Churchill Downs Incorporated to Reopen Derby City Gaming
Churchill Downs Incorporated (CHDN) announced plans to reopen its Derby City Gaming facility in Louisville, Kentucky on June 8, 2020, at 8 p.m. ET. The reopening follows approval from the state’s Governor and aims to enhance local economic contributions. The company will implement a comprehensive COVID-19 safety protocol, including mandatory temperature checks and increased cleaning measures. CDI operates multiple gaming venues and is a leader in online horse racing wagering through TwinSpires.
- Reopening of Derby City Gaming expected to boost local economic activity.
- Approval from Kentucky's Governor for reopening demonstrates regulatory support.
- Potential risks associated with the ongoing impact of COVID-19 on operations.
- Dependency on consumer confidence and discretionary spending may hinder recovery.
LOUISVILLE, Ky., June 08, 2020 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) announced today plans to reopen Derby City Gaming, its historical racing machine property located in Louisville, Kentucky at 8 p.m. ET on Monday, June 8, 2020.
“We are pleased to receive approval from the Governor of Kentucky to get our team members back to work and to welcome our guests back to Derby City Gaming using national best practices and in compliance with all state and local requirements,” said Bill Carstanjen, CEO of CDI. “We look forward to, once again, contributing to the state and local economy because we know a strong horse racing industry means a strong Kentucky.”
All CDI properties will implement and practice the “CDI 360 Degree Approach to Safety,” which includes initiatives to facilitate social distancing, personal protection and enhanced cleaning. Some of these protocols include:
- Increased frequency of cleaning and sanitizing of all high-touch surfaces, including door handles and gaming machines;
- Mandatory temperature checks of all guests and team members upon entering the building;
- Installation of plexiglass or polycarbonate dividers in areas of high touch transactions;
- Increased placement of hand sanitizer dispensers and sanitary wipes throughout properties;
- Providing personal protective equipment (PPE) to team members;
- Utilizing visual aids to assist with measuring social distancing;
- Capacity restrictions across all customer and team member areas, including gaming floors and restaurants; and
- Required training for all team members on safety protocols.
About Churchill Downs Incorporated
Churchill Downs Incorporated is an industry-leading racing, online wagering and gaming entertainment company anchored by our iconic flagship event - The Kentucky Derby. We own and operate Derby City Gaming, a historical racing machine facility in Louisville, Kentucky. We also own and operate the largest online horse racing wagering platform in the U.S., TwinSpires.com, and we operate sports betting and iGaming through our BetAmerica platform in multiple states. We are also a leader in brick-and-mortar casino gaming with approximately 11,000 slot machines and video lottery terminals and 200 table games in eight states. Additional information about CDI can be found online at www.churchilldownsincorporated.com.
Certain statements made in this news release contain 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,” and similar words or similar expressions (or negative versions of such words or expressions).
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, among others, that may affect actual results or outcomes include the following: the impact of the novel coronavirus (COVID-19) pandemic and related economic matters on our results of operations, financial conditions and prospects; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit; additional or increased taxes and fees; public perceptions or lack of confidence in the integrity of our business or any deterioration in our reputation; loss of key or highly skilled personnel; restrictions in our debt facilities limiting our flexibility to operate our business; general risks related to real estate ownership, including fluctuations in market values and environmental regulations; catastrophic events and system failures disrupting our operations; online security risk, including cyber-security breaches; inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; increases in insurance costs and inability to obtain similar insurance coverage in the future; inability to identify and complete acquisition, expansion or divestiture projects, on time, on budget or as planned; difficulty in integrating recent or future acquisitions into our operations; costs and uncertainties relating to the development of new venues and expansion of existing facilities; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; inadvertent infringement of the intellectual property of others; inability to protect our own intellectual property rights; payment-related risks, such as risk associated with fraudulent credit card and debit card use; compliance with the Foreign Corrupt Practices Act or applicable money-laundering regulations; risks related to pending or future legal proceedings and other actions; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; work stoppages and labor issues; changes in consumer preferences, attendance, wagering and sponsorship with respect to Churchill Downs Racetrack and the Kentucky Derby; personal injury litigation related to injuries occurring at our racetracks; weather and other conditions affecting our ability to conduct live racing; the occurrence of extraordinary events, such as terrorist attacks and public health threats; changes in the regulatory environment of our racing operations; increased competition in the horse racing business; difficulty in attracting a sufficient number of horses and trainers for full field horse races; our inability to utilize and provide totalizator services; changes in regulatory environment of our online horse wagering business; A reduction in the number of people wagering on live horse races; increase in competition in our online horse racing wagering business; uncertainty and changes in the legal landscape relating to our online horse racing wagering business; continued legalization of online sports betting and iGaming in the United States and our ability to predict and capitalize on any such legalization; inability to expand our sports betting operations and effectively compete; failure to manage risks associated with sports betting; failure to comply with laws requiring us to block access to certain individuals could result in penalties or impairment with respect to our mobile and online wagering products; increased competition in our casino business; changes in regulatory environment of our casino business; concentration and evolution of slot machine manufacturing and other technology conditions that could impose additional costs; and inability to collect gaming receivables from the customers to whom we extend credit.
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.
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