Churchill Downs Incorporated is an industry-leading racing, online wagering and gaming entertainment company anchored by iconic flagship event, the Kentucky Derby. The Company owns and operates three pari-mutuel gaming entertainment venues with approximately 3,050 historical racing machines in Kentucky. It also owns and operates TwinSpires, one of the largest and most profitable online wagering platforms for horse racing, sports and iGaming in the U.S. and it has seven retail sportsbooks. The Company is also a leader in brick-and-mortar casino gaming in eight states with approximately 11,000 slot machines and video lottery terminals and 200 table games.

Company profile
Ticker
CHDN
Exchange
CEO
William Carstanjen
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
CHURCHILL DOWNS INC, CHURCHILL DOWNS Inc
SEC CIK
Corporate docs
Subsidiaries
Arlington OTB Corp. • Arlington Park Racecourse, LLC • BB Development, LLC • BetAmerica LLC • BG Kentucky Management, LLC • CDITH, LLC • CDTC, LLC • CEP IV Chicago Holdco LLC • Calder Race Course, Inc. • Churchill Downs Interactive Canada Ltd. ...
IRS number
610156015
CHDN stock data
News

Las Vegas Strip Monthly Gaming Revenue Up 20%, Macau Revenue Down 95%
1 Aug 22
Mass. House Speaker Tweets 'I am proud to announce that the Sports Betting Conference Committee has reached an agreement on legislation that will legalize wagering on professional and collegiate sports in Massachusetts...'
1 Aug 22
Churchill Downs's Return On Capital Employed Insights
29 Jul 22
'Churchill Downs considers turning TwinSpires into B2B product' -GB Report
29 Jul 22
Churchill Downs: Q2 Earnings Insights
27 Jul 22
Press releases
Churchill Downs Incorporated Reports 2022 Second Quarter Results
27 Jul 22
Churchill Downs Incorporated 2022 Second Quarter Financial Results Conference Call Invitation
6 Jul 22
Churchill Downs Incorporated Closes on Sale of 115.7 Acres of Land by Calder Casino for $291 Million
17 Jun 22
Gabelli Funds to Host 14th Annual Entertainment & Broadcasting Symposium Thursday, June 2, 2022
25 May 22
Gabelli Funds to Host 14th Annual Entertainment & Broadcasting Symposium Thursday, June 2, 2022
18 May 22
Analyst ratings and price targets
Calendar
27 Jul 22
9 Aug 22
31 Dec 22
Financial summary
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B |
Cash burn (monthly) | (no burn) | (no burn) | (no burn) | (no burn) | 12.5M | 7.13M |
Cash used (since last report) | n/a | n/a | n/a | n/a | 16.78M | 9.58M |
Cash remaining | n/a | n/a | n/a | n/a | 1.88B | 1.89B |
Runway (months of cash) | n/a | n/a | n/a | n/a | 150.6 | 264.9 |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
30 Jun 22 | Bridgeman Ulysses L Jr | Common Stock | Grant | Acquire A | No | No | 0 | 80.93 | 0 | 23,860.62 |
30 Jun 22 | Grissom Douglas C | Common Stock | Grant | Acquire A | No | No | 0 | 169.03 | 0 | 10,624.96 |
30 Jun 22 | Harrington Daniel P | Common Stock | Grant | Acquire A | No | No | 0 | 191.88 | 0 | 58,332.93 |
24 May 22 | R Alex Rankin | Common Stock | Buy | Acquire P | No | No | 176.8 | 525 | 92.82K | 45,879.67 |
26 Apr 22 | Harrington Daniel P | Common Stock | Grant | Acquire A | No | No | 0 | 767.36 | 0 | 58,141.05 |
Institutional ownership, Q1 2022
73.1% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 336 |
Opened positions | 48 |
Closed positions | 38 |
Increased positions | 108 |
Reduced positions | 107 |
13F shares | Current |
---|---|
Total value | 6.11B |
Total shares | 27.57M |
Total puts | 30.8K |
Total calls | 40.4K |
Total put/call ratio | 0.8 |
Largest owners | Shares | Value |
---|---|---|
FMR | 5.15M | $1.14B |
BLK Blackrock | 3.38M | $749.83M |
Vanguard | 3.36M | $744.43M |
Schroder Investment Management | 1.09M | $247.29M |
London Co Of Virginia | 982.13K | $217.82M |
STT State Street | 910.55K | $201.94M |
AMP Ameriprise Financial | 608.73K | $135.01M |
Nitorum Capital | 583.73K | $129.46M |
Brown Advisory | 547.2K | $121.44M |
Geode Capital Management | 477.03K | $105.8M |
Financial report summary
?Competition
Rush Street InteractiveRisks
- The current novel coronavirus (COVID-19) global pandemic has adversely affected, and could continue to adversely affect our business, financial condition and financial results. Other major public health issues could adversely affect our business, financial condition and financial results in the future
- Our business could be adversely affected by the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change
- Our business is sensitive to economic conditions which may affect consumer confidence, consumers’ discretionary spending, or our access to credit in a manner that adversely impacts our operations
- We are vulnerable to additional or increased taxes and fees
- A lack of confidence in the integrity of our core businesses or any deterioration in our reputation could affect our ability to retain our customers and engage with new customers
- An inability to attract and retain key and highly-qualified and skilled personnel, as well as disruptions in the general labor market, could impact our ability to successfully develop, operate, and grow our business
- Our Company faces significant competition, and we expect competition levels to increase
- Our Churchill Downs Racetrack and the Kentucky Derby may be adversely affected by changes in consumer preferences, attendance, wagering, and sponsorships
- We are subject to significant risks associated with our equity investments, strategic alliances and other third-party agreements
- We may not be able to respond to rapid technological changes in a timely manner, which may cause customer dissatisfaction
- The concentration and evolution of the slot machine and HRM manufacturing industry or other technological conditions could impose additional costs on us
- Our operations in certain jurisdictions depend on agreements with industry constituents including horsemen and other racetracks, and the failure to enter into or maintain these agreements on terms acceptable to us could have a material adverse effect on our business, results of operations and financial condition
- We intend to focus on market access and our retail operations for our TwinSpires Sports and Casino business and there can be no assurance that we will be able to compete effectively or that we will generate sufficient returns on our investment
- Our business is subject to online security risk, including cyber-security breaches. Loss or misuse of our stored information as a result of such a breach, including customers’ personal information, could lead to government enforcement actions or other litigation, potential liability, or otherwise harm our business
- Our operations rely heavily on technology services, and catastrophic events and system failures with respect to these technology services could cause a significant and continued disruption to our operations
- We may not be able to identify and / or complete acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget or as planned
- We may experience difficulty in integrating recent or future acquisitions into our operations
- The development of new venues and the expansion of existing facilities is costly and susceptible to delays, cost overruns and other uncertainties
- Ownership and development of our real estate requires significant expenditures and ownership of such properties is subject to risk, including risks related to environmental liabilities
- Horse racing is an inherently dangerous sport and our racetracks are subject to personal injury litigation
- Any violation of the Foreign Corrupt Practices Act, other similar laws and regulations, or applicable anti-money laundering regulations could have a negative impact on us
- We are subject to payment-related risks, such as risk associated with the fraudulent use of credit or debit cards which could have adverse effects on our business due to chargebacks from customers
- Work stoppages and other labor problems could negatively impact our future plans and limit our operational flexibility
- We face risks related to pending or future legal proceedings and other actions
- Our operations are highly regulated and changes in the regulatory environment could adversely affect our business
- Our debt facilities contain restrictions that limit our flexibility in operating our business
- Any failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness could have a material adverse impact on our business
- Disruptions in the credit markets or changes to our credit ratings may adversely affect our business.
- Our insurance costs may increase, we may not be able to obtain similar insurance coverage in the future, and the extent to which we can recover under our insurance policies for damages sustained at our operating properties in the event of inclement weather and casualty events, all could adversely affect our business
Content analysis
?Positive | ||
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Uncertain | ||
Constraining | ||
Legalese | ||
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Readability |
H.S. sophomore Avg
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New words:
beneficiary, CDI, Code, deadline, deposit, distributed, drawn, EAT, expired, face, Festival, forward, gain, half, Houma, intermediary, IRS, Issuer, Jazz, Maine, mandate, margin, mask, Mississippi, OTB, recognition, refund, reinvested, renewal, sixty, spring, suitable, summer, timeframe, titleholder, type, unable
Removed:
alai, book, Colorado, handle, iGaming, jai, vesting, week
Financial reports
Current reports
8-K
Departure of Directors or Certain Officers
4 Aug 22
8-K
Churchill Downs Incorporated Reports 2022 Second Quarter Results
27 Jul 22
8-K
Regulation FD Disclosure
21 Jun 22
8-K
Churchill Downs Incorporated Reports 2022 First Quarter Results
27 Apr 22
8-K
Submission of Matters to a Vote of Security Holders
26 Apr 22
8-K
Other Events
26 Apr 22
8-K
Entry into a Material Definitive Agreement
14 Apr 22
8-K
Churchill Downs Incorporated Announces Upsized Offering of $1,200 Million of Senior Notes due 2030
30 Mar 22
8-K
Regulation FD Disclosure
30 Mar 22
8-K
Churchill Downs Incorporated Reports 2021 Fourth Quarter and Full Year Results
23 Feb 22
Registration and prospectus
SC TO-I/A
Issuer tender offer statement (amended)
11 Feb 18
SC TO-I/A
Issuer tender offer statement (amended)
7 Feb 18
SC TO-I/A
Issuer tender offer statement (amended)
24 Jan 18
SC TO-I
Issuer tender offer statement
9 Jan 18
S-8
Registration of securities for employees
26 Apr 16
S-8
Registration of securities for employees
26 Jun 14
S-8
Registration of securities for employees
29 Jul 12
S-8
Registration of securities for employees
29 Jul 12
424B3
Prospectus supplement
1 Mar 10
S-4/A
Registration of securities issued in business combination transactions (amended)
18 Feb 10
Proxies
DEFA14A
Additional proxy soliciting materials
17 Mar 22
DEFA14A
Additional proxy soliciting materials
13 Apr 21
DEFA14A
Additional proxy soliciting materials
11 Mar 21
DEFA14A
Additional proxy soliciting materials
6 Apr 20
DEFA14A
Additional proxy soliciting materials
10 Mar 20
DEFA14A
Additional proxy soliciting materials
13 Mar 19
DEF 14A
Definitive proxy
13 Mar 19
Other
SD
Conflict minerals disclosure
1 Jun 21
SD
Conflict minerals disclosure
29 May 20
UPLOAD
Letter from SEC
25 Nov 19
CORRESP
Correspondence with SEC
13 Nov 19
CORRESP
Correspondence with SEC
23 Oct 19
UPLOAD
Letter from SEC
16 Oct 19
UPLOAD
Letter from SEC
7 Feb 19
CORRESP
Correspondence with SEC
18 Dec 18
CORRESP
Correspondence with SEC
6 Dec 18
UPLOAD
Letter from SEC
27 Nov 18
Ownership
4
Churchill Downs / DOUGLAS C GRISSOM ownership change
5 Jul 22
4
Churchill Downs / DANIEL P HARRINGTON ownership change
5 Jul 22
4
Churchill Downs / Ulysses L Bridgeman Jr ownership change
5 Jul 22
4
Churchill Downs / R Alex Rankin ownership change
25 May 22
4
Churchill Downs / Karole Lloyd ownership change
27 Apr 22
4
Churchill Downs / ROBERT L FEALY ownership change
27 Apr 22
4
Churchill Downs / R Alex Rankin ownership change
27 Apr 22
4
Churchill Downs / Ulysses L Bridgeman Jr ownership change
27 Apr 22
4
Churchill Downs / PAUL C VARGA ownership change
27 Apr 22
4
Churchill Downs / DOUGLAS C GRISSOM ownership change
27 Apr 22
Transcripts
2022 Q2
Earnings call transcript
28 Jul 22
2022 Q1
Earnings call transcript
28 Apr 22
2021 Q4
Earnings call transcript
24 Feb 22
2021 Q3
Earnings call transcript
28 Oct 21
2021 Q2
Earnings call transcript
31 Jul 21
2021 Q1
Earnings call transcript
22 Apr 21
2020 Q4
Earnings call transcript
28 Feb 21
2020 Q3
Earnings call transcript
29 Oct 20
2020 Q2
Earnings call transcript
1 Aug 20
2020 Q1
Earnings call transcript
30 Apr 20
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