Churchill Downs Incorporated Announces New $500 Million Share Repurchase Program
Churchill Downs (CHDN) has announced a new $500 million share repurchase program, replacing their previous September 2021 program which had $125.6 million in unused authorization. The new program, approved by the Board of Directors, incorporates any remaining unspent amount from the prior authorization.
The company will execute share repurchases at management's discretion through open market transactions (with or without a 10b5-1 plan) or via privately negotiated deals. The program has no specified time limit and can be suspended or discontinued at any time.
Churchill Downs (CHDN) ha annunciato un nuovo programma di riacquisto di azioni da 500 milioni di dollari, che sostituisce il precedente programma di settembre 2021, che aveva 125,6 milioni di dollari di autorizzazione non utilizzata. Il nuovo programma, approvato dal Consiglio di Amministrazione, include l'eventuale importo non speso dall'autorizzazione precedente.
L'azienda eseguirà i riacquisti di azioni a discrezione della direzione attraverso transazioni sul mercato aperto (con o senza un piano 10b5-1) o tramite accordi negoziati privatamente. Il programma non ha un limite di tempo specifico e può essere sospeso o interrotto in qualsiasi momento.
Churchill Downs (CHDN) ha anunciado un nuevo programa de recompra de acciones de 500 millones de dólares, que reemplaza su programa anterior de septiembre de 2021, que tenía 125.6 millones de dólares en autorización no utilizada. El nuevo programa, aprobado por la Junta Directiva, incorpora cualquier monto restante no gastado de la autorización anterior.
La empresa llevará a cabo las recompras de acciones a discreción de la gerencia a través de transacciones en el mercado abierto (con o sin un plan 10b5-1) o mediante acuerdos negociados de manera privada. El programa no tiene un límite de tiempo específico y puede ser suspendido o interrumpido en cualquier momento.
처칠 다운스 (CHDN)는 5억 달러 규모의 자사주 매입 프로그램을 발표했으며, 이는 2021년 9월에 승인된 이전 프로그램을 대체하는 것입니다. 이전 프로그램은 1억 2,560만 달러의 미사용 승인 금액이 있었습니다. 새 프로그램은 이사회에 의해 승인되었으며, 이전 승인에서 남은 미사용 금액을 포함합니다.
회사는 경영진의 재량에 따라 공개 시장 거래(10b5-1 계획이 있거나 없거나) 또는 비공식 협상을 통해 자사주 매입을 실행할 것입니다. 이 프로그램은 특정 시간 제한이 없으며 언제든지 중단되거나 종료될 수 있습니다.
Churchill Downs (CHDN) a annoncé un nouveau programme de rachat d'actions de 500 millions de dollars, remplaçant leur précédent programme de septembre 2021 qui avait 125,6 millions de dollars d'autorisation non utilisée. Le nouveau programme, approuvé par le Conseil d'Administration, inclut tout montant restant non dépensé de l'autorisation précédente.
L'entreprise procédera aux rachats d'actions à la discrétion de la direction par le biais de transactions sur le marché ouvert (avec ou sans un plan 10b5-1) ou via des accords négociés en privé. Le programme n'a pas de limite de temps spécifiée et peut être suspendu ou interrompu à tout moment.
Churchill Downs (CHDN) hat ein neues Aktienrückkaufprogramm über 500 Millionen Dollar angekündigt, das das vorherige Programm von September 2021 ersetzt, das 125,6 Millionen Dollar an nicht genutzter Genehmigung hatte. Das neue Programm, das vom Vorstand genehmigt wurde, umfasst alle verbleibenden, nicht ausgegebenen Beträge aus der vorherigen Genehmigung.
Das Unternehmen wird die Rückkäufe nach Ermessen des Managements durch Transaktionen am offenen Markt (mit oder ohne einen 10b5-1-Plan) oder durch privat ausgehandelte Vereinbarungen durchführen. Das Programm hat keine festgelegte zeitliche Begrenzung und kann jederzeit ausgesetzt oder eingestellt werden.
- New $500 million share repurchase program demonstrates strong commitment to returning value to shareholders
- Flexible implementation with no time limit allows strategic timing of purchases
- Program signals management's confidence in company's financial position and future prospects
- Reduces cash available for operational investments or strategic acquisitions
- No guarantee of full program execution as it can be suspended at any time
LOUISVILLE, Ky., March 12, 2025 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) announced today that the Company’s Board of Directors approved a
About Churchill Downs Incorporated
Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has been creating extraordinary entertainment experiences for over 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. www.churchilldownsincorporated.com
This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” “scheduled,” and similar words or similar expressions (or negative versions of such words or expressions), although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; changes in, or new interpretations of, applicable tax laws or rulings that could result in additional tax liabilities; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; negative shifts in public opinion regarding gambling that could result in increased regulation of, or new restrictions on, the gaming industry; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation that competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our sports betting business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigation; costs of compliance with increasingly complex laws and regulations regarding data privacy and protection of personal information; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.
We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
| Investor Contact: Sam Ullrich | Media Contact: Tonya Abeln |
| (502) 638-3906 | (502) 386-1742 |
| Sam.Ullrich@kyderby.com | Tonya.Abeln@kyderby.com |
FAQ
How much is Churchill Downs' (CHDN) new share repurchase program worth?
What was the remaining balance on CHDN's previous share repurchase program?
How will Churchill Downs implement its new share repurchase program?
Is there a time limit for CHDN's new share repurchase program?
Does the new $500M CHDN buyback include the previous program's remaining balance?
