Virginia slot routes hop in November
Revenue from historical racing machines (HHR) in Virginia, all owned by Churchill Downs, saw an increase in November, with overall winnings up 10.8 percent to $49.8 million. The growth was significantly influenced by the addition of the Roseshire slot parlor and the strategic reallocation of HHR machines to higher-grossing locations. Analyst Daniel Politzer noted impressive performance despite opening month comparisons, highlighting the robust regional market for HHR gaming.
London Co. of Virginia Acquires 835,294 Shares of Churchill Downs, Incorporated $CHDN
London Co. of Virginia significantly increased its stake in Churchill Downs, Incorporated (NASDAQ:CHDN) by 38.7%, acquiring an additional 835,294 shares. This strategic move makes Churchill Downs the firm's 18th-largest holding, encompassing 4.27% of the company's stock, valued at approximately $302.4 million. Other institutions, including AQR Capital Management and Norges Bank, also boosted their positions, contributing to the 82.59% institutional ownership of CHDN.
Hudson Way Capital Management LLC Cuts Stake in Churchill Downs, Incorporated $CHDN
Hudson Way Capital Management LLC reduced its stake in Churchill Downs (NASDAQ:CHDN) by 7.5% in Q2, bringing their total holdings to 997,598 shares, which constitute 9.1% of their investment portfolio. Churchill Downs reported strong quarterly earnings, beating expectations with $1.09 EPS and a revenue increase of 8.7% year-over-year, and also announced an increased annual dividend. Institutional ownership remains high at 82.59%, with analysts maintaining a "Buy" consensus rating despite some firms slightly trimming price targets.
Breeders' Cup Forum: From The Backstretch To The Executive Offices At Churchill Downs Inc.
Gary Palmisano Jr., Vice President of Racing for Churchill Downs Inc., discusses the importance of gaming revenues in supporting the racing product and highlights the success of recent initiatives. He details the development of Turfway Park's Synthetic Championships and the historic $1 billion handle at Churchill Downs in 2025, attributing success to strategic enhancements and synergy across racing properties. Palmisano also addresses the industry's perception of CDI as a gaming company, emphasizing the complementary roles of racing and gaming in strengthening the sport's future.
12,040 Shares in Churchill Downs, Incorporated $CHDN Acquired by Quantbot Technologies LP
Quantbot Technologies LP recently acquired 12,040 shares of Churchill Downs, Incorporated ($CHDN) during the second quarter, valuing their new position at approximately $1.216 million. Institutional investors now own about 82.59% of the company, which has seen strong quarterly results and a raised annual dividend. Wall Street analysts maintain a "Buy" consensus with an average price target of $133.30.
Orvieto Partners L.P. Buys 65,000 Shares of Churchill Downs, Incorporated $CHDN
Orvieto Partners L.P. significantly increased its stake in Churchill Downs, Incorporated (NASDAQ:CHDN) by 167.1% in Q2, acquiring an additional 65,000 shares to hold a total of 103,900 shares valued at approximately $10.49 million. This makes Churchill Downs the firm's second-largest holding. The company recently reported strong quarterly results with EPS of $1.09 and revenue of $683 million, beating analyst estimates, and analysts maintain a consensus "Buy" rating with an average price target of $133.30.
Great week for Churchill Downs Incorporated (NASDAQ:CHDN) institutional investors after losing 19% over the previous year
Institutional investors, holding a 78% stake in Churchill Downs Incorporated (CHDN), saw a positive week after a 19% loss over the past year. BlackRock, Inc. is the largest shareholder with 9.1%, while the CEO holds 2.4% of the shares. The article emphasizes that while institutional ownership provides credibility, it can also create risks like "crowded trades."
Great week for Churchill Downs Incorporated (NASDAQ:CHDN) institutional investors after losing 19% over the previous year
Institutional investors own 78% of Churchill Downs Incorporated (NASDAQ:CHDN), making their trading decisions significant for the stock's performance. After a 19% loss over the previous year, the recent US$237m market cap gain was welcomed by these investors. While institutions can provide credibility, the concentration of ownership among the top 17 shareholders means no single entity holds a majority interest.
435,002 Shares in Churchill Downs, Incorporated $CHDN Acquired by Norges Bank
Norges Bank recently acquired a significant stake of 435,002 shares in Churchill Downs (NASDAQ: CHDN), valued at approximately $43.9 million, giving it a 0.62% ownership. This move highlights increased institutional interest, with other major investors like Millennium Management and Goldman Sachs also boosting their positions. Analysts maintain a "Buy" rating for Churchill Downs, which recently reported strong Q2 results and raised its annual dividend.
Churchill Downs granted 30-year tax break
Louisville Metro Council has approved a 30-year extension of a tax exemption for Churchill Downs, meaning the company will not pay property taxes until 2055. This decision, which passed by a significant margin, is seen by supporters as an investment in local business growth, especially given Churchill Downs' announced $300 million renovation plans. However, critics questioned what benefits city taxpayers would receive in return, particularly considering the high cost of Kentucky Derby tickets and Churchill Downs' perceived lack of community involvement.
Churchill Downs handles $1 billion for first time ever
Churchill Downs Inc. achieved a record $1 billion handle on horse racing in 2025, becoming only the sixth North American track to reach this milestone. This marks a significant increase from previous years and is attributed in part to the opening of its Derby City Gaming historical horse racing facility. With three race dates remaining, Churchill Downs is also close to breaking its record for turf races in a year.
Churchill Downs announces $300M first turn project, record revenue in third quarter
Churchill Downs Inc. has announced a new $280 million to $300 million "Victory Run" project to construct a four-story building with 7,800 premium seats, scheduled for completion by the 2028 Kentucky Derby. This announcement coincided with the company reporting record net revenue of $683.0 million for its third quarter. The project aims to enhance the guest experience and shareholder value, replacing older seating areas and continuing the company's strategic investments in its flagship racetrack.
Churchill Downs Fall Meet Spread Record Prize Money to Horsemen
The 2018 Fall Meet at Churchill Downs distributed record prize money to horsemen, with average daily purses increasing by 20.9% to $604,432, largely due to returns from Derby City Gaming's historical racing machines. The meet also hosted the Breeders' Cup World Championships and featured strong racing performances, attracting significant betting and attendance numbers, despite challenging weather conditions. Capital improvement projects totaling $13.3 million are underway for the 2019 season.
Don't worry too much about Churchill Downs — track should still profit without fans
Churchill Downs is expected to remain profitable despite racing without fans, primarily due to its highly successful online wagering platform, TwinSpires.com. On-site wagering accounted for less than 10% of its total handle in the previous fiscal year, with TwinSpires generating significantly more revenue. The return of racing at Churchill Downs and other prominent tracks is expected to shift online wagering activity away from smaller venues like Fonner Park.
Without fans at Kentucky Derby, Churchill Downs takes a $120 million revenue hit
Churchill Downs Inc. experienced a significant revenue decline of over $120 million in 2020, primarily due to the Kentucky Derby being held without fans because of the coronavirus pandemic. Despite this, the company reported a net revenue of $1.054 billion for 2020 and highlighted strong operational execution, especially in running the Derby spectator-free. Looking ahead, the 2021 Kentucky Derby is planned for its traditional May date with limited spectators, and the company projects significant capital projects and continued growth in its online wagering business.
Churchill Downs Inc. reports all-time record revenue, viewership for 2025 Kentucky Derby
Churchill Downs Inc. reported record-breaking second-quarter net revenue of $934.4 million, driven by the Kentucky Derby's success. While a $1 billion renovation project was halted, smaller updates are on track for the 2026 Derby, and the company acquired Casino Salem, anticipating a positive impact from new tax provisions. The Kentucky Oaks will also shift to primetime on NBC in 2026 to boost viewership and wagering.
Churchill Downs Inc. Q3 Profit Decreases, But Beats Estimates
Churchill Downs Inc. (CHDN) reported a decrease in profit for its third quarter compared to last year but exceeded Street estimates, with earnings of $38.10 million or $0.54 per share. Excluding special items, adjusted earnings reached $77.10 million or $1.09 per share, surpassing the analyst consensus of $0.98 per share. The company also saw an 8.7% rise in revenue, reaching $683.00 million.
Churchill Downs Incorporated Announces Victory Run Expansion
Churchill Downs Incorporated (CDI) announced a new growth project called Victory Run, an expansion featuring a new four-story structure with premium hospitality and seating. This project will replace existing box seats and dining areas, increasing premium seating capacity to approximately 7,800 guests. CDI plans to invest $280-$300 million in the project, with construction anticipated to begin after the 2026 Kentucky Derby and be completed by the 2028 Kentucky Derby.
IFP Advisors Inc Grows Stock Position in Churchill Downs, Incorporated $CHDN
IFP Advisors Inc has increased its stake in Churchill Downs, Incorporated (CHDN), with several other institutional investors also modifying their holdings. The article details recent insider transactions and analyst ratings, showing an overall positive outlook with boosted price targets. Churchill Downs operates in racing, online wagering, and gaming entertainment, including pari-mutuel gaming venues and the TwinSpires platform.
Churchill Downs Stock Update: Analyst Ratings & 2025 Performance - News and Statistics - IndexBox
Churchill Downs's stock (NASDAQ: CHDN) rose 3.7% after Stifel and Citizens reiterated their Buy and Market Outperform ratings, respectively, ahead of the company's third-quarter earnings report, though shares later cooled. Despite this recent positive movement, the stock is down 32.6% year-to-date and trading significantly below its 52-week high, indicating a mixed performance over the past year. Investors who bought stock five years ago would see minimal returns, highlighting long-term volatility.
Why Churchill Downs (CHDN) Stock Is Up Today
Churchill Downs (CHDN) stock initially rose 3.7% after Stifel and Citizens reiterated Buy and Market Outperform ratings, respectively, ahead of its Q3 earnings report. Stifel maintained a $133.00 price target, while Citizens held at $142.00. Despite the initial jump, shares cooled to an $88.72 closing price, down 2% from the previous close. The market considers this news meaningful but not fundamentally altering for the company.
Virginia iGaming Legislation Delayed Amid Ongoing Discussions and Economic Debates - newsnet5.com
Virginia lawmakers have delayed efforts to legalize internet gaming (iGaming) within the state, despite ongoing discussions and industry support. A proposed bill aimed at regulating online casinos, Senate Bill 827, was postponed to allow further study by the Joint Subcommittee to Study the Feasibility of Establishing the Virginia Gaming Commission. While there is significant potential for billions in revenue and a proposed framework for licensing and taxation, the Virginia Lottery and some casino operators like Cordish Companies oppose the expansion, citing existing oversight burdens and concerns about competition with land-based casinos.
British Champions Day, The Everest, Japan's Filly Triple Crown on tap
This article previews a major weekend in horse racing, highlighting British Champions Day at Ascot, The Everest in Australia, and the Grade 1 Shuka Sho in Japan. It details key races, horses, and stakes involved in each event, alongside updates on Breeders' Cup pre-entries and changes to Churchill Downs' "Road to the Kentucky Derby" series. The article also provides a brief overview of upcoming domestic races in North America.
Maryland iGaming Legalization Faces Uphill Battle as Public Sentiment Hardens - Casino Guardian
A new poll by Lake Research Partners reveals that 71% of Maryland voters oppose iGaming legalization, posing a significant challenge for lawmakers ahead of the 2026 legislative session. Despite ongoing legislative efforts, public sentiment remains largely unfavorable, with nearly half of respondents initially unfamiliar with the concept. Opponents, including the National Association Against iGaming (NAAiG) and various industry stakeholders, cite risks to employment, families, and established casinos, while proponents advocate for public education campaigns to shift perceptions before a potential 2026 public referendum.
Barlow Wealth Partners Inc. Has $1.79 Million Position in Churchill Downs, Incorporated $CHDN
Barlow Wealth Partners Inc. significantly reduced its stake in Churchill Downs by 86.5% during the second quarter, now holding 17,046 shares valued at $1.79 million. Despite this, other institutional investors increased their positions, and Churchill Downs reported strong Q2 earnings, surpassing revenue and EPS estimates. The article also provides a financial overview of Churchill Downs' stock performance and recent analyst ratings.
JP Morgan Lowers Price Target for Churchill Downs (CHDN) to $128 | CHDN Stock News - GuruFocus
JP Morgan analyst Daniel Politzer maintained an "Overweight" rating for Churchill Downs (CHDN) but lowered the price target from $130 to $128, a 1.54% decrease. Despite this adjustment, the "Overweight" rating reflects a positive outlook. Other analysts have recently made positive adjustments to their price targets for CHDN, indicating a generally favorable view on the stock's future performance.
JP Morgan Lowers Price Target for Churchill Downs (CHDN) to $128 - GuruFocus
JP Morgan analyst Daniel Politzer has lowered the price target for Churchill Downs (CHDN) to $128 from $130, while maintaining an "Overweight" rating. This adjustment comes despite a recent trend of positive adjustments from other analysts. The article also provides historical ratings, analyst forecasts, and GuruFocus' estimated fair value for CHDN.
Churchill Downs Expands European & Middle East “Road to the KY Derby”
Churchill Downs Incorporated announced the expansion of its European/Middle East Road to the Kentucky Derby series, adding three new points-bearing races: the UAE 2000 Guineas, the Saudi Derby, and the Dubai Road to the Kentucky Derby Stakes. This expansion increases engagement with global owners, trainers, and fans, strengthening the Derby's international relevance and providing more pathways for international contenders to compete in the prestigious race. The additions bring the total number of races in the series to ten, culminating in the UAE Derby.
Bayforest Capital Ltd Acquires Shares of 5,875 Churchill Downs, Incorporated $CHDN - MarketBeat
Bayforest Capital Ltd has acquired 5,875 shares of Churchill Downs, Incorporated (CHDN) for approximately $593,000, representing a new investment. This acquisition contributes to the 82.59% institutional ownership of CHDN stock. Analyst ratings for Churchill Downs are positive, with price targets ranging from $126.00 to $145.00 following strong financial reports.
The Saudi Derby forges links with Kentucky Derby - Arab News
The Saudi Derby has been added to "The Road to The Kentucky Derby" series, allowing its winner to collect points toward qualification for the prestigious US race. This new collaboration between the Jockey Club of Saudi Arabia and Churchill Downs Inc. aims to strengthen international horseracing ties and boost the Saudi racing scene. The integration facilitates Saudi participation in premier global events like the Kentucky Derby.
Churchill Downs (CHDN) to Release Quarterly Earnings on Wednesday - Defense World
Churchill Downs (CHDN) is set to release its quarterly earnings on Wednesday. The article details recent institutional trading activity, with several firms increasing their stakes in CHDN, and summarizes recent analyst ratings and price target adjustments, which largely recommend a "Buy" or "Outperform" rating for the stock. Churchill Downs operates as a racing, online wagering, and gaming entertainment company, including pari-mutuel gaming, TwinSpires, retail sports books, and casino gaming.
Tuesday works: 7 graded-stakes winners are on the tab
Seven graded-stakes winners, including Durante, had recorded workouts on Tuesday. Durante, owned and trained by David Jacobson, worked for the first time since placing second in the Grade 2 Phoenix. Other notable horses like Adhamo and Masteroffoxhounds also completed workouts.
Kentucky Derby: Three races added to European/Middle East qualifying series - DRF
Churchill Downs has announced the addition of three new races to the European and Middle Eastern qualifying series for the Kentucky Derby. These races aim to expand the international qualification pathway for the prestigious event. The new additions will provide more opportunities for horses from these regions to earn a spot in the Kentucky Derby.
Three Races Added to European/Middle East Derby Series - BloodHorse
Churchill Downs Inc. has added three new points-bearing races to the European/Middle East Road to the Kentucky Derby series: the UAE Two Thousand Guineas (G3), the Saudi Derby (G3), and the Dubai Road to the Kentucky Derby Stakes. This expansion brings the series to 10 races, enhancing the international pathway to the Kentucky Derby and extending its global relevance, particularly in dynamic Middle Eastern markets. The addition aims to foster engagement with global owners, trainers, and fans, strengthening the Kentucky Derby's position as a premier worldwide event for 3-year-old Thoroughbreds.
Trio of International Races Added to Kentucky Derby Series Lineup - Thoroughbred Daily News
Churchill Downs Incorporated has added three new international races to the European / Middle East Road to the Kentucky Derby series for 2026: the G3 UAE 2000 Guineas, G3 Saudi Derby, and Dubai Road to the Kentucky Derby Stakes. These races will award qualifying points, expanding the international pathway to the Kentucky Derby. The move aims to deepen global engagement and strengthen the Derby's worldwide relevance, with the UAE Derby now granting 100 points to its winner.
Road to Kentucky Derby gets 3 new Middle East races - Horse Racing Nation
Churchill Downs Inc. has added three new points-bearing races in the Middle East to the European-Middle East road to the Kentucky Derby series for 2026. These races—the UAE 2000 Guineas, the Saudi Derby (G3), and the Dubai Road to the Kentucky Derby Stakes—will award qualifying points, expanding the international pathway to the Kentucky Derby and deepening engagement with global participants. The move aims to strengthen the Derby's worldwide relevance and international footprint, with the UAE Derby (G2) now offering 100 points to the winner.
Everi Enters Seven-Year Strategic Relationship with Churchill Downs Incorporated for Financial Technology Related Services
Everi, an IGT brand, announced a seven-year agreement with Churchill Downs Incorporated (CDI) to provide FinTech solutions, including CashClub® services and anti-money laundering technology, across CDI's venues. This partnership aims to enhance financial technology capabilities, strengthen compliance, and optimize gaming operations. The agreement builds on an existing relationship, leveraging Everi's FinTech innovation with IGT's infrastructure to improve payment, loyalty, and compliance processes for operators.
Churchill Downs Incorporated to Announce Third Quarter 2025 Financial Results on October 22, 2025
Churchill Downs Incorporated will release its Q3 2025 financial results on October 22, 2025, after market close, followed by a conference call on October 23, 2025, at 8 a.m. ET to discuss the results. The company emphasizes transparency and investor engagement through this announcement and associated webcast. The article also provides details on recent congressional stock trading, insider transactions, hedge fund activity, and analyst ratings for CHDN.
Record-setting second quarter, Derby viewership reported by Churchill Downs Inc.
Churchill Downs Inc. reported record second-quarter revenue of over $934 million, a 5% increase from the prior year, driven by historical racing machine entertainment and digital wagering. The 151st Kentucky Derby also achieved its highest average viewership since 1989, peaking at nearly 22 million viewers. The company plans infrastructure improvements and anticipates a favorable impact on income in 2025 due to recent tax law changes.
Churchill Downs Inc. to acquire New Hampshire’s Casino Salem
Churchill Downs Incorporated (CDI) has announced an agreement to acquire a 90% stake in the newly opened Casino Salem in New Hampshire for $180 million cash. The acquisition involves stakes from The Cordish Companies and F&L Gaming, with F&L Gaming retaining a 10% interest. CDI plans to rebrand the venue, expand the gaming floor, and develop new food and beverage concepts, aiming to create a regional destination for the New England market.
Churchill Downs acquires majority interest in N.H. casino
Churchill Downs Inc. (CDI) has acquired a majority interest in Casino Salem in Salem, N.H., with plans to develop a charitable gaming, entertainment, and dining destination featuring historical horse racing machines. Local developers Joe Faro and Sal Lupoli will retain ownership in Casino Salem. CDI CEO Bill Carstanjen highlighted the opportunity to create a regional destination in New England and support charitable organizations in New Hampshire, with the transaction expected to close in the third quarter of 2025.
Adapting to Win: Churchill Downs Incorporated and the New Era of Entertainment and Betting
This paper provides a comprehensive analysis of Churchill Downs Incorporated (CDI), examining its strategic adaptations to maintain preeminence in the evolving gambling and entertainment sectors. Utilizing the Service Triangle framework, the study explores how CDI leverages its heritage, integrates technological innovations like HHR machines and online betting platforms, and focuses on customer experience to stay competitive. The article concludes with recommendations for reinforcing CDI's market leadership, enhancing customer satisfaction, and ensuring financial stability within the context of a shrinking horseracing market.
Churchill Downs Inc. opens Derby City Gaming in downtown Louisville
Churchill Downs Incorporated has opened Derby City Gaming Downtown in Louisville, Kentucky, a $90 million investment representing its sixth historical racing machine venue in the state. The 43,000 sq. ft. entertainment complex features 500 HRMs, three food and beverage experiences, and a Kentucky Derby gift shop. This development created 400 construction jobs and 150 permanent jobs, coinciding with the 150-day countdown to the 150th Kentucky Derby.
Churchill Downs Extends the Suspension of Bob Baffert Through 2024 (Published 2023)
Churchill Downs has extended its suspension of trainer Bob Baffert through 2024, citing his continued refusal to accept responsibility for Medina Spirit's failed drug test at the 2021 Kentucky Derby. The company stated that Baffert "cannot be trusted to avoid future misconduct" and will re-evaluate his status in 2025. Baffert, who has a history of rule violations, argues he did not flout the rules and is at a loss to understand the action.
The state of the Derby
This article examines the changing landscape of the Kentucky Derby and horse racing 50 years after Secretariat's Triple Crown victory. It highlights significant transformations at Churchill Downs, controversies surrounding trainer Bob Baffert and drug scandals, and the broader cultural reassessment of the sport, including debates over the song "My Old Kentucky Home." The piece argues that while the Derby remains a major event, it is increasingly defined by change, criticism, and operational challenges rather than past glory.
Churchill Downs Reports Record Revenue Ahead of Kentucky Derby
Churchill Downs Inc. reported record revenue of $559.5 million in Q1, exceeding Wall Street expectations, driven by its live and historic racing segment. This success follows strategic shifts, including exiting online sports betting while focusing on horse racing and expanding HRM facilities and partnerships like DK Horse. The company anticipates record Derby week results and is investing significantly in racetrack redevelopment and new venues.
Bob Baffert receives two-year suspension from Churchill Downs
Trainer Bob Baffert has received a two-year suspension from Churchill Downs, effective immediately, following confirmation of a prohibited race-day substance in Medina Spirit's bloodstream during the 147th Kentucky Derby. This suspension prohibits Baffert and his stables from entering horses or occupying stalls at any CDI-owned racetracks. The decision was made due to Baffert's history of testing failures, which Churchill Downs cites as a threat to public confidence in thoroughbred racing.
Baffert banned for 2 years by Churchill Downs
Hall of Fame trainer Bob Baffert has been suspended for two years by Churchill Downs after his Kentucky Derby winner, Medina Spirit, tested positive for a steroid in two post-race samples. The suspension follows a series of medication violations by Baffert and raises concerns about public confidence in thoroughbred racing. Attorneys for Baffert and Medina Spirit's owner suggest the steroid may have come from an antifungal ointment, not injections.
Churchill Downs bans Bob Baffert after 2nd positive drug test for Kentucky Derby winner Medina Spirit
Churchill Downs Racetrack suspended horse trainer Bob Baffert for two years after his Kentucky Derby winner Medina Spirit failed a second drug test for a banned steroid. The suspension bans any horses trained by Baffert from racing at Churchill Downs tracks through the 2023 Spring Meet, including the Kentucky Derby. This decision follows a history of drug test failures for Baffert's horses and raises questions about Medina Spirit's Derby victory.
Churchill Downs, Kentucky Derby Festival and Humana Launch Derby Equity and Community Initiative
Churchill Downs, the Kentucky Derby Festival, and Humana have launched the Derby Equity and Community Initiative (DECI) to foster equitable programming and economic impact in Louisville communities that have historically lacked access to Derby opportunities. This multi-year initiative aims to support, restore, and create Derby traditions that encourage diverse participation, with a focus on education and multi-generational programming. The first phase in 2021 includes supporting Jefferson County Public Schools' "Justice Now" program, culminating in JusticeFest, where students propose solutions to community issues.
