Church Downs Stock Price, News & Analysis

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.

Churchill Downs Incorporated (CHDN) appointed Andréa Carter to its Board of Directors, expanding the board to nine members. With over 20 years in human resources, Carter brings experience from Global Payments and Habitat for Humanity. She aims to leverage her expertise to enhance CDI's talent functions and support its growth, particularly related to the Kentucky Derby brand. Carter's term as a Class II Director will expire at the 2025 Annual Meeting of Shareholders, emphasizing a strategic move to strengthen leadership in the company.

Churchill Downs Incorporated (CHDN) and DraftKings (DKNG) have forged a multi-year agreement to introduce horse racing betting to DraftKings' platform via DK HORSE. This product, powered by CDI's TwinSpires technology, is set to launch before the Kentucky Derby in May 2023, initially available in 21 states. DraftKings aims for DK HORSE to be profitable from the start, enhancing customer engagement during key racing events. The agreement grants DraftKings rights to CDI's horse racing content, including prestigious races like the Kentucky Oaks.

Churchill Downs Incorporated has completed the acquisition of Peninsula Pacific Entertainment LLC for $2.75 billion, significantly expanding its operations into Virginia, New York, and Iowa. The acquisition includes key properties like Colonial Downs Racetrack in Virginia and Del Lago Resort & Casino in New York, enhancing growth opportunities. CDI aims to leverage these assets and expand through development rights for additional venues, including up to 5 new HRM locations in Virginia, boosting its gaming portfolio and market presence.

Churchill Downs reported its third-quarter results for 2022, showing a net revenue of $383.1 million, down from $393.0 million in Q3 2021. Net income also decreased to $57.0 million from $61.4 million. However, the company achieved a record Adjusted EBITDA of $163.2 million, up from $156.1 million the previous year. Key acquisitions include Chasers Poker Room and Ellis Park, totaling $79 million. The board announced a 7% increase in the annual dividend, now at $0.714 per share.

Churchill Downs Incorporated (CHDN) will release its third quarter 2022 financial results on October 26, 2022, after market close. A conference call to discuss the results will take place on October 27, 2022, at 9 a.m. ET. Investors can access the live stream on their website and an online replay will be available by noon ET the following day. CDI operates numerous gaming venues and is a leader in online wagering through TwinSpires, alongside its brick-and-mortar casinos in eight states.

Churchill Downs Incorporated (CHDN) announced the acquisition of Ellis Park Racing & Gaming for $79 million in cash. The deal includes the opportunity to develop a track extension facility with historical racing machines in Owensboro, Kentucky. The acquisition follows approval from the Kentucky Horse Racing Commission and was funded through cash and existing credit facilities. CDI aims to enhance racing infrastructure and improve purses, reflecting its strategic growth in the gaming sector.