Churchill Downs Incorporated Announces New HRM Entertainment Venue in Calvert City, Kentucky
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 Incorporated (CDI) ha annunciato piani per sviluppare un nuovo locale di intrattenimento con macchine da corsa storica (HRM) a Calvert City, Kentucky. Il progetto, stimato a costare tra 40 e 50 milioni di dollari, includerà una struttura di 23.000 piedi quadrati con 250 HRM, un bar sportivo, una sala scommesse e un centro di simulcast. La struttura, che aprirà all'inizio del 2026, fungerà da estensione di Oak Grove Racing, Gaming e Hotel, segnando l'ottavo locale di intrattenimento per corse di cavalli storiche di CDI in Kentucky.
Churchill Downs Incorporated (CDI) ha anunciado planes para desarrollar un nuevo lugar de entretenimiento con máquinas de carreras históricas (HRM) en Calvert City, Kentucky. El proyecto, que se estima costará entre 40 y 50 millones de dólares, contará con un local de 23,000 pies cuadrados que albergará 250 HRM, un bar deportivo, una casa de apuestas y un centro de simulcast. Previsto para abrir a principios de 2026, el lugar funcionará como una extensión de Oak Grove Racing, Gaming y Hotel, marcando el octavo lugar de entretenimiento de carreras de caballos históricas de CDI en Kentucky.
처칠 다운스 주식회사(CDI)는 켄터키주 칼버트 시티에 새로운 역사적 경마 기계(HRM) 오락 장소를 개발할 계획을 발표했습니다. 이 프로젝트는 4천만에서 5천만 달러의 비용이 들 것으로 예상되며, 23,000 제곱피트 규모의 시설에 250개의 HRM, 스포츠 바, 스포츠북, 시뮬캐스트 센터가 포함될 것입니다. 2026년 초 개장 예정인 이 장소는 오크 그로브 레이싱, 게임 및 호텔의 연장으로 운영되며, 이는 CDI가 켄터키에서 여덟 번째 역사적 경마 오락 장소가 됩니다.
Churchill Downs Incorporated (CDI) a annoncé des plans pour développer un nouveau lieu de divertissement avec des machines de course historiques (HRM) à Calvert City, Kentucky. Le projet, dont le coût est estimé entre 40 et 50 millions de dollars, comprendra un bâtiment de 23 000 pieds carrés abritant 250 HRM, un bar sportif, un bookmaker et un centre de simulcast. Prévu pour ouvrir début 2026, le lieu fonctionnera comme une extension d'Oak Grove Racing, Gaming et Hotel, marquant le huitième lieu de divertissement pour les courses de chevaux historiques de CDI au Kentucky.
Churchill Downs Incorporated (CDI) hat Pläne angekündigt, einen neuen Unterhaltungsort mit historischen Rennmaschinen (HRM) in Calvert City, Kentucky, zu entwickeln. Das Projekt, dessen Kosten auf zwischen 40 und 50 Millionen US-Dollar geschätzt werden, wird eine Fläche von 23.000 Quadratfuß beherbergen, die 250 HRMs, eine Sportbar, ein Wettbüro und ein Simulcast-Zentrum umfasst. Der Eröffnungstermin ist für Anfang 2026 geplant, und der Ort wird als Erweiterung von Oak Grove Racing, Gaming und Hotel betrieben, was CDI's achten Ort für historische Pferderennunterhaltung in Kentucky markiert.
- Investment of $40-50 million in new entertainment facility expansion
- Addition of 250 HRM units expanding gaming operations
- Strategic expansion of CDI's Kentucky footprint with 8th venue
- None.
Insights
Churchill Downs' new
The project's relatively modest capital investment and proven business model suggest a favorable ROI potential within 3-4 years. Location in Calvert City provides access to untapped markets while leveraging operational synergies with Oak Grove facility. The inclusion of sports betting and simulcast capabilities creates multiple revenue streams beyond HRM operations.
LOUISVILLE, Ky., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) announced today the planned development of 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 development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development 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; additional or increased taxes and fees; 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; 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 TwinSpires 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; 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 |
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