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 (NASDAQ: CHDN) generates a steady flow of news tied to its gaming entertainment, online wagering, and racing operations. As the company behind the Kentucky Derby and a growing portfolio of live and historical racing venues, online wagering platforms, and regional casino gaming properties, its announcements span development projects, financial performance, partnerships, and event programming.
Investors following CHDN news can expect regular updates on segment results for Live and Historical Racing, Wagering Services and Solutions, and Gaming. Recent releases have detailed record quarterly net revenue and Adjusted EBITDA, performance at Kentucky and Virginia historical racing machine venues, and contributions from TwinSpires Horse Racing, Exacta, and regional gaming properties across several states.
CDI’s news flow also highlights strategic growth initiatives. Examples include the acquisition of a majority interest in Casino Salem in Salem, New Hampshire, and subsequent plans to redevelop the charitable gaming facility as Rockingham Grand Casino within The Mall at Rockingham Park. The company has also announced the Victory Run capital investment at Churchill Downs Racetrack, a new multi-story hospitality structure designed to enhance seating and premium experiences during major racing events.
Other notable news items cover capital management actions such as share repurchase programs and annual dividend decisions, as well as conference call invitations for quarterly and full-year financial results. CDI also issues joint announcements with partners, including agreements with Everi, an IGT brand, to deploy financial technology and compliance solutions across its venues, and media updates with NBC Sports regarding primetime coverage of the Kentucky Oaks and continued broadcast of the Kentucky Derby.
For market participants, the CHDN news page offers a centralized view of how Churchill Downs Incorporated’s racing, wagering, and gaming strategies evolve over time, with direct links to earnings releases, development milestones, partnership agreements, and other material events.
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.
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.