Churchill Downs Inc - CHDN STOCK NEWS

Churchill Downs Incorporated (CHDN) announced plans to offer $900 million in senior notes due 2030, via its subsidiary, CDI Escrow Issuer, to finance the acquisition of Peninsula Pacific Entertainment LLC. The offering is contingent upon certain conditions, including regulatory approvals. The proceeds will help fund the acquisition and cover related expenses. The notes are not registered under the Securities Act and will be sold primarily to qualified institutional buyers. This move reflects CDI's ongoing strategy to enhance its operations and market presence.

Churchill Downs Incorporated (CHDN) has signed an agreement to acquire Chasers Poker Room in Salem, New Hampshire, marking its entry into the state.

Chasers has led New Hampshire's charitable gaming sector since 2017, excelling in both revenue and charitable contributions. Following the acquisition, CDI plans to introduce historical racing machines (HRMs) at the facility, expanding its operations across four states.

The transaction is expected to close in Q2 2022 and is pending regulatory approval from the New Hampshire Lottery Commission.

Churchill Downs reported record 2021 net revenue of $1,597.2 million, a 52% increase year-over-year. The net income for the year reached $249.1 million, recovering from an $81.9 million net loss in 2020. Adjusted EBITDA soared by 119% to $627.0 million. The company achieved significant growth in various segments, with Derby City Gaming and Oak Grove Racing reporting record revenues. The announcement of strategic acquisitions and capital investments supports future growth, alongside a successful year for the Kentucky Oaks and Derby with strong attendance and viewership.

Churchill Downs Incorporated (CHDN) has announced its acquisition of Peninsula Pacific Entertainment LLC for $2.485 billion. This strategic move enhances CDI's geographic footprint by adding key assets in Virginia and New York, including Colonial Downs Racetrack and del Lago Resort & Casino. The transaction is forecasted to close by late 2022, pending regulatory approvals. CDI aims to achieve growth through these assets and anticipates the deal to be immediately accretive to free cash flow and diluted earnings per share.

Churchill Downs Incorporated (CHDN) has appointed Nate Simon as Senior Vice President and Chief Technology Officer, effective immediately. Simon has over 20 years of technology leadership experience and prior to this role, he was the President of United Tote, contributing significantly to its modernization and generating over $25 million in revenue. His promotion follows the recent ascension of Ben Murr to President of TwinSpires and Online Gaming. The company looks forward to Simon's strategic leadership in technology as it aims to enhance innovation and growth.

Churchill Downs Incorporated (CHDN) announced significant leadership changes as Austin Miller retires effective March 1, 2022, after eight years as Senior Vice President of Gaming Operations. Maureen Adams, previously Vice President of Gaming Operations, has been promoted to fill this role. Additionally, Ryan Jordan will serve as Senior Vice President of Real Estate Development, taking over responsibilities for strategic planning and property development. These internal promotions are designed to continue the company's growth trajectory in the gaming and entertainment sector.

Churchill Downs Incorporated (CHDN) announced the appointment of Ben Murr as President of TwinSpires and Online Gaming, effective immediately. Murr, who has 24 years of leadership experience and 14 years at CDI, served previously as interim President of TwinSpires. He emphasized his commitment to expanding these operations and their strategic importance to the company. Murr will also retain his role as Senior Vice President. This leadership change aims to strengthen CDI's position in online gaming and wagering, reinforcing the growth potential of TwinSpires.

Churchill Downs Incorporated (CHDN) will announce its fourth quarter and full year 2021 financial results on February 23, 2022, after market close. A conference call to discuss the results is set for February 24, 2022, at 9 a.m. ET. Investors can access the live teleconference via a real-time webcast or by phone. The company's press release detailing the financial performance will be available on its official website. CDI, a leader in racing and gaming, operates multiple venues and online platforms.

Churchill Downs Incorporated (CHDN) has entered into an agreement to sell 115.7 acres of land near Calder Casino for $291 million, worth about $2.5 million per acre. The sale, expected to close in the first half of 2022, is subject to various conditions. Proceeds will be used for potential replacement property investments qualifying under IRS §1031. Post-sale, CDI will retain approximately 54 acres of the 170-acre site and may sell an additional 15-20 acres for retail development.