Churchill Downs Inc - CHDN STOCK NEWS

Churchill Downs Incorporated (CDI) has announced plans to develop a new historical racing machine (HRM) entertainment venue in Calvert City, Kentucky. The project, estimated to cost between $40 to $50 million, will feature a 23,000 square-foot facility housing 250 HRMs, a sports bar, sportsbook, and simulcast center. Set to open in early 2026, the venue will operate as an extension of Oak Grove Racing, Gaming and Hotel, marking CDI's eighth historical horse racing entertainment venue in Kentucky.

Churchill Downs (CHDN) reported strong Q3 2024 results with record net revenue of $628.5 million, up from $572.5 million in Q3 2023. Net income rose to $65.4 million from $61.0 million year-over-year. The company achieved record Adjusted EBITDA of $235.3 million.

Key segment performance showed Live and Historical Racing revenue up 12%, TwinSpires revenue up 6%, and Gaming revenue up 10%. The company opened The Rose Gaming Resort in Virginia with 1,650 historical racing machines and maintained a net bank leverage of 4.0x. The Board approved a $0.409 per share dividend, marking the fourteenth consecutive year of dividend increases.

Churchill Downs Incorporated (CDI) has announced the schedule for its 2024 third quarter financial results release and conference call. The company will release its Q3 2024 results after market close on Wednesday, October 23, 2024. A conference call to discuss the quarter will be held on Thursday, October 24, 2024, at 9 a.m. ET.

Investors and interested parties can access the call via a real-time webcast or by registering for the teleconference. An online replay of the call will be available by noon ET on October 24. The company's news release announcing quarterly results and relevant financial information will be accessible on the CDI website.

Churchill Downs Incorporated (CDI) announced the retirement of Robert L. Fealy from its Board of Directors on July 23, 2024. Bill Carstanjen, CDI's President and CEO, expressed gratitude for Fealy's long-term service, highlighting his perspective, insight, and dedication to the company. Carstanjen also personally thanked Fealy for his friendship and wisdom over their years of collaboration.

This change in the board composition marks a significant moment for CDI, potentially impacting the company's future strategic decisions. The departure of a long-serving board member often leads to a shift in dynamics and could bring new perspectives to the company's governance.

Churchill Downs Incorporated (CDI) has announced an $80-$90 million renovation project for the grandstand at Churchill Downs Racetrack. The project, set to debut for the 151st Kentucky Derby in May 2025, will update ticketed seating options and improve amenities for all guests in the grandstand area. Key features include:

1. Grandstand Club: Transformation of outdoor aluminum bleachers into 8,300 new comfortable seating options, including covered and uncovered stadium-style seats and rail boxes along the dirt track's outer rail.

2. Grandstand Pavilion: Conversion of the second-floor amenity area into a covered outdoor garden environment with new concessions, bars, and wagering windows.

3. Improvements to 2,800 existing third-floor box seats under the Starting Gate Suites.

Construction is scheduled to begin in August 2024. The renovation aims to provide unique guest seating options while honoring the historic significance of the property.

Churchill Downs Incorporated (CHDN) reported record-breaking Q2 2024 results:

- Net revenue of $890.7 million, up from $768.5 million in Q2 2023
- Net income of $209.3 million, compared to $143.0 million in Q2 2023
- Adjusted EBITDA of $444.8 million, up from $363.7 million in Q2 2023

Key highlights:
- Record Q2 revenue and Adjusted EBITDA across all segments
- 150th Kentucky Derby with all-time record handle and contribution to Adjusted EBITDA
- New 7-year agreement with NBC for Kentucky Derby Week coverage
- Opened Terre Haute Casino Resort in Indiana
- Successfully amended revolving credit facility and Term Loan A facility

Segment performance:
- Live and Historical Racing: Revenue up 20%, Adjusted EBITDA up 25%
- TwinSpires: Revenue up 15%, Adjusted EBITDA up 36%
- Gaming: Revenue up 11%, Adjusted EBITDA up 14%

Churchill Downs announced an extension to the maturity dates of its revolving credit facility and term loan A facility, pushing the due date from 2027 to 2029. This move aims to provide the company with more financial flexibility. The amendment involves several changes to the existing senior secured credit agreement, although specific alterations were not detailed. The announcement was made on July 03, 2024, and is expected to positively impact CDI's financial stability and operational planning.

International Game Technology (IGT) and Churchill Downs Incorporated (CDI) have expanded their Historical Horse Racing (HHR) technology to Malta through a partnership with National Lottery plc, a subsidiary of IZI Group. This marks the first HHR deployment outside the United States. IGT's products will initially dominate the HHR floor at IZIBINGO in St. Paul's Bay, with CDI's Exacta Systems providing the Exacta Connect® system solution for the gaming floor. The launch will include over 80 IGT HHR games on IGT hardware such as PeakSlant™49 and Cobalt™27 cabinets. IGT and Exacta will also support HHR offerings at other National Lottery venues in Malta. This collaboration aims to innovate and expand the National Lottery's operations internationally.

Churchill Downs Incorporated (CDI) has promoted Michael Lilly to President of TwinSpires Horse Racing, effective June 27, 2024. Lilly will oversee the strategy and operations of TwinSpires Horse Racing, a leader in legal online horse betting and the official wagering partner of the Kentucky Derby. Lilly has been with CDI since 2018, starting as Senior Director of Finance at Arlington Racecourse, later advancing to Vice President of Finance in 2020, and Vice President of Finance and Operations in 2022. He holds a Bachelor of Arts from Northern Illinois University and an MBA from DePaul University.