Churchill Downs Incorporated Opens Terre Haute Casino Resort Hotel in Terre Haute, Indiana
Churchill Downs Incorporated (CHDN) has officially opened its new 122-room hotel and event center at Terre Haute Casino Resort in Terre Haute, Indiana. The 400,000-square-foot venue, which began operations on April 5, 2024, includes a casino floor with 1,000 slot machines, 36 table games, and a state-of-the-art sportsbook. The resort also features various dining options such as Four Cornered Steakhouse and Rockwood Bar & Grill.
The development, initiated in June 2022, generated nearly 1,000 construction jobs and will create approximately 550 full-time and part-time positions in the region. CEO Bill Carstanjen highlighted the resort's role in attracting visitors and enhancing the local economy. This opening marks a significant milestone for CDI in expanding its entertainment offerings.
- Opening of a new 122-room hotel and event center enhances CDI's portfolio.
- Terre Haute Casino Resort started operations with 1,000 slot machines, 36 table games, and a state-of-the-art sportsbook, offering diverse entertainment options.
- Generated nearly 1,000 construction jobs and will provide approximately 550 full-time and part-time jobs, positively impacting local employment.
- The addition of regionally inspired food and beverage amenities enriches visitor experience.
- CEO Bill Carstanjen emphasized the attraction of thousands of visitors, indicating strong initial performance.
- The significant capital investment in the new development may impact short-term financial performance.
Insights
The new Terre Haute Casino Resort is a significant addition to Churchill Downs Incorporated's portfolio.
First, it opens up new revenue streams and expands CDI's geographical footprint. The inclusion of a 122-room hotel, event center and diverse dining options broadens the appeal beyond just gaming, making it a comprehensive entertainment destination. This diversification could attract a wider range of visitors, potentially boosting footfall and revenue.
Moreover, employing 550 people full-time and part-time will solidify the company's community presence and foster goodwill within the region. It enhances CDI's brand image as a contributor to the local economy.
From an investor’s viewpoint, the benefits are clear in the short-term with increased revenues from the gaming and hospitality sectors. In the long-term, the resort's ability to draw repeat visitors and create stable employment could lead to sustained growth.
Churchill Downs Incorporated's opening of the Terre Haute Casino Resort could potentially boost its financial performance significantly. The addition of 1,000 slot machines, 36 table games and a state-of-the-art sportsbook diversifies its income sources. This is important for maintaining a competitive edge in the regional market.
The construction of the casino resort also implies a substantial capital investment, but the anticipated return on investment could be promising if the venue attracts consistent patronage. Considering the company's historical performance and market position, this new revenue stream could enhance earnings and positively impact stock performance.
The move also aligns with CDI's strategy of growth and diversification. However, investors should monitor the initial performance metrics and visitor statistics to gauge the long-term profitability and market acceptance.
LOUISVILLE, Ky., May 15, 2024 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) today announced the opening of its new 122-room hotel and event center at Terre Haute Casino Resort. CDI opened the 400,000-square-foot regional entertainment venue’s casino floor on April 5, 2024 with 1,000 slot machines, 36 tables games, and a state-of-the-art sportsbook. Terre Haute Casino Resort offers regionally inspired food and beverage amenities including the Four Cornered Steakhouse, Rockwood Bar & Grill, The Soda Shoppe, Crossroads Center Bar and High Limit Bar.
“Terre Haute Casino Resort has already attracted thousands of visitors from the region to enjoy an unparalleled gaming experience,” said Bill Carstanjen, CEO of CDI. “The opening of the new luxury hotel component furthers our commitment to bringing new vibrancy to Terre Haute with this premier entertainment destination and marks a significant milestone for Churchill Downs Incorporated.”
The development of Terre Haute Casino Resort generated nearly 1,000 construction jobs and will continue to provide approximately 550 full-time and part-time jobs to the region. CDI officially broke ground on the entertainment venue in June 2022 with construction management partner, Wilhelm Construction.
About Terre Haute Casino Resort
Terre Haute Casino Resort is a 400,000-square-foot regional entertainment venue located in Terre Haute, Indiana. Owned and operated by Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN), the property features 1,000 slot machines, 36 table games, a 122-room luxury hotel, state-of-the-art sportsbook, and regionally inspired food and beverage amenities. www.terrehautecasino.com
About Churchill Downs Incorporated
Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has been creating extraordinary entertainment experiences for nearly 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, including possible new variants of COVID-19, 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: Kaitlin Buzzetto | Media Contact: Tonya Abeln | |
| (502) 394-1091 | (502) 386-1742 | |
| Kaitlin.Buzzetto@kyderby.com | Tonya.Abeln@kyderby.com |
FAQ
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