Churchill Downs Inc
NASDAQ:CHDN
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Churchill Downs Inc
Churchill Downs Incorporated, founded in 1875 and famously home to the Kentucky Derby, has cultivated its brand into an iconic player in the horse racing industry. Nestled in the heart of Louisville, Kentucky, the company's centerpiece is the Churchill Downs Racetrack, where the annual "Run for the Roses" captivates millions. However, Churchill Downs Inc. has transitioned well beyond just hosting horse races; it leverages its historic reputation to draw in spectators and bettors, both at the track and across its burgeoning digital platforms. These events not only rake in substantial revenue from admission fees, broadcasting rights, and concessions but also create a robust ecosystem for gambling, which is a significant revenue pillar.
Over the years, the company has strategically diversified its portfolio, crafting a multifaceted business model. Alongside its physical racetracks, Churchill Downs Inc. has expanded into the realm of online wagering, notably with its TwinSpires platform, allowing users to place bets from the comfort of their homes on a variety of sports and racing events. Furthermore, its acquisition strategy has been keenly focused on regional casinos and gaming properties, with a growing presence across states in the U.S., underscoring a deliberate move to capture a larger share of the gaming market. This blend of tradition and innovation has enabled Churchill Downs Inc. to remain a heavyweight in the horse racing industry while tapping into broader gambling trends that continue to evolve.
Churchill Downs Incorporated, founded in 1875 and famously home to the Kentucky Derby, has cultivated its brand into an iconic player in the horse racing industry. Nestled in the heart of Louisville, Kentucky, the company's centerpiece is the Churchill Downs Racetrack, where the annual "Run for the Roses" captivates millions. However, Churchill Downs Inc. has transitioned well beyond just hosting horse races; it leverages its historic reputation to draw in spectators and bettors, both at the track and across its burgeoning digital platforms. These events not only rake in substantial revenue from admission fees, broadcasting rights, and concessions but also create a robust ecosystem for gambling, which is a significant revenue pillar.
Over the years, the company has strategically diversified its portfolio, crafting a multifaceted business model. Alongside its physical racetracks, Churchill Downs Inc. has expanded into the realm of online wagering, notably with its TwinSpires platform, allowing users to place bets from the comfort of their homes on a variety of sports and racing events. Furthermore, its acquisition strategy has been keenly focused on regional casinos and gaming properties, with a growing presence across states in the U.S., underscoring a deliberate move to capture a larger share of the gaming market. This blend of tradition and innovation has enabled Churchill Downs Inc. to remain a heavyweight in the horse racing industry while tapping into broader gambling trends that continue to evolve.
Record Quarter: Churchill Downs delivered record net revenue and record adjusted EBITDA in Q3, driven by strong results across segments.
Derby Growth: Management highlighted multiple catalysts for Kentucky Derby growth, including premium experiences, higher broadcast rates, and international expansion.
HRM Expansion: The company is on track with new HRM venues in Kentucky and Virginia, and progressing on the Salem, New Hampshire project.
Capital Initiatives: Announced $280–300 million Victory Run project for Churchill Downs Racetrack and provided updated 2025–2026 CapEx guidance.
Strong Margins: Kentucky HRM property margins increased over 3 points YoY; Virginia HRM properties delivered a combined 51% margin, which management says is sustainable.
Shareholder Returns: Raised dividend by 7% (15th consecutive year) and repurchased over $50 million in shares during the quarter.
Free Cash Flow: Reported $166 million ($2.34/share) in free cash flow for Q3, up 13% YoY, with free cash flow yield at approximately 10%.
Leverage Target: Bank covenant net leverage at 4.1x; expected to fall below 4x in 2026.
M&A and Ownership: Management sees increased M&A activity in the sector, continues to favor owning real estate, and sees value in further regional investments.
