 | |
| Company type | Public |
|---|---|
| Nasdaq: CHDN S&P 400 Component | |
| Industry | Online gaming,gaming,entertainment andracing |
| Headquarters | , U.S. |
Key people | William C. Carstanjen (CEO) |
| Revenue | $1.054 billion (2020)[1] |
Number of employees | 5,000 |
| Website | churchilldownsincorporated |
Churchill Downs Incorporated is the parent company ofChurchill Downs. The company has evolved from one racetrack inLouisville, Kentucky, to a multi American-state-wide, publicly traded company with racetracks, casinos and an online wagering company among its portfolio of businesses.
Churchill Downs Incorporated began with the opening of a racetrack in Louisville, Kentucky, in 1875. While traveling in England and France in 1872–1873, 26-year-oldMeriwether Lewis Clark devised the idea of a Louisville Jockey Club for conducting race meets. Clark toured and visited with a number of notable racing leaders, including England's Admiral Rous and France's Vicomte Darn, vice president of the French Jockey Club.[2]
Upon his return from Europe, Clark began development of his racetrack, which would serve to showcase the Kentucky breeding industry. The track would eventually become known as Churchill Downs.
The track formally opened on May 17, 1875, with four races scheduled including the day's featured race, theKentucky Derby.
In 1919, a syndicate of horse breeders established the Kentucky Jockey Club to consolidate the state's thoroughbred racing industry.[3] It acquired the four major tracks in the state: Churchill Downs,Latonia Race Track, theLexington Race Course andDouglas Park Racetrack in Louisville.[3][4] Douglas Park was closed and eventually donated to theAmerican Legion,[5][6] while the Lexington track was sold to a group of local businessmen in 1923.[7]
The Jockey Club decided to dissolve in December 1927, with the purpose of re-organizing. In January 1928, the American Turf Association was formed as the new holding company for Churchill Downs and six other tracks. The entity that is Churchill Downs Incorporated today was created at that time as the operating company for Churchill Downs.[8][9][10]
From 1929 through 1942, the holding company started to reduce the number of tracks. By 1937, there were only three tracks left.
In January 1937, the operating companies for Churchill Downs and Latonia Race Track were merged to create Churchill Downs–Latonia Incorporated. Business at Latonia declined, and it held its last races in 1939.[11] In 1942, the Latonia property was sold toStandard Oil of Ohio, and the operating company's name was changed to Churchill Downs, Incorporated.[12][13]
The American Turf Association soldLincoln Fields in 1947, leaving Churchill Downs as its only operation.[14][15] In April 1950, Churchill Downs, Inc., became an independent company, as its stock was distributed to shareholders of the American Turf Association, which then dissolved.[16][17]
Aftersimulcasting became commonplace in the early 1990s, the racetrack decided to expand its holdings and move into the simulcasting industry. In 1991, Churchill Downs bought the strugglingLouisville Downs harness track, which was closed and converted to a satellite wagering and training facility.
In 1994, Churchill Downs began to expand its holdings, with plans to partner with a new racetrack inIndiana. The plan resulted in the purchase ofHoosier Park from businessman Louis Carlo.
In 1998, CDI purchasedEllis Park Race Course nearHenderson, Kentucky. In 1999, the company acquiredCalder Race Course andHollywood Park Racetrack fromPinnacle Entertainment In 2000, CDI merged withArlington Park and the eight OTB's owned by Arlington. In 2004, Churchill Downs Incorporated finalized the purchase ofFair Grounds Race Course.
In April 2002, Churchill Downs Incorporated established the Green Pastures Program in partnership with theThoroughbred Retirement Foundation, a leading American racehorse rescue and adoption organization.
In 2005, Hollywood Park was sold toBay Meadows Land Company for $257.5 million, and Ellis Park was sold to businessman Ron Geary in September 2006.[18] In December 2006, Churchill Downs Inc. sold its remaining interest in Hoosier Park to Centaur Inc. In the fall of 2007, Fair Grounds reopened to include a gaming facility adjacent to the track grandstand. In January 2010, Churchill Downs added the casino venue to Calder Race Course.
On May 2, 2007, CDI launched its advance deposit wagering service, TwinSpires (www.twinspires.com). TwinSpires.com is the official advance-deposit wagering service for Churchill Downs Incorporated and its family of racetracks, as well for the Kentucky Derby andKentucky Oaks. TwinSpires.com offers wagering on races from the country's most popular racetracks. TwinSpires.com includes the assets of Youbet.com, which Churchill Downs Incorporated acquired in June 2010.
The company acquiredHarlow's Casino Resort inGreenville, Mississippi, in December 2010 for $138 million.[19] In October 2012, the company acquired theRiverwalk Casino and Hotel inVicksburg, Mississippi for $141 million.[20]
In December 2012, Churchill Downs partnered withDelaware North to buyLebanon Raceway inLebanon, Ohio for $60 million.[21] Ohio had recently authorized slot machines at racetracks, which the companies took advantage of by transferring the racing license to a new $215-million facility built betweenCincinnati andDayton.[22] The new racino,Miami Valley Gaming, opened in December 2013.[23][24]
In July 2013, Churchill Downs bought theOxford Casino inOxford, Maine for $160 million.[25][26]
In May 2014, CDI and Saratoga Casino Holdings announced a partnership to bid for theCapital Region's casino license, proposing a $300-million destination resort casino inEast Greenbush, New York.[27] In October 2014, Churchill agreed to purchase a 25 percent interest in Saratoga, and signed on to manageSaratoga Casino and Raceway, Saratoga Casino Black Hawk, and the proposed Capital View Casino & Resort.[28] The casino proposal was rejected, however, in favor ofRivers Casino.[29]
In December 2014, the company acquiredBig Fish Games, a developer ofcasual games, in a deal valued at up to $885 million.[30][31] It then sold Big Fish Games in 2018 toAristocrat Leisure for $990 million.[32][33]
The company partnered with Saratoga to purchaseOcean Downs, a harness racing track and casino in Maryland, in January 2017.[34][35] Churchill Downs took full ownership of Ocean Downs in September 2018, swapping its 25 percent stake in Saratoga for Saratoga's 50 percent stake in the track.[36]
In April 2017, the company purchased advance-deposit wagering websiteBetAmerica.[37]
In February 2018, Churchill Downs agreed to purchase two casinos (Presque Isle Downs in Pennsylvania andLady Luck Casino Vicksburg in Mississippi) fromEldorado Resorts for a total of $230 million.[38] The purchase of the Lady Luck was later canceled because ofantitrust concerns, and Churchill Downs instead agreed to buy the operations ofLady Luck Casino Nemacolin in Pennsylvania for $100,000.[39] The purchases were completed in early 2019.[40][41]
In September 2018, the company openedDerby City Gaming, a $65-millionhistorical racing parlor, at the site of Louisville Downs.[42][43]
In March 2019, Churchill Downs bought a 62 percent share inRivers Casino Des Plaines, a few miles away from Arlington Park, fromNeil Bluhm and his partners for $401 million.[44][45] Later that year, Churchill purchasedTurfway Park in Northern Kentucky for $46 million, and announced the construction of a $100-million historical racing parlor at the property.[46]
In March 2022, Churchill Downs acquired Chasers Poker Room inSalem, New Hampshire. The company stated its interest in using the facility to launch horseracing operations on the site, making New Hampshire the fourth state in which Churchill Downs would operate horse racing.[47]
In February 2022, Churchill Downs announced their agreement to purchasePeninsula Pacific Entertainment for $2.5bn (£1.84bn/€2.19bn). This included Churchill Downs to gain assets in Virginia and New York, in addition to the operations of its Hard Rock-branded Sioux City casino property in Iowa.[48]
In November 2022, the company acquired the bulk of the assets ofPeninsula Pacific Entertainment for $2.8 billion.[49][50] The acquisition added three major properties (Colonial Downs,Del Lago Resort & Casino, andHard Rock Hotel & Casino Sioux City) to Churchill Downs's portfolio, along with theRosie's Gaming Emporium chain of historical racing parlors in Virginia, and the proposed One Casino & Resort inRichmond, Virginia.[50]
Churchill Downs Incorporated is listed on theNASDAQ as CHDN. The company is the most profitable track owner in the horse racing industry.[citation needed]
Churchill Downs Incorporated owns the following racetrack and casino properties:
The company's other business holdings include:
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