in attracting visitors and enhancing the local economy. This opening marks a significant milestone for CDI in expanding its entertainment offerings.
Churchill Downs Incorporated (Nasdaq: CHDN) announced the extension of its partnership with NBC Sports to present the Kentucky Derby on NBC and Peacock through 2032. This historic partnership began in 2001, making NBC the first media company to host the event for over three decades. The extension includes multiplatform rights to the Kentucky Derby, Kentucky Oaks, and Derby and Oaks Day programming.
Churchill Downs Incorporated (CHDN) announced the historic 150th running of the Kentucky Derby, setting new betting records on Derby Day and Derby Week. Mystik Dan won the race, thrilling nearly 157,000 fans. Wagering hit unprecedented heights, totaling $320.5 million on Derby Day and $446.6 million for the whole week. The Kentucky Derby continued its global appeal, attracting bets from Japan. CDI introduced new luxury seating areas, boosting the overall fan experience. The company anticipates record Adjusted EBITDA for the Derby Week.
Churchill Downs Incorporated announced a new Kentucky Oaks Day handle record as Thorpedo Anna won the 150th Longines Kentucky Oaks, with a total wagering record of $75.3 million. Despite a 3% decrease in wagering on the Kentucky Oaks race, the event was a success, celebrating deep-rooted traditions and raising money for women's health initiatives.
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