Churchill Downs Inc - CHDN STOCK NEWS

Churchill Downs reported record third-quarter net revenue of $393.0 million, a significant increase from $337.8 million in Q3 2020. Net income rose to $61.4 million compared to $43.2 million last year, with Adjusted EBITDA reaching $156.1 million. Key highlights include a 31% increase in TwinSpires Horse Racing handle compared to Q3 2019, aided by a new agreement selling property for $197.2 million and plans for a new 500 HRM venue in Louisville. A new $500 million stock repurchase plan and a dividend increase of 7% were also announced.

Churchill Downs Incorporated (CDI) will announce its third quarter 2021 financial results after market close on October 27, 2021. A conference call to discuss these results is scheduled for October 28, 2021, at 9 a.m. ET. Interested parties can listen via a webcast link or by phone with the specified conference ID. Following the call, a replay will be available online. CDI continues to lead in racing, online wagering, and gaming, operating multiple venues and a major online platform, TwinSpires, significantly contributing to the company's revenue.

Churchill Downs Incorporated (CHDN) has announced the reopening of Fair Grounds Race Course & Slots and 12 Off-Track Betting facilities in Louisiana affected by Hurricane Ida. The Fair Grounds and eight OTBs reopened by September 15, while four additional OTBs reopened between September 20 and September 26, 2021. The company is actively working to reopen three remaining properties. CDI holds property insurance, including business interruption coverage, subject to deductibles.

Churchill Downs Incorporated (CHDN) announced plans to open a new historical racing machine venue named Derby City Gaming Downtown in Louisville, Kentucky. The 43,000-square-foot facility will feature 500 HRMs, a fresh-air gaming area, and offer various dining experiences. Construction is set to begin in 2022 with an expected opening in early 2023. The project is anticipated to create 450 jobs and CDI pledged $1 million to the West End Opportunity Partnership to support economic development in underserved neighborhoods, with 80% of new tax revenue reinvested for local improvements.

Churchill Downs Incorporated (CHDN) announced a new $500 million share repurchase program on September 29, 2021, replacing the previous $300 million program. The new authorization, effective immediately, allows repurchases in the open market or through privately negotiated transactions, with no time limit and potential for suspension. CEO Bill Carstanjen emphasized the Board's confidence in the company's strong free cash flow and long-term growth potential. The prior program had an unused authorization of $97.9 million as of the announcement date.

Churchill Downs Incorporated (CHDN) has signed a Purchase and Sale Agreement with the Chicago Bears to sell its 326-acre Arlington Heights property for $197.2 million. The sale is expected to close in late 2022 or early 2023, contingent on specific closing conditions. The company plans to utilize the proceeds to acquire or invest in qualifying replacement property as per Internal Revenue Code §1031. This strategic move signals CDI's commitment to optimizing its real estate portfolio to enhance shareholder value.

Churchill Downs Incorporated (CHDN) announced the proposal for the Queen of Terre Haute Casino Resort in Vigo County, Indiana, alongside an application for an open casino license. The resort is expected to include 1,000 slot machines, 50 table games, a luxury hotel, and a sportsbook. An economic impact study from Purdue University estimates the project will yield $190 million annually, creating 1,000 construction jobs and 500 permanent jobs. The company aims to demonstrate the proposal's benefits to local stakeholders and the Indiana Gaming Commission.

Churchill Downs Incorporated (CHDN) announced the closure of its Louisiana operations, including the Fair Grounds Race Course & Slots and 15 Off-Track Betting facilities, due to Hurricane Ida. The company is assessing the damages and planning for reopening while providing ongoing pay and benefits to affected employees. CDI has property insurance, including business interruption coverage, subject to deductibles. The impact of this disruption on financial performance remains to be seen as further evaluations continue.

Churchill Downs reported a record net revenue of $515.1 million for Q2 2021, up from $185.1 million year-over-year. The net income reached $108.3 million, a significant recovery from a $118.8 million loss in the prior year. Adjusted EBITDA also soared to $233.3 million compared to $30.1 million in Q2 2020. Key growth drivers included the successful running of the 147th Kentucky Oaks and Derby and record performances from various gaming properties. However, increased marketing expenses for sports and casino affected adjusted EBITDA from those segments.