Recent Updates — CHDN
The Board of Directors approved a new $750 million share repurchase program for Churchill Downs Incorporated, which replaces the previous $500 million authorization established in July 2025. The new authority includes and is not additional to the approximately $306 million remaining under the prior program as of October 27, 2026. Repurchases may be executed at management's discretion through open market transactions or privately negotiated deals, with no set expiration date. Churchill Downs Incorporated operates iconic racetracks, including the home of the Kentucky Derby, regional casino gaming properties, and online wagering businesses.
The Board appointed Michael Tucker as a Class II Director effective immediately to fill a vacancy created by an increase in the size of the Board, bringing the total membership to eight. Mr. Tucker serves as Founder and Managing Partner of Orvieto Partners, L.P., with over 30 years of investment management experience. His term expires at the 2028 Annual Meeting of Shareholders. Churchill Downs Incorporated operates live and historical racing entertainment venues, online wagering businesses, and regional casino gaming properties.
Churchill Downs reported third-quarter net revenue of $696 million and net income attributable to CDI of $80 million, up from $38 million in the prior year period. The company also announced a 7% increase in its annual cash dividend to $0.469 per share, payable January 5, 2027, and approved a new $750 million share repurchase program. Additionally, Churchill Downs entered into a $500 million Term Loan B due 2033 and completed the acquisition of a 49% stake in United Tote Company from NYRA. The company operates live and historical racing venues, online wagering platforms, and regional casino gaming properties.
Churchill Downs Incorporated closed an amendment to its senior secured credit agreement extending the maturity dates of its revolving credit facility and Term Loan A from 2029 to September 25, 2031. The company also issued a new $500 million aggregate principal amount of senior secured Term Loan B due in 2033 at an interest rate of SOFR plus 175 basis points. Net proceeds will be used to repay outstanding Term Loan B-1 loans and revolving borrowings, fund transaction fees, and support working capital. Additionally, the company issued a conditional redemption notice for its 5.50% Senior Notes due 2027 on October 19, 2026. Churchill Downs Incorporated operates in the gaming and entertainment industry, managing racetracks including the Kentucky Derby and regional casino properties.
Churchill Downs Incorporated reported second quarter 2026 financial results, achieving all-time record net revenue of $980 million, an increase of $46 million or 5% year-over-year. Net income attributable to the company rose 11% to $241 million, while Adjusted EBITDA reached a record $477 million, up 6%. Diluted EPS was $3.42 compared to $2.99 in the prior year period. The quarter featured the 152nd Kentucky Derby, which generated all-time record wagering and contributed significantly to earnings, supported by peak viewership of 24.4 million. The company ended the quarter with a net bank leverage ratio of 3.7x. Churchill Downs Incorporated operates in the entertainment industry, managing racetracks, casino gaming properties, and online wagering platforms.
Churchill Downs Incorporated has completed a comprehensive review of its operational portfolio and is exploring strategic alternatives to sell eight wholly owned regional gaming properties. The assets under consideration include Calder Casino in Florida, Terre Haute Casino Resort in Indiana, Hard Rock Hotel & Casino in Iowa, Oxford Casino Hotel in Maine, Ocean Downs Casino and Racetrack in Maryland, Harlow’s Casino Resort and Spa and Riverwalk Casino Hotel in Mississippi, del Lago Resort and Casino in New York, and Presque Isle Downs and Casino in Pennsylvania. The company stated it cannot assure that this exploration will result in a transaction or define specific terms. Churchill Downs Incorporated operates in the gaming and racing industry, owning and operating casinos, racetracks, and related hospitality facilities.