Church Downs Stock Price, News & Analysis

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.

Churchill Downs Incorporated (CHDN) has renewed its partnership with Woodford Reserve, extending their sponsorship of the Kentucky Derby for five more years, through 2027. Woodford Reserve, a prestigious bourbon brand, has been the presenting sponsor since 1999. The agreement also includes other Brown-Forman brands, such as Old Forester and Finlandia. The 150th Kentucky Derby will occur on May 6, 2023, with preparations underway for a commemorative bourbon. This collaboration highlights the cultural significance of bourbon and horse racing in Kentucky.

Churchill Downs Incorporated (CHDN) has announced a multi-year partnership with bet365 for online sports betting and iGaming access in Pennsylvania, pending regulatory approvals. This collaboration is in line with CDI's strategy to monetize its online sports and iGaming market access, while focusing on expanding the TwinSpires horse racing business. Bill Carstanjen, CEO of CDI, highlighted the significance of joining forces with a leading global gaming brand, enabling enhanced offerings for Pennsylvania sports fans.

Exacta Systems announced a definitive agreement with Churchill Downs Incorporated (CDI, NASDAQ: CHDN) on December 21, 2022. This partnership aims to enhance Exacta's offerings in the historical horse racing (HHR) industry. CEO Jeremy Stein expressed excitement over aligning Exacta’s flexible HHR technology with CDI’s established presence, creating new growth opportunities while maintaining customer support. The Exacta Connect protocol will integrate top-performing gaming content from various manufacturers, facilitating expanded growth in the sector.

Churchill Downs Incorporated (CHDN) announced its agreement to acquire Exacta Systems for $250 million in cash, pending regulatory approvals. This acquisition is expected to enhance CDI's historical horse racing (HHR) operations following its previous acquisition of Colonial Downs Racetrack and Rosie’s Gaming Emporium. Exacta supports HHR in several states, integrating multiple gaming manufacturers. The transaction will be treated as an asset purchase for tax benefits, potentially increasing cash flow and improving the transaction's economics.