Churchill Downs Inc - CHDN STOCK NEWS

Churchill Downs Incorporated (CHDN) has completed the sale of 115.7 acres of excess land near Calder Casino for $291 million, approximately $2.5 million per acre, to Link Logistics. Proceeds will be utilized for purchasing properties related to the Peninsula Pacific Gaming acquisition and other qualifying investments. The company retains around 54 acres of land for Calder Casino and may further sell 15-20 acres for retail development. This move is part of CDI's strategic focus on optimizing their real estate assets.

Churchill Downs Incorporated (CHDN) has announced the retirement of Chuck Kenyon from his role as Senior Vice President of Human Resources after 18 years. Katherine Armstrong, previously Vice President of Culture, has been appointed to replace him, effective immediately. Armstrong will not only lead HR but also continue her focus on diversity, equity, and inclusion initiatives. Kenyon's retirement will occur on August 1, 2022, and he is recognized for his significant contributions to the company during his tenure.

Churchill Downs Incorporated (CHDN) celebrated a historic Kentucky Derby, with 147,294 fans watching Rich Strike's shocking 80-1 victory, marking the second-largest upset ever. The all-sources wagering reached an unprecedented $273.8 million, up 17% from 2021 and surpassing the previous record of $250.9 million in 2019. TwinSpires reported a record $67.4 million in wagers for Derby Day, up 8% year-over-year. The company anticipates adjusted EBITDA growth of $7 to $9 million compared to the previous record in 2019, indicating strong financial performance.

On May 6, 2022, Churchill Downs Incorporated (CHDN) announced a record handle for the Longines Kentucky Oaks, totaling $74.6 million, a 37% increase from 2021 and a 24% rise from the previous record in 2019. The Kentucky Oaks race alone garnered $24.3 million in wagering, up 40% compared to 2021. A total of 100,188 spectators attended the event, marking a return to full-capacity crowds. The event also spotlighted women's health initiatives, featuring breast and ovarian cancer survivors in a special parade.

Churchill Downs Incorporated (CHDN) announced a transformative $185 - $200 million redevelopment project for the Paddock area, set to debut during the 150th Kentucky Derby in May 2024. This initiative is part of a three-year capital investment plan aimed at enhancing guest experiences at the historic racetrack. The project will expand guest capacity from 1,000 to 2,400, adding 3,612 premium reserved seats and improving amenities and views. It follows earlier investments of $44.5 million and $89.2 million in related projects to uplift Churchill Downs.

Churchill Downs reported record first-quarter results for 2022, with net revenue of $364.1 million, up from $324.3 million in Q1 2021. Net income increased to $42.1 million compared to $36.1 million the previous year, with adjusted EBITDA rising to $128.5 million from $110.6 million. The company announced the acquisition of Peninsula Pacific Entertainment for $2.485 billion and secured financing through a $1.2 billion revolver and $800 million term loan. The gaming segment showed robust growth, while TwinSpires experienced a slight revenue decline.

Churchill Downs Incorporated (CHDN) has successfully amended its senior secured credit agreement, extending the maturity date of its revolving credit facility to 2027 and increasing commitments from $700 million to $1.2 billion. Additionally, an $800 million delayed draw term loan A has been established, due in 2029. The financing is part of CDI's acquisition of Peninsula Pacific Entertainment. The company also closed a $1.2 billion offering of 5.750% senior notes due 2030, with proceeds pending for the acquisition and related expenses.

Churchill Downs Incorporated (CDI) announced that it will release its first quarter 2022 financial results on April 27, 2022, after market close. A subsequent conference call is scheduled for April 28, 2022, at 9 a.m. ET to discuss these results. Investors can access the live webcast via CDI's investor relations website or by calling directly. The company operates multiple gaming venues and is a leader in online wagering with TwinSpires, significantly contributing to its revenue through historical racing machines and retail sportsbooks.

Churchill Downs Incorporated (CHDN) announced an upsized offering of $1,200 million in 5.750% senior notes due 2030 through its subsidiary, CDI Escrow Issuer, Inc. The offering is part of financing for its proposed acquisition of assets from Peninsula Pacific Entertainment LLC, expected to close on April 13, 2022. The proceeds will be held in escrow until conditions are met. The notes will not be registered under the Securities Act and are intended for qualified institutional buyers. CDI plans to use proceeds to finance the acquisition and cover transaction costs.