Welcome to our dedicated page for Church Downs news (Ticker: CHDN), a resource for investors and traders seeking the latest updates and insights on Church Downs stock.
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.
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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.