Churchill Downs Incorporated Reports 2019 Second Quarter Results

August 1, 2019 by Leave a Comment

LOUISVILLE, Ky., July 31, 2019 (GLOBE NEWSWIRE) — Churchill Downs Incorporated ( CHDN ) (the “Company”) today reported business results for the second quarter ended June 30, 2019. Second Quarter 2019 Highlights Net revenue of $477.4 million, up 26% over the prior year quarter Net income of $107.1 million, […]

Second Quarter 2019 Highlights

  • Net revenue of $477.4 million, up 26% over the prior year quarter
  • Net income of $107.1 million, up 4% over the prior year quarter
    º Adjusted net income of $115.0 million, up 9% over the prior year quarter
  • Adjusted EBITDA of $215.0 million, up 23% over the prior year quarter
  • Successful 145th running of The Kentucky Derby, contributing to record highs for wagering and Adjusted EBITDA
  • Continued sequential growth at Derby City Gaming in Louisville, Kentucky, with strong margin performance
  • Strong performance of our Gaming properties primarily due to the performance of Rivers Casino Des Plaines in Des Plaines, Illinois and Presque Isle Downs & Casino in Erie, Pennsylvania
(in millions, except per share data) 2019 2018

churchill downs ky derby daySECOND QUARTER 2019 NET INCOME

The Company’s second quarter 2019 net income of $107.1 million was comprised of $108.3 million in net income from continuing operations and $1.2 million in net loss from discontinued operations. The prior year quarter net income of $103.1 million was comprised of $103.2 million in net income from continuing operations and $0.1 million in net loss from discontinued operations.

More about  Churchill stock:

Filed Under: Horse Racing News, Is Horse Racing Dead Tagged With: ,

Purchase of Presque Isle Downs & Casino by Churchill Finalized

January 14, 2019 by Leave a Comment

LOUISVILLE, Ky., Jan., 2019 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) today announced that it has completed the previously announced purchase of Presque Isle Downs & Casino (“Presque Isle”) in Erie, Pennsylvania from Eldorado Resorts, Inc. (“ERI”) (Nasdaq: ERI) for cash consideration of $178.9 million, subject to certain working capital and other purchase price adjustments. The purchase of the property follows the approval of the transaction by the Pennsylvania Gaming Control Board and the Pennsylvania State Horse Racing Commission. The transaction was funded with cash on hand and through the Company’s existing credit facility.

“Presque Isle will give us a foothold in Pennsylvania and the opportunity to participate in the sports betting and online gaming market throughout the state. This acquisition is projected to be immediately accretive to our shareholders,” said Bill Carstanjen, CEO of CDI. “We are excited about welcoming Presque Isle and its employees to the Churchill family.”

About Presque Isle Downs & Casino
Presque Isle opened its casino in February 2007 and operates approximately 1,600 slots, 32 table games and a poker room. Presque Isle also conducts live thoroughbred racing

Filed Under: Horse Racing News Tagged With: , , , ,

Amazing Rooftop Experience Planned for 2019 Kentucky Derby

September 30, 2018 by Leave a Comment

Churchill winner's circleLOUISVILLE, Ky., Sept., 2018 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN), one of the world’s most renowned sports and entertainment venues, will create an elevated experience for guests of the 2019 Kentucky Derby and beyond. The legendary Louisville, Ky. racetrack has announced plans for a $5 million capital investment that will expand the Starting Gate Suites through the construction of a new 20,000-square-foot rooftop garden which will deliver a unique hospitality experience with exclusive sightlines and access for more than 500 ticketed guests.

The innovative and picturesque rooftop space, located high atop the Starting Gate Suites on the north end of the 190-acre facility, will provide covered reserved seating for more than 250 guests and approximately 250 additional Standing Room Only access tickets. More information on the individual tickets to the new space for the 2019 Kentucky Derby will be made available during the online ticket sale later this year.

Guests on the rooftop will be able to gaze at an authentic panoramic view of Louisville while enjoying access to several upscale bars and various food offerings in a cozy yet party-like atmosphere. There also will be a tiered balcony for spectacular viewing of Churchill Downs’ races, including a prime observation that overlooks the start of the Kentucky Derby at the top of the famed homestretch.

“Rooftop bars are a hot trend in the hospitality industry, and the addition of this sensational new space atop our Starting Gate Suites will be a great benefit to our facility and deliver another unique guest experience at Churchill Downs,” said Kevin Flanery, President of Churchill Downs Racetrack.

The Starting Gate Suites debuted for the 2018 Kentucky Derby. It was constructed for $37 million and provided more than 1,800 new seats through the addition of 32 luxury suites, interior dining tables and third-floor Grandstand seats.

Construction on the Starting Gate Suites Rooftop project will begin after the Nov. 2-3 Breeders’ Cup World Championships and be completed prior to the 2019 Kentucky Derby Presented by Woodford Reserve, which will be staged for the 145th consecutive year on Saturday, May 4th. Populous is the architect and Calhoun Construction will serve as the project manager.

Guests interested in purchasing tickets to the Starting Gate Suites Rooftop or more information may contact the Churchill Downs sales department at (502) 636-4450 or sales@kyderby.com.

About Churchill Downs Racetrack

Churchill Downs, the world’s most legendary racetrack, has conducted Thoroughbred racing and presented America’s greatest race, the Kentucky Derby, continuously since 1875. Located in Louisville, the flagship racetrack of Churchill Downs Incorporated (NASDAQ: CHDN) offers year-round simulcast wagering at the historic track. Churchill Downs will conduct the 145th running of the Kentucky Derby Presented by Woodford Reserve on May 4, 2019. The track’s 2018 September Meet is set for Sept. 14-30 and its Fall Meet will run from Oct. 28-Nov. 25. An eight-time host to the Breeders’ Cup World Championships, Churchill Downs will again be the site of that event on Nov. 2-3, 2018. Information is available at www.ChurchillDowns.com.

About Churchill Downs Incorporated

Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN), headquartered in Louisville, Ky., is an industry-leading racing, gaming and online entertainment company anchored by our iconic flagship event – The Kentucky Derby. We are the largest legal online account wagering platform for horseracing in the U.S., through our ownership of TwinSpires.com. We are also a leader in brick-and-mortar casino gaming with approximately 8,000 gaming positions in six states. We have launched our BetAmerica Sportsbook at our two Mississippi casino properties and have announced our plans to enter additional U.S. real money online gaming and sports betting markets. Additional information about CDI can be found online at www.churchilldownsincorporated.com.

Filed Under: Kentucky Derby | Triple Crown Tagged With: , ,

Old Sports Spectrum / Louisville Downs to Become State-of-the-Art Facility

June 20, 2017 by Leave a Comment

Churchill Downs Incorporated to Invest $60M into Louisville Location

“Stronger horse racing means a stronger Kentucky.”

Press Release

Churchill Downs Incorporated has announced it is investing approximately $60 million to construct a state-of-the-art historical racing machine (“HRM”) facility in Louisville. The 85,000-square-foot facility will be built at 4520 Poplar Level Road—Churchill Downs’ former Trackside (also known as the former Sports Spectrum) site, and conveniently located less than half a mile from the Poplar Level Road exit off the Henry Watterson Expressway (I-264). CDI’s request to offer exotic wagering on historical racing was conditionally approved by the Kentucky Horse Racing Commission this afternoon.

“With a state-of-the-art facility and new, innovative historical racing machines, we will deliver an exciting and compelling product for our customers in Louisville. This is a great opportunity for us to revitalize another area of our city while strengthening the Commonwealth’s equine industry through larger purses and greater incentives for Kentucky breeders and owners,” Churchill Downs Race Track president Kevin Flannery said. “Stronger horse racing means a stronger Kentucky.”

historical racing facility

source: CDI

The company says the facility will create 450 new jobs for the local economy, including 250 construction jobs. An estimated 200 new full- and part-time jobs will be created to operate and manage the facility. Churchill Downs will hire both hourly and salaried employees in areas including operations, marketing, finance, food and beverage, maintenance, information technology, human resources, security and administration. Job fairs will be held at Trackside for the neighborhoods surrounding the facility and the Churchill Downs Race Track.

This announcement comes on the heels of CDI’s decision to relocate its TwinSpires.com business to Louisville from Silicon Valley, California, creating more than 70 high-tech, high-paying jobs for the city.

The planned facility will house two quick-service, walk-up food venues, as well as a bar with seating for 50 and large format televisions for guests to take in all the best sporting action year-round. The gaming area will open with 600 cutting-edge historical racing machines and a player’s club reward center offering special perks and benefits, including an exclusive parking area for loyal guests.

Construction is slated to begin later this year, and CDI hopes to open the facility by summer of 2018.

Filed Under: Horse Racing News, Horse Racing Promotion | Marketing, Horse Racing Survival, Industry Profiles Tagged With: , , , ,