Churchill Downs Incorporated: Expanding the Frontiers of Equine Racing and Gaming
Churchill Downs Incorporated (CDI) is making significant strides in the equine racing and gaming industry! They recently debuted a new Rosie’s Gaming Emporium in Emporia, Virginia, boasting 150 thrilling historical horse racing terminals, virtual racing, tasty cuisine and beverages, and a complete bar. To mark the grand opening, CDI generously contributed $25,000 to aid five local charitable organizations. This marks the seventh Rosie’s establishment in Virginia, and their expansion plans continue.
CDI has been active lately, undertaking strategic purchases and investments. In August 2023, they obtained Exacta Systems, a prominent provider of technology for historical horse racing (HHR). This $250 million transaction is projected to grant CDI a larger portion of the HHR market and enhance their overall business.
In November 2022, CDI partnered with DraftKings to introduce DK Horse, a specialized mobile application for horse racing enthusiasts to wager.
However, it’s not solely about growth and technology. CDI is also prioritizing well-being. In June 2023, they briefly suspended racing activities at Churchill Downs Racetrack due to a rise in equine injuries. This choice was reached in conjunction with the Kentucky Horse Racing Commission (KHRC) and the Horseracing Integrity and Safety Authority (HISA).
Looking forward, CDI is dedicated to creating new entertainment venues. In 2023, they revealed intentions to construct a new historical horse racing machine (HRM) entertainment complex in East Daviess County, Kentucky.
This venue is going to be massive! Imagine: a multitude of HHR devices, monitors displaying real-time equestrian competitions, dining establishments, and taverns all within the same building.
CDI’s choice to construct additional sites was astute. Their earnings surged to $1.59 billion in 2021, a 52% increase from the preceding year. Their modified EBITDA also reached an unprecedented $627 million. Their future appears promising!