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CLOSED · 03:15 ET
Market ClerkRecap
Sun Oct 25 · markets closed1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 30The week ahead

CHDN

Churchill Downs Inc
NASDAQ · CONSUMER DISCRETIONARY · SERVICES-RACING, INCLUDING TRACK OPERATION
83.73
−0.72 −0.85%
USD · close Oct 23
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Work order
18
FLAG · shorts 18
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $5.8BP/E —DIV YIELD —FCF YIELD 12.31%REV TTM $3B +5.7%NET INCOME $413.4M −4.1%NET DEBT $4.4B52W 73.95 – 117.59SEC XBRL · TTM TO Invalid Date

How CHDN rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
49%
of sentences unchanged
Added
186
new sentences
Dropped
181
sentences removed
Length
+40
words, now 15,946

New in FY2025

  • Churchill Downs Racetrack conducts approximately 80 live race days each year Churchill Downs Racetrack has one of the largest 4K video boards in the world sitting 80 feet above the ground and measuring 171 feet wide by 90 feet tall.
  • The Churchill Downs Racetrack facility also includes a simulcast wagering area.
  • Since 2021, we have completed several major multi-year capital investments at Churchill Downs Racetrack: The Homestretch Club, the First Turn Club, the Jockey Club Suites renovation, the Paddock Project, and the Starting Gate Pavilion and Courtyard.
  • The Starting Gate Pavilion and Courtyard was completed for the 151st running of the Kentucky Derby.
  • The renovations transformed existing outdoor aluminum bleachers into updated seating options including covered and uncovered stadium-style seats as well as rail boxes along the dirt track’s outer rail that offer a "trackside" seating experience where guests can watch horses break from the Kentucky Derby Starting Gate.
  • The renovations created a more upscale social environment by converting the existing second-floor amenity area into a covered outdoor garden environment with new concessions, bars and wagering windows.
  • The Company is investing up to $30 million to renovate the existing Finish Line Suites and The Mansion to enhance the existing areas and provide improved amenities for the 152nd Kentucky Derby in May 2026.
  • The Company is also investing $280-$300 million to build a new building on the first turn of the Churchill Downs Racetrack between the First Turn Club and the Skye Terrace.
  • The Company anticipates construction of this new building will begin following the 2026 Kentucky Derby and will be completed by the 2028 Kentucky Derby.
  • Historical Racing Entertainment Venues The following table summarizes key information regarding our current historical racing entertainment venues: Location Property Floor Space (Sq. ft.) Historical Racing Machines ("HRMs") Retail Sportsbook (a) Kentucky Louisville Derby City Gaming & Hotel 55,000 1,270 ü Louisville Derby City Gaming Downtown 43,000 450 ü Northern Turfway Park 45,000 810 ü Northern Newport 23,000 460 ü Southwestern Oak Grove 55,000 1,240 ü Southwestern Marshall Yards 9,000 225 ü Western Ellis Park 40,000 300 ü Western Owensboro 30,000 600 ü Virginia Central Colonial Downs / Rosie's New Kent 21,000 490 N/A Central Rosie's Richmond 55,000 1,200 N/A Central Roseshire / Henrico 7,000 175 N/A Northern The Rose 58,000 1,610 N/A Southern Rosie's Hampton 38,000 700 N/A Southern Rosie's Emporia 22,000 150 N/A Southern Rosie's Collinsville 2,000 40 N/A Western Rosie's Vinton 33,000 470 N/A New Hampshire Salem Chasers 4,000 N/A N/A Total 540,000 10,190 (a) The Company's retail sports betting business is included in the Wagering Services and Solutions segment.
  • Derby City Gaming is a state-of-the-art HRM facility located at the Churchill Downs Racetrack auxiliary training facility and has a center bar with large format televisions, two food venues, an open-air gaming patio, and a retail sportsbook.
  • The expansion included a 123-room hotel, a VIP gaming area, a sports bar, a stage for live entertainment, and an upscale restaurant and bar.
  • DCG Downtown has a gaming area, a main-level sports bar with a stage for live entertainment, a premium bourbon bar, an elegant wine lounge for guests, including locals, tourists, and convention attendees, and a retail sportsbook.
  • Newport is an HRM entertainment venue that includes a simulcast area, food and beverage offerings, and a retail sportsbook.
  • Turfway Park is a state-of-the-art live thoroughbred racing and HRM entertainment venue with an event center, food and beverage offerings, and a retail sportsbook.
  • Oak Grove is a premier live harness racing and HRM entertainment venue with a 151-room hotel, an event center, an amphitheater, recreational vehicle park, equestrian center, a retail sportsbook and a simulcast wagering area.
  • Marshall Yards Racing & Gaming ("Marshall Yards") held its grand opening on February 25, 2026 in Calvert City, Kentucky.
  • The new state-of-the-art HRM entertainment venue has 225 HRMs, food and beverage offerings, a retail sportsbook, and a simulcast wagering area.
  • Ellis Park is a live thoroughbred racing and HRM entertainment venue with food and beverage offerings, a retail sportsbook, and a simulcast wagering area.
  • Owensboro Racing & Gaming ("Owensboro") opened in February 2025 in Owensboro, Kentucky with 600 HRMs, food and beverage offerings, a retail sportsbook, and a simulcast wagering area.
  • Virginia Northern Virginia The Rose Gaming Resort ("The Rose") in Dumfries, Virginia was opened by the Company in November 2024 with 1,650 HRMs, a 102-room hotel, eight food and beverage offerings, and a simulcast wagering area.
  • The Company consolidated the Dumfries HRM venue in Dumfries, Virginia into The Rose in August 2025.
  • Central Virginia Rosie’s Richmond in Richmond, Virginia was opened in June 2019 and acquired by the Company in November 2022.
  • Rosie's Richmond was expanded in 2025 and now features 1,200 HRMs, food and beverage offerings, a center bar, and a simulcast wagering area.
  • Colonial Downs Racetrack ("Colonial Downs") in New Kent, Virginia was opened in June 2019 and acquired by the Company in November 2022.
  • Colonial Downs has a dirt track, the widest turf track oval in North America, food and beverage offerings, a simulcast wagering area, and one off-track betting facility ("OTB").
  • Colonial Downs conducts approximately 30 - 40 live race days each year with plans to increase up to 50 live race days per year.
  • The Company created the Virginia Derby in March of each year as a qualifying race to the Kentucky Derby.
  • Roseshire Gaming Parlor ("Roseshire") in Henrico County, Virginia was opened by the Company in September 2025 with 175 HRMs, food and beverage offerings, and a simulcast wagering area.
  • Southern Virginia Rosie’s Hampton in Hampton, Virginia was opened in October 2019 and acquired by the Company in November 2022 and features 700 HRMs, food and beverage offerings, and a simulcast wagering area.
  • Rosie's Emporia in Emporia, Virginia was opened in September 2023 with 150 HRMs, food and beverage offerings, and a simulcast wagering area.
  • Rosie's Collinsville in Collinsville, Virginia was opened in July 2021 and acquired by the Company in November 2022 and features approximately 40 HRMs and a simulcast wagering area.
  • Western Virginia Rosie’s Vinton in Vinton, Virginia was opened in May 2019 and acquired by the Company in November 2022 and features 470 HRMs, food and beverage offerings, and a simulcast wagering area.
  • New Hampshire The Company acquired 90% of the outstanding equity interests related to Casino Salem in Salem, New Hampshire in August 2025.
  • The Company announced in January 2026 that Casino Salem will be redeveloped as Rockingham Grand Casino ("Rockingham").
  • Rockingham will occupy a 160,000 square-foot facility at Rockingham Mall.
  • The venue will feature 825 historical racing machines, 32 table games, 12 electronic table game seats, a 900-seat live entertainment venue, food and beverage offerings, including a center bar and full-service sports bar and restaurant.
  • The Company plans to open Rockingham in mid-2027 with an expected capital investment of $180-200 million.
  • Chasers Poker Room ("Chasers") in Salem, New Hampshire was acquired in 2022.
  • Wagering Services and Solutions The Wagering Services and Solutions segment includes the revenue and expenses from TwinSpires, United Tote Company ("United Tote"), Exacta Systems, LLC ("Exacta"), and sports betting.

and 146 more.

Gone since FY2024

  • The Wagering Services and Solutions segment was previously known as the TwinSpires segment.
  • Churchill Down Racetrack conducts approximately 80 live race days each year.
  • Churchill Downs Racetrack has one of the largest 4K video boards in the world sitting 80 feet above the ground and measuring 171 feet wide by 90 feet tall.
  • The Churchill Downs Racetrack facility also includes a simulcast wagering facility.
  • Since 2021, we have completed several major multi-year capital investments at Churchill Downs Racetrack: The Homestretch Club, the First Turn Experience, the Jockey Club Suites renovation, and the Paddock Project.
  • The Paddock Project was completed for the 150th running of the Kentucky Derby.
  • The redesigned area improved the flow of guests throughout the paddock.
  • The Paddock Project created a larger paddock walking ring for viewing the horses prior to the races, a new Paddock Club in the area on the first floor under the Twin Spires providing views of the paddock and views of the tunnel that the horses walk through, new hospitality and other amenities for guests in certain areas of the third floor clubhouse seats, and new terraces overlooking the paddock.
  • The Company is also investing up to $85 million to renovate the Starting Gate Pavilion and Courtyard to enhance the existing grandstand and provide improved amenities for the 151st Kentucky Derby in May 2025.
  • Historical Racing Properties The following table summarizes key information regarding our current historical racing properties: State Property City/ Location Floor Space (Sq. ft.) Historical Racing Machines ("HRMs") Retail Race & Sportsbook (a) Kentucky Derby City Gaming & Hotel Louisville, Kentucky 55,000 1,270 ü Kentucky Derby City Gaming Downtown Louisville, Kentucky 43,000 450 ü Kentucky Turfway Park Northern Kentucky 45,000 810 ü Kentucky Newport Northern Kentucky 23,000 460 ü Kentucky Oak Grove Southwestern Kentucky 180,000 1,240 ü Kentucky Marshall Yards (b) Southwestern Kentucky 9,000 250 ü Kentucky Ellis Park Western Kentucky 40,000 300 ü Kentucky Owensboro (c) Western Kentucky 24,000 600 ü New Hampshire Chasers (d) Salem, New Hampshire 4,000 (d) N/A Virginia Colonial Downs / Rosie's New Kent / Central Virginia 127,000 490 N/A Virginia Rosie's (e) Richmond / Central Virginia 54,000 1,200 N/A Virginia Roseshire (f) Henrico County / Central Virginia 7,000 175 N/A Virginia Rosie's Dumfries / Northern Virginia 19,000 150 N/A Virginia The Rose Dumfries / Northern Virginia 58,000 1,650 N/A Virginia Rosie's Hampton / Southern Virginia 38,000 700 N/A Virginia Rosie's Emporia / Southern Virginia 22,000 150 N/A Virginia Rosie's Collinsville / Southern Virginia 2,000 40 N/A Virginia Rosie's Vinton / Western Virginia 15,000 470 N/A Total 765,000 10,405 (a) The Company's retail sports betting business is included in the Wagering Services and Solutions segment.
  • (b) The Company plans to open Marshall Yards Racing & Gaming in the first quarter of 2026.
  • (c) The Company opened Owensboro Racing & Gaming in February 2025.
  • (d) The Company plans to build a new charitable gaming facility to accommodate HRMs and table games.
  • (e) The Company plans to expand Rosie's Richmond HRM venue to accommodate a total of 1,200 HRMs in the third quarter of 2025.
  • (f) The Company plans to open the Roseshire in Henrico County in the fourth quarter of 2025.
  • Derby City Gaming is a state-of-the-art HRM facility located at the Churchill Downs Racetrack auxiliary training facility and has a center bar with large format televisions, two food venues, an open-air gaming patio, and retail sports betting.
  • The expansion included a 123-room hotel, a VIP gaming area, a new sports bar, a stage for live entertainment, and an upscale-casual restaurant and bar.
  • DCG Downtown has a gaming area, a main-level sports bar with a stage for live entertainment, retail sports betting, a premium bourbon bar, and an elegant wine lounge for guests, including locals, tourists, and convention attendees.
  • Newport is an HRM entertainment venue that includes a simulcast area, food and beverage offerings, and retail sports betting.
  • Turfway Park is a state-of-the-art live thoroughbred racing and HRM entertainment venue with an event center, food and beverage offerings, and retail sports betting.
  • Oak Grove is a premier state-of-the-art live harness racing and HRM entertainment venue with a 128-room hotel, a simulcast center, event center, an amphitheater, recreational vehicle park, equestrian center, and retail sports betting.
  • Marshall Yards Racing & Gaming ("Marshall Yards") is expected to open in the first quarter 2026 in Calvert City, Kentucky.
  • The new state-of-the-art HRM entertainment venue will have 250 HRMs, a sports bar, retail sportsbook, and a simulcast center.
  • Ellis Park is a live thoroughbred racing and HRM entertainment venue with food and beverage offerings and retail sports betting.
  • Owensboro Racing & Gaming ("Owensboro") opened in February 2025 in Owensboro, Kentucky with 600 HRMs, a retail sportsbook, simulcast wagering, and multiple food and beverage offerings.
  • Virginia Colonial Downs Racetrack ("Colonial Downs") and six historical racing entertainment venues across Virginia were acquired by the Company in November 2022.
  • Colonial Downs has a dirt track, the widest turf track oval in North America, a simulcast area, food and beverage offerings, and two off-track betting facilities ("OTBs").
  • Colonial Downs conducts approximately 30 live race days each year with plans to increase up to 50 live race days per year.
  • The Company has also created the Virginia Derby to be held in March 2025 as a qualifying race to the Kentucky Derby.
  • Rosie's Emporia was opened in September 2023 in Emporia, Virginia with 150 HRMs and a restaurant and bar.
  • The Rose Gaming Resort ("The Rose") was opened in November 2024 in Dumfries, Virginia with a 102-room hotel, eight food and beverage options, and 1,650 HRMs.
  • Rosie’s Richmond is located in Richmond, Virginia and features 750 HRMs, a simulcast wagering area, food & beverage offerings, and a center bar.
  • Rosie’s Richmond will be expanded by the third quarter of 2025 to add an additional 450 HRMs.
  • Rosie’s Hampton is located in Hampton, Virginia and features 700 HRMs, a simulcast wagering area, and a food & beverage outlet.
  • Roseshire in Henrico County is expected to open in the fourth quarter of 2025 as a state-of-the-art HRM entertainment venue in Henrico County, Virginia.
  • New Hampshire Chasers Poker Room ("Chasers") was acquired in 2022 and is in Salem, New Hampshire.
  • Wagering Services and Solutions The Wagering Services and Solutions segment includes the revenue and expenses from pari-mutuel wagers through TwinSpires, our retail and online sports betting business, United Tote Company ("United Tote"), and Exacta Systems, LLC ("Exacta").
  • We have executed strategic market access agreements with Bet365 in Pennsylvania, Golden Nugget in Indiana, and various market access partners in Kentucky.
  • The Company also operates retail sports betting at certain of its racetracks and HRM and gaming facilities.
  • Exacta Exacta was acquired by the Company on August 22, 2023.

and 141 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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