Churchill Downs Incorporated (CHDN) is a diversified entertainment and gaming company headquartered in Louisville, Kentucky. Known for hosting the iconic Kentucky Derby, CHDN operates live horse racing venues, online wagering platforms, and regional casino properties. The company provides a range of services, including pari-mutuel wagering, sports betting, and casino gaming, catering to both local and international customers.
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Live and Historical Racing - Operates live horse racing venues and historical racing machine (HRM) facilities, offering pari-mutuel wagering, simulcast services, event-related services, and food and beverage options.
- Key Properties: Churchill Downs Racetrack, Rosie's Emporia HRM, The Rose Gaming Resort.
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Gaming - Manages regional casino properties featuring slot machines, table games, retail sportsbooks, and luxury accommodations.
- Recent Developments: Terre Haute Casino Resort in Indiana and Owensboro Racing & Gaming in Kentucky.
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Wagering Services and Solutions - Provides online horse racing wagering, sports betting, and technology services through platforms like TwinSpires.com and BetAmerica.com.
- Sub-services: United Tote and Exacta for wagering technology and services.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Bradley K. Blackwell Executive | Executive Vice President, General Counsel, and Secretary | None | Joined CHDN in 2005; advanced through legal and operational roles; became EVP in 2023. | |
Marcia A. Dall Executive | Executive Vice President and CFO | None | Joined CHDN in 2015; previously CFO at Erie Insurance and CIGNA; has over 20 years of financial leadership experience. | |
Maureen Adams Executive | Executive Vice President of Gaming Operations | None | Joined CHDN in 2013; previously President and GM of Calder Casino; became EVP in 2023. | |
William C. Carstanjen Executive | Chief Executive Officer (CEO) | Director of Glenview Trust Company; Director of the American Gaming Association | Joined CHDN in 2005; became CEO in 2014; led diversification into online business, historical horse racing, and regional casino gaming. | |
William E. Mudd Executive | President and Chief Operating Officer | None | Joined CHDN in 2007; became President and COO in 2015; previously served as CFO; has a 15-year background with General Electric. | |
Andr\u00e8a Carter Board | Director | Chief Human Resources Officer at Global Payments, Inc. | Director since 2022; over 20 years of HR experience; recognized for leadership in corporate America; serves as CHRO at Global Payments. | |
Karole F. Lloyd Board | Director | Board Member at Aflac Inc.; active in Atlanta community organizations; supports University of Alabama | Director since 2018; retired Vice Chair of Ernst & Young; extensive experience in accounting, financial reporting, and risk management. | |
Paul C. Varga Board | Director | Lead Independent Director at Macy's Inc. | Director since 2020; former CEO of Brown-Forman Corporation; extensive experience in consumer goods and corporate governance. | |
R. Alex Rankin Board | Chairman of the Board | Chairman of Sterling G. Thompson Company; President of Upson Downs Farm; Vice Chairman of Glenview Trust Company; Steward of The Jockey Club; Trustee of James Graham Brown Foundation | Director since 2008; became Chairman in 2018; has extensive experience in finance, risk management, and thoroughbred racing. | |
Ulysses L. Bridgeman Jr. Board | Director | CEO of Heartland Coca-Cola Bottling Company; Board Member at Meijer, Inc., Central Bank & Trust, Naismith Basketball Hall of Fame, Simmons College of Kentucky, and West End School | Director since 2012; former NBA player turned entrepreneur; owns Heartland Coca-Cola Bottling Company and acquired Ebony magazine. |
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Given the initial challenges faced by the Rose Gaming Resort in Northern Virginia, such as delayed opening, limited preopening marketing due to elections, and the need to educate the market on historical horse racing machines , how confident are you in achieving your targeted five-year payback period for this property , and what specific strategies are you employing to accelerate its ramp-up and performance?
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With significant capital investments planned for the Kentucky Derby projects over the next several years, including transformational expansions and renovations , how do you intend to manage construction risks and potential disruptions to the Derby event experience, especially considering the reliance on premium guests and high-margin revenues during Derby week ?
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Considering the ongoing challenges posed by gray market gaming in Kentucky and Virginia, and the difficulties in achieving effective enforcement , how are you adjusting your forecasts and business strategies to account for the continued impact on your HRM venues, and what measures are you advocating to enhance enforcement efforts?
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In light of the recent reacceleration in wage growth and inflationary pressures , how might these macroeconomic factors affect your margins, particularly in regional gaming properties where you're already experiencing consumer softness and margin declines , and what pricing strategies do you have to mitigate these pressures?
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Despite generating significant free cash flow of $688 million in 2024 , your net leverage remains at 4.0x and is expected to decrease below the 4x range only over the coming year. How do you balance aggressive capital investments with maintaining a strong balance sheet, and can you elaborate on your capital allocation priorities, especially regarding shareholder returns through buybacks and dividends?
Research analysts who have asked questions during Churchill Downs earnings calls.
Barry Jonas
Truist Securities
4 questions for CHDN
Chad Beynon
Macquarie
4 questions for CHDN
Daniel Guglielmo
Capital One
4 questions for CHDN
David Katz
Jefferies Financial Group Inc.
4 questions for CHDN
Jeffrey Stantial
Stifel Financial Corp.
4 questions for CHDN
Jordan Bender
JMP Securities
4 questions for CHDN
Joseph Stauff
Susquehanna Financial Group, LLLP
4 questions for CHDN
Benjamin Chaiken
Mizuho Financial Group, Inc.
3 questions for CHDN
Shaun Kelley
Bank of America Merrill Lynch
3 questions for CHDN
Brandt Montour
Barclays PLC
2 questions for CHDN
Daniel Politzer
Wells Fargo
2 questions for CHDN
Ben Chaiken
Mitsui
1 question for CHDN
Zachary Silverberg
Wells Fargo & Company
1 question for CHDN
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Exacta Systems, LLC | 2023 | Completed on August 22, 2023, for an initial consideration of $250 million in cash, this asset purchase supports CDI's historical horse racing operations by integrating leading HHR gaming technology providers and delivering immediate cost-saving synergies and tax benefits. |
Peninsula Pacific Entertainment LLC (P2E) | 2022 | Completed on November 1, 2022, for $2.75 billion, this acquisition expanded CDI's footprint into Virginia, New York, and Iowa by adding key assets like Colonial Downs Racetrack, Del Lago Resort & Casino, and Hard Rock Hotel & Casino, with the transaction supported by a mix of senior secured and unsecured debt along with significant future development rights. |
Chasers Poker Room | 2022 | Completed on September 2, 2022, the acquisition of Chasers Poker Room in Salem, New Hampshire is part of a broader $150 million investment to develop an expanded charitable gaming facility featuring HRMs, with an initial payment now and additional payments tied to permit milestones and facility completion targeted for mid-2024. |
Ellis Park Racing & Gaming | 2022 | Completed on September 26, 2022, for $79 million in cash and with plans for a total investment of up to $154 million, this acquisition expanded CDI’s historical racing presence with the Ellis Park facility in Kentucky, including current HRM operations and plans to construct a new HRM entertainment venue in Owensboro. |
Recent press releases and 8-K filings for CHDN.
- Churchill Downs Incorporated (CHDN) completed the acquisition of a 90% majority interest in Casino Salem, a New Hampshire-based charitable gaming, entertainment, and dining venue, on August 27, 2025.
- The acquisition was for $180 million in cash, subject to adjustments, and was funded using the Company's existing credit facility.
- The initial phase of Casino Salem opened on July 9th, and CDI plans to develop future phases, including rebranding, expanding the gaming floor, and adding food and beverage concepts.
- Churchill Downs Inc. (CHDN) reported all-time record net revenue of $934 million and all-time record adjusted EBITDA of $451 million for Q2 2025, marking the fifth consecutive second quarter with record results.
- The company anticipates meaningful growth for the Kentucky Derby in 2026 and beyond, driven by a new seven-year NBC contract that will provide a $10 million increase in adjusted EBITDA for 2026, as well as growth in ticketing, wagering, and sponsorships.
- CHDN is expanding its Historical Racing Machine (HRM) operations, including the planned opening of the Roshire gaming parlor in Henrico County, Virginia, in October (ahead of schedule), and the acquisition of 90% of the Casino Salem project in New Hampshire.
- The board approved a new common stock repurchase program of up to $500 million, following over $250 million in repurchases in Q2 2025, and expects $50 million to $60 million in lower cash tax payments in 2025 due to new federal tax provisions.
- Churchill Downs Incorporated is set to acquire a majority interest in Casino Salem, a charitable gaming and entertainment venue located in Salem, New Hampshire.
- The acquisition, which involves expanding the recently opened Casino Salem, is expected to close in Q3 2025 pending regulatory approvals.
- The strategic location near Boston positions it to attract patrons from the larger New England market, with funding from Churchill Downs' existing credit resources.
- Analysts rate Churchill Downs as 'Outperform' with an average price target of $132.84, implying approximately 24.28% upside from current prices.
- Record Performance: The company delivered record Q1 net revenue of $643 million and record adjusted EBITDA of $245 million, with strong results across Live & Historical Racing and Wagering Services segments.
- Project Pause: A major $900 million multiyear project at Churchill Downs Racetrack has been paused due to macroeconomic uncertainty and rising construction costs.
- HRM Growth: Significant progress in HRM investments was noted, including the successful opening of the Owensboro venue and ongoing expansion initiatives in Virginia and Kentucky.
- Event Enhancements: The company announced smaller, low-risk projects to renovate the Finish Line suites and The Mansion at the racetrack, with an expected total spend of $25–30 million for delivery by the 2026 Kentucky Derby.
- Record Q1 2025 financial results with net revenue of $642.6 million and net income of $76.7 million, reflecting a 9% increase in revenue despite a 5% decline in net income.
- Record Adjusted EBITDA reached $245.1 million, marking a modest 1% increase and showcasing strong operational performance.
- Strategic developments include the launch of Owensboro Racing and Gaming in Western Kentucky and the approval of a new $500 million share repurchase program, with $89.4 million of shares repurchased in the quarter.
- Churchill Downs Inc highlighted challenges in focusing on market access and retail operations for its sports betting business, which may impact its competitive strategy.
- The filing also emphasizes online security risks, including potential cyber threats that could affect data protection and operational integrity.