Church Downs Stock Price, News & Analysis

Churchill Downs Incorporated (CHDN) has entered into a multi-year agreement with FanDuel Group to enhance sports wagering capabilities. The deal includes pari-mutuel wagering rights for horse racing content, authorization for FanDuel to broadcast certain CDI racing events, and a non-exclusive sponsorship of the Kentucky Derby.

Starting January 2023, FanDuel will pay for technology and services from United Tote to facilitate wagering. CDI expects to gain customary content fees when wagers are placed on its owned horse racing content.

Churchill Downs Incorporated (CHDN) has completed the acquisition of Chasers Poker Room in Salem, New Hampshire, following approval from the New Hampshire Lottery Commission. The purchase marks a significant expansion into the charitable gaming sector, with CDI planning to invest approximately $150 million to enhance its operations. The new facility will feature 800 gaming positions, including historical racing machines. This acquisition allows CDI to operate historical horse racing in four states, reinforcing its position in the gaming industry and supporting local nonprofits.

Churchill Downs Incorporated (CHDN) has agreed to sell 49% of its subsidiary, United Tote Company, to NYRA Content Management Solutions, LLC. This strategic move aims to enhance United Tote's pari-mutuel solutions and facilitate the integration of horse racing with sports wagering platforms. The transaction is subject to regulatory approvals and is expected to finalize by the end of 2022. United Tote's pari-mutuel settlements business will remain with CDI. This partnership with NYRA is positioned to expand market reach and operational efficiencies.

Churchill Downs reported record second quarter 2022 results, with net revenue of $582.5 million compared to $515.1 million in Q2 2021. Net income soared to $339.3 million, up from $108.3 million, driven by a $193.6 million gain from the sale of Calder land. Adjusted EBITDA increased to $291.2 million, up from $233.3 million. The Live and Historical Racing segment saw a 67% increase in Adjusted EBITDA. However, TwinSpires net revenue decreased by $4.1 million, reflecting a strategic exit from online sports and casino operations.

Churchill Downs Incorporated (CDI) plans to announce its second quarter 2022 financial results on July 27, 2022, after market close. A conference call will take place on July 28, 2022, at 9 a.m. ET, where investors can participate via online webcast or by registering for a teleconference. CDI is a leading gaming and entertainment company, owning three venues in Kentucky with approximately 3,050 historical racing machines and operating TwinSpires, a significant online wagering platform. More details will be available following the results announcement.

Churchill Downs Incorporated (CHDN) has completed the sale of 115.7 acres of excess land near Calder Casino for $291 million, approximately $2.5 million per acre, to Link Logistics. Proceeds will be utilized for purchasing properties related to the Peninsula Pacific Gaming acquisition and other qualifying investments. The company retains around 54 acres of land for Calder Casino and may further sell 15-20 acres for retail development. This move is part of CDI's strategic focus on optimizing their real estate assets.

Churchill Downs Incorporated (CHDN) has announced the retirement of Chuck Kenyon from his role as Senior Vice President of Human Resources after 18 years. Katherine Armstrong, previously Vice President of Culture, has been appointed to replace him, effective immediately. Armstrong will not only lead HR but also continue her focus on diversity, equity, and inclusion initiatives. Kenyon's retirement will occur on August 1, 2022, and he is recognized for his significant contributions to the company during his tenure.

Churchill Downs Incorporated (CHDN) celebrated a historic Kentucky Derby, with 147,294 fans watching Rich Strike's shocking 80-1 victory, marking the second-largest upset ever. The all-sources wagering reached an unprecedented $273.8 million, up 17% from 2021 and surpassing the previous record of $250.9 million in 2019. TwinSpires reported a record $67.4 million in wagers for Derby Day, up 8% year-over-year. The company anticipates adjusted EBITDA growth of $7 to $9 million compared to the previous record in 2019, indicating strong financial performance.

On May 6, 2022, Churchill Downs Incorporated (CHDN) announced a record handle for the Longines Kentucky Oaks, totaling $74.6 million, a 37% increase from 2021 and a 24% rise from the previous record in 2019. The Kentucky Oaks race alone garnered $24.3 million in wagering, up 40% compared to 2021. A total of 100,188 spectators attended the event, marking a return to full-capacity crowds. The event also spotlighted women's health initiatives, featuring breast and ovarian cancer survivors in a special parade.