Churchill Downs Inc - CHDN STOCK NEWS

Churchill Downs reported strong first quarter 2021 results, with net revenue of $324.3 million, up 28% year-over-year. The company achieved a net income of $36.1 million, reversing a $23.4 million loss from the same quarter last year. Adjusted EBITDA reached $110.6 million, doubling from $55.3 million in 2020. Key drivers included record performances from Derby City Gaming and TwinSpires, alongside significant growth in sports betting and iGaming operations. The launch of new facilities and legislative support in Kentucky further bolstered the company's prospects.

Churchill Downs Incorporated (CDI) has announced that it will release its first quarter 2021 financial results on April 21, 2021, after market close. A conference call discussing these results is scheduled for April 22, 2021, at 9 a.m. ET. Investors can access the call via a real-time webcast or by phone. CDI operates multiple gaming venues and is a leading online wagering platform for horse racing and sports. More information will be available in their news release on their official website.

Churchill Downs Incorporated (CHDN) announced an agreement to purchase historical racing machines from Konami Gaming. This new line-up will debut at CDI’s HRM facilities in Kentucky in Q2 2021. The HRMs, approved by the Kentucky Horse Racing Commission, utilize results from past horse races. CDI aims to enhance gaming experiences with popular games like China Shores Great Stacks and Mayan Chief Great Stacks, providing diverse themes for players. This partnership expands CDI's portfolio alongside suppliers like Scientific Games, enhancing its competitive position.

Churchill Downs Incorporated (CHDN) has launched its TwinSpires Sports mobile app and desktop platform in Tennessee, expanding its gaming offerings to include various professional and collegiate sports betting. The launch coincides with March Madness, featuring a promotional player sign-up bonus. Additionally, TwinSpires plans to brand its existing sportsbooks across several states in the first half of 2021. CDI continues to enhance its presence in the gaming market with its reputable platforms and partnerships, including a new campaign with Brett Favre.

Churchill Downs Incorporated (CHDN) closed its offering of $200 million in 4.75% senior notes due 2028 and a $300 million senior secured Term Loan B due 2028. The notes were priced at 103.25% of the principal amount, while the Term Loan B has an interest rate of LIBOR plus 200 basis points. The offering was made only to qualified institutional buyers and non-U.S. persons, with no registration under the Securities Act. The company will register the Additional Notes for resale after one year if they remain non-tradable.

Churchill Downs Incorporated (CHDN) has announced a four-year partnership that names Kendall-Jackson and La Crema as the Preferred Wines of the Kentucky Derby from 2021 to 2024. Kendall-Jackson has held the title of America’s top-selling Chardonnay since 1992. La Crema is recognized for its influence in cool-climate winemaking. This sponsorship will feature their wines at all Churchill Downs events, emphasizing a blend of racing and winemaking excellence.

Churchill Downs announced the pricing of $200 million of 4.75% senior notes due 2028 and a $300 million senior secured Term Loan B, both expected to close on March 17, 2021. The additional notes are priced at 103.25% and the Term Loan B at LIBOR plus 200 basis points. Proceeds will be used to repay revolving credit facility debt, cover transaction expenses, and for general corporate purposes. The notes will not be registered under the Securities Act and sold only to qualified institutional buyers. This financing supports CDI's ongoing operations and growth plans.

Churchill Downs Incorporated (CHDN) announced plans to offer $200 million in senior notes due 2028 in a private offering. The new notes will match existing notes terms, with proceeds aimed at repaying debt, covering transaction expenses, and working capital. The offering is limited to qualified institutional buyers and won't be registered under the Securities Act. CDI will register the notes for resale in a year if they remain non-tradable. Notably, the offering is not approved by gaming regulatory authorities and will not be listed on any securities exchange.

Churchill Downs reported a 2020 net revenue of $1,054 million, a 21% decline from 2019. The company faced a net loss of $81.9 million, down from a net income of $137.5 million. Adjusted net income fell by 81% to $33.3 million. However, the TwinSpires Horse Racing segment achieved record revenues of $405 million, up 39%. The company opened new facilities like the Oak Grove HRM in 2020. A stock buyback of 1 million shares at $193.94 was completed in February 2021, signaling confidence in future growth.