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Churchill Downs to Sell 9 Casinos to Focus on Horse Racing

Created at 31 Jul · 5:36 PM1 source↑ Market-relevant
IN SHORT

Churchill Downs Inc. announced plans to sell nine of its casinos located across seven states to concentrate on its horse racing operations and online betting platform, TwinSpires. The company's stock price fell nearly 7% following the announcement.

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Key Numbers

9casinos to be sold
7%stock price drop
$180Macquisition cost for Live Casino in New Hampshire
$280M-$300Mestimated cost for Victory Run development

Who's Involved

Churchill Downs Inc.
Owner of race tracks and gaming properties selling casinos
William Carstanjen
CEO of Churchill Downs, outlining strategy for asset sale proceeds
Macquarie Capital
Hired to manage the sale of nine casino properties
Churchill Downs to Sell 9 Casinos to Focus on Horse Racing

↳ Why This Matters

The strategic shift by Churchill Downs signals a move to streamline its business operations and concentrate on its core, high-margin assets in horse racing and online wagering, potentially improving financial leverage and shareholder returns.

Key facts

  • Churchill Downs Inc. is selling nine casinos to refocus on horse racing and online betting.
  • The casinos are located in Florida, Indiana, Iowa, Maryland, Mississippi, New York, and Pennsylvania.
  • The company hired Macquarie Capital to handle the sale.
  • Proceeds will be used to reduce debt, reinvest in Churchill Downs Racetrack, and repurchase shares.
  • A new four-story venue, Victory Run, is under construction at the Kentucky Derby site, expected by 2028.

    • Churchill Downs Inc., the operator of the Kentucky Derby, is divesting nine of its casino properties to sharpen its focus on horse racing and its TwinSpires online betting platform. The company announced the strategic shift on Thursday, which led to its stock price declining by nearly 7% to a six-year low.

    The nine casinos slated for sale are situated across Florida, Indiana, Iowa, Maryland, Mississippi, New York, and Pennsylvania. Among the properties included are the Calder Casino in Florida, the Terre Haute Casino in Indiana, and a Hard Rock Casino in Iowa. Churchill Downs has engaged Macquarie Capital to oversee the divestiture process.

    According to CEO William Carstanjen, the proceeds from these asset sales are earmarked for significant debt reduction, selective reinvestment in the Churchill Downs Racetrack and other high-return projects, and the repurchase of company stock. The company also provided updates on ongoing capital projects, including the construction of Victory Run, a four-story venue at the Kentucky Derby site projected to be completed by the 154th Derby in 2028.

    Frequently asked questions

    Churchill Downs is selling nine casinos located in Florida, Indiana, Iowa, Maryland, Mississippi, New York, and Pennsylvania, including the Calder Casino, Terre Haute Casino, and a Hard Rock Casino in Iowa.

    The company is selling the casinos to focus on its horse racing operations in Kentucky, Louisiana, and Virginia, as well as its online betting platform, TwinSpires.

    CEO William Carstanjen stated the proceeds will be used to significantly reduce leverage, reinvest selectively in Churchill Downs Racetrack and other projects, and fund stock repurchases.

    Construction is underway on Victory Run, a four-story venue at the Kentucky Derby site, and plans are in place to expand the Homestretch Club and redevelop a portion of the infield for future Derbies.

    What Happens Next

    01Macquarie Capital will manage the sale of the nine casinos.
    02Churchill Downs will use proceeds to reduce leverage, reinvest, and repurchase stock.
    03Construction on Victory Run is expected to continue, with a debut planned for the 2028 Kentucky Derby.

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    How It Developed

    Churchill Downs announced plans to sell nine casinos.
    The company aims to focus on horse racing and online betting.
    The sale includes properties in Florida, Indiana, Iowa, Maryland, Mississippi, New York, and Pennsylvania.
    Macquarie Capital was hired to manage the sale.
    CEO William Carstanjen stated proceeds will reduce leverage, fund reinvestment, and repurchase stock.
    Construction is underway on a new four-story venue, Victory Run, at the Kentucky Derby site.

    Sources

    T1
    Churchill Downs Plans To Sell 9 Casinos, Focus On Horse RacingBisnow

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