Church Downs Stock Price, News & Analysis

Churchill Downs Incorporated (Nasdaq: CHDN) reported a record net revenue of $559.5 million for Q1 2023, up from $364.1 million in Q1 2022. Net income soared to $155.7 million compared to $42.1 million a year earlier, with a diluted EPS of $4.09. Adjusted EBITDA reached a record $222.9 million, reflecting a 74% increase from $128.5 million in Q1 2022. Significant growth was observed across all segments, with Live and Historical Racing up 194%, Gaming up 42%, and TwinSpires increasing by 22%. The company also closed the sale of Arlington Heights property for $197.2 million and amended its credit agreements, raising a total of $600 million through senior notes. A two-for-one stock split was announced, effective May 22, 2023.

On April 25, 2023, Churchill Downs Incorporated (CHDN) announced a two-for-one stock split approved by its Board of Directors. Shareholders will receive one additional share for each outstanding share held as of May 5, 2023. The additional shares are set to be distributed on May 19, 2023, with trading at the split-adjusted price commencing on May 22, 2023. This action is aimed at enhancing liquidity and accessibility for investors. With a legacy of nearly 150 years, CDI has expanded its presence in entertainment, live racing, and online wagering.

Churchill Downs Incorporated (Nasdaq: CHDN) announced its intention to offer $600 million in senior notes due 2031 in a private offering. The funds obtained from this offering will be used primarily to repay existing debt under its Term Loan B Facility, cover transaction fees, and for general corporate purposes. The notes will not be registered under the Securities Act and are being sold only to qualified institutional buyers. Additionally, the company will register these notes for resale if they are not freely tradable after one year. This announcement follows CDI's established history of providing entertainment experiences, notably through the Kentucky Derby and its operations in casino and online wagering.

Churchill Downs Incorporated (CHDN) announced that it will release its first quarter 2023 financial results after market close on April 26, 2023, followed by a conference call on April 27, 2023, at 9 a.m. ET. Investors can access the call through an online webcast or via teleconference after registering for a personalized dial-in number. A replay will be available online after the call. The company has a long history of providing entertainment experiences, highlighted by the Kentucky Derby, and has expanded through live and historical racing venues, online wagering through TwinSpires, and regional casino properties. Further financial details will be shared in the news release accessible through their website.

Everi Holdings Inc. (NYSE: EVRI) has expanded its mobile app, Venuetize, with Phase Two of the Churchill Downs Racetrack experience, enhancing fan engagement for the Kentucky Derby. The app now includes a dedicated Kentucky Derby mode featuring live event engagement, ticket access, event maps, and alerts for Derby Week. Phase One, introduced in September, offers year-round racetrack functionalities such as ticketing, venue navigation, race calendars, and expert insights. Executives from both Everi and Churchill Downs express enthusiasm for this mobile-first initiative that aims to improve customer interaction and operational efficiency.

Churchill Downs Incorporated (CHDN) announced a $500 million increase in its Term Loan A credit facility, raising the total from $800 million to $1.3 billion due in 2027. The amendment includes adjustments to the existing credit agreement, with interest rates based on SOFR plus a spread determined by the company's net leverage ratio. Proceeds will be used to repay existing loans, cover transaction fees, and for general corporate purposes. This move signals a strategic effort to strengthen financial positioning and manage existing debt efficiently.

Churchill Downs reported record financial results for 2022, achieving net revenue of $1.81 billion, up 13% from the previous year, and net income of $439.4 million, up 76%. Adjusted EBITDA reached $763.6 million, a 22% increase. Highlights include the successful 148th Kentucky Derby and multiple acquisitions, including Peninsula Pacific Entertainment for $2.75 billion. A significant capital management move included a share buyback of approximately $175.5 million in 2022 and a 7% dividend increase. However, the fourth quarter net income dropped to $1 million, impacted by increased asset impairments and transaction costs.

Churchill Downs Incorporated (CHDN) has successfully completed the sale of 326 acres of property in Arlington Heights, Illinois, to the Chicago Bears for $197.2 million. This transaction is part of an Internal Revenue Code §1031, allowing the company to use the proceeds for purchasing and improving previously acquired real estate linked to the Peninsula Pacific Gaming acquisition from 2022. The sale aligns with CDI's ongoing strategy of expanding its entertainment offerings and enhancing its asset portfolio.

Churchill Downs Incorporated (CDI), headquartered in Louisville, Kentucky, has announced that it will release its fourth quarter and full year 2022 financial results on February 22, 2023, after market close. A conference call discussing these results will take place on February 23, 2023, at 9 a.m. ET. Participants can access the call via an online webcast or by registering for a teleconference. Following the call, a replay will be available online. CDI has been a leader in live racing and casino gaming for nearly 150 years, with a strong focus on enhancing its entertainment experiences.