Churchill Downs Incorporated (CDI) acquires, develops, and operates live and historical racing entertainment venues, online wagering businesses, and regional casino gaming properties.
Business Segments
The company manages its business through three segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming.
Live and Historical Racing
The Live and Historical Racing segment includes live and historical pari-mutuel racing related revenue and expenses at Churchill Downs Ra...
Churchill Downs Incorporated (CDI) acquires, develops, and operates live and historical racing entertainment venues, online wagering businesses, and regional casino gaming properties.
Business Segments
The company manages its business through three segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming.
Live and Historical Racing
The Live and Historical Racing segment includes live and historical pari-mutuel racing related revenue and expenses at Churchill Downs Racetrack and the company's historical racing properties in Kentucky, Virginia, and New Hampshire.
The company's Live and Historical Racing properties earn commissions primarily from pari-mutuel wagering on live and historical races, simulcast fees earned from other wagering sites, fees from racing event-related services, including admissions, personal seat licenses, sponsorships, television rights, other miscellaneous services, and revenue from food and beverage services.
Churchill Downs Racetrack
Churchill Downs Racetrack is in Louisville, Kentucky, and is an internationally known thoroughbred racing operation best known as the home of its iconic flagship event, the Kentucky Derby. Thoroughbred racing has been conducted at Churchill Downs Racetrack since 1875. The Kentucky Derby is the longest continuously held annual sporting event in the U.S., and is the first race of the annual series of races for 3-year-old thoroughbreds known as the Triple Crown. The demographic profile of the company's guests, global television viewership, and long-running nature of this iconic event are attractive to sponsors and corporate partners, especially those with luxury and/or marquee brands.
Churchill Downs Racetrack conducts approximately 80 live race days each year.
Churchill Downs Racetrack is located on 175 acres and has a one-mile dirt track, a 7/8-mile turf track, a stabling area, and a variety of areas, structures, and buildings that provide reserved seating for its patrons. Churchill Downs Racetrack has a 4K video boards, sitting 80 feet above the ground and measuring 171 feet wide by 90 feet tall. This video board provides views of the finish line and the entire race for on-track guests, including those in the infield and guests along the entire front side of the racetrack. The facility also has permanent lighting to accommodate night races. The company has a saddling paddock, and its stable area has barns sufficient to accommodate 1,400 horses and a dormitory for backside personnel. The company has a state-of-the-art equine medical center and quarantine barns on the backside area of Churchill Downs Racetrack, which reinforces its ongoing commitment to equine safety and supports its long-term international growth strategy. The Churchill Downs Racetrack facility also includes a simulcast wagering facility. The company also owns 83 acres of land at its auxiliary training facility, which is five miles from Churchill Downs Racetrack.
In 2002, the company transferred title of the Churchill Downs Racetrack facility to the City of Louisville, Kentucky, and entered into a 30-year lease for the facility as part of the financing of improvements to the Churchill Downs Racetrack facility.
Since 2021, the company has 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. These investments transformed key areas of Churchill Downs Racetrack that enhance the experience for its guests.
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 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.
Kentucky
Louisville
Derby City Gaming & Hotel (‘Derby City Gaming’) opened in September 2018 in Louisville, Kentucky. 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.
Derby City Gaming was expanded in the second quarter of 2023. The expansion included a hotel, a VIP gaming area, a new sports bar, a stage for live entertainment, and an upscale-casual restaurant and bar.
Derby City Gaming Downtown (‘DCG Downtown’) opened in December 2023 in downtown Louisville, Kentucky. 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.
Northern Kentucky
Newport Racing & Gaming (‘Newport’) is located within three miles of Cincinnati, Ohio. Newport is an HRM entertainment venue that includes a simulcast area, food and beverage offerings, and retail sports betting.
Turfway Park Racing & Gaming (‘Turfway Park’) is located in Northern Kentucky. 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.
Southwestern Kentucky
Oak Grove Racing, Gaming & Hotel (‘Oak Grove’) is located approximately one hour north of Nashville, Tennessee. Oak Grove is a premier state-of-the-art live harness racing and HRM entertainment venue with a hotel, a simulcast center, an event center, an amphitheater, a recreational vehicle park, an equestrian center, and retail sports betting.
Marshall Yards Racing & Gaming (‘Marshall Yards’) is expected to open in the first quarter of 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.
Western Kentucky
Ellis Park Racing & Gaming (‘Ellis Park’) was acquired by the company in September 2022 and is located five miles from Evansville, Indiana. 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 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. Roseshire will open with 175 HRMs.
New Hampshire
Chasers Poker Room (‘Chasers’) was acquired in 2022 and is in Salem, New Hampshire. Chasers is a charitable gaming facility that offers poker and a variety of table games.
Wagering Services and Solutions
The Wagering Services and Solutions segment includes the revenue and expenses from pari-mutuel wagers through TwinSpires, the company's retail and online sports betting business, United Tote company (‘United Tote’), and Exacta Systems, LLC (‘Exacta’).
TwinSpires
TwinSpires is an advance deposit wagering (‘ADW’) business that operates the online horse racing wagering business for TwinSpires.com, BetAmerica.com, and other white-label platforms, facilitates high dollar wagering by certain customers, and provides the Bloodstock Research Information Services platform for horse racing statistical data. TwinSpires is legal online horse racing wagering platforms in the U.S. TwinSpires is headquartered in Louisville, Kentucky. TwinSpires accepts pari-mutuel wagers through ADW from customers residing in certain states who establish and fund an account. This business is licensed as a multi-jurisdictional simulcasting and interactive wagering hub in the state of Oregon and holds licenses from various other states where applicable. This business also offers customers streaming video of live horse races, replays, and an assortment of racing and handicapping information. BetAmerica.com is an online wagering business licensed under TwinSpires that offers wagering on horse racing throughout the U.S. The company also provides technology services to third parties, including FanDuel and DraftKings, and earns commissions from white label ADW products and services. Under these arrangements, the company typically provides an ADW platform and related operational services while the third party typically provides the brand, marketing, and limited customer functions.
Sports Betting
The company’s sports betting business includes the results of its retail sportsbooks at its wholly owned properties and online sports betting through third parties. The company has 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.
United Tote
United Tote manufactures and operates pari-mutuel wagering systems for racetracks, OTBs, and other pari-mutuel wagering businesses. United Tote provides totalisator services, which accumulate wagers, calculate payoffs, and display wagering data to patrons who wager on horse races. United Tote has contracts to provide totalisator services to several third-party racetracks, OTBs, and other pari-mutuel wagering businesses, and provides these services at the company's facilities.
In April 2024, the company completed the sale of 49% of United Tote, a wholly owned subsidiary of CDI, to NYRA Content Management Solutions, LLC (‘NYRA’), a subsidiary of the New York Racing Association, Inc.
Exacta
Exacta was acquired by the company on August 22, 2023. Exacta provides central determinant system technology in HRMs across the country. Exacta's system architecture supports multiple game vendors and virtually unlimited math modeling capabilities on a single central determinant system, enabling Exacta to deliver a diverse gaming library to company-owned and third-party HRM entertainment venues in Virginia, Kentucky, Wyoming, New Hampshire, and is expanding internationally.
Gaming
The Gaming segment includes revenue and expenses for the casino properties and associated racetracks, which support the casino license. The Gaming segment generates revenue and expenses from slot machines, table games, video lottery terminals (‘VLTs’), video poker, HRMs, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, racing event-related services, and other miscellaneous operations.
Wholly Owned Gaming Properties
Florida
Calder Casino (‘Calder’) in Miami Gardens, Florida, is located near Hard Rock Stadium, home of the Miami Dolphins. Calder offers two dining facilities and an entertainment venue. Calder is located on 54 acres of land, and the company may sell 15-20 acres of this land in the future for retail development.
Indiana
The Terre Haute Casino Resort (‘Terre Haute’) gaming entertainment venue was opened in April 2024, and a luxury hotel was opened in May 2024 in Terre Haute, Indiana. Terre Haute has 1,040 slot machines, 36 table games, a state-of-the-art sportsbook, and offers regionally inspired food and beverage amenities.
Iowa
The company acquired Hard Rock Hotel and Casino in Sioux City, Iowa (‘Hard Rock Iowa’) in November 2022, which is a gaming facility and hotel with food and beverage offerings, a retail sportsbook, and entertainment venues.
Louisiana
Fair Grounds Race Course & Slots (‘Fair Grounds’) is located in New Orleans, Louisiana. Fair Grounds is a gaming facility and racecourse with a bar, simulcast facility, dirt and turf track, and stabling area. Fair Grounds conducts approximately 80 live racing days each year. The facility includes clubhouse and grandstand seating for approximately 5,000 guests, a general admissions area, several dining facilities, and a retail sportsbook. The stable area consists of barns that can accommodate approximately 1,900 horses and living quarters for approximately 130 people. Fair Grounds also owns and operates 15 OTBs, 13 of which have over 500 HRMs. Video Services LLC (‘VSI’) is the owner and operator of video poker machines in 13 of those OTBs in Louisiana.
Maine
Oxford Casino and Hotel is located in Oxford, Maine, and is a gaming facility with a hotel and a dining facility.
Maryland
Ocean Downs Casino and Racetrack (‘Ocean Downs’) is located in Berlin, Maryland. Ocean Downs is a gaming facility with several dining options, a retail sportsbook, and a racetrack that conducts approximately 45 live harness racing days each year.
Mississippi
Harlow’s Casino Resort and Spa is located in Greenville, Mississippi, and is a gaming facility and hotel with two dining facilities and a retail sportsbook.
Riverwalk Casino Hotel is located in Vicksburg, Mississippi, and is a gaming facility and hotel with two dining facilities and a retail sportsbook.
New York
Del Lago Resort and Casino (‘del Lago’) was acquired by the company in November 2022 and is located in Waterloo, New York. Del Lago is a gaming facility and a hotel with several dining options and a retail sportsbook.
Pennsylvania
Presque Isle Downs and Casino (‘Presque Isle’) is located in Erie, Pennsylvania. Presque Isle is a gaming facility with three dining facilities, a retail sportsbook, an entertainment venue, and a thoroughbred racetrack that conducts approximately 80 live racing days each year.
Equity Investments
Illinois
The company has a 61.3% equity ownership in Midwest Gaming Holdings, LLC (‘Midwest Gaming’), the parent company of Rivers Casino Des Plaines (‘Rivers Des Plaines’), located in Des Plaines, Illinois. Rivers Des Plaines is a gaming entertainment venue located on 21 acres and has seven dining facilities, an approximate 5,000 square-foot state-of-the-art BetRivers Sports Bar, and a 10,000 square-foot ballroom for private events and live entertainment.
Ohio
The company has a 50% equity investment in Miami Valley Gaming and Racing (‘MVG’) located just north of Cincinnati, Ohio. MVG is a gaming entertainment venue with a harness racetrack, a racing simulcast center, multiple food and drink offerings, and a retail sportsbook.
All Other
The company has aggregated its captive insurance company that was established in April 2024, as well as certain corporate operations in All Other to reconcile to consolidated results.
Corporate
Corporate includes miscellaneous and other revenue, compensation expense, professional fees, and other general and administrative expenses not allocated to its segments.
Live and Historical Racing
In 2024, approximately 31,000 thoroughbred horse races were conducted in the U.S., which was down 2.8% compared to 2023.
Governmental Regulations
TwinSpires is licensed in Oregon under a multi-jurisdictional simulcasting and interactive wagering totalisator hub license issued by the Oregon Racing Commission in accordance with Oregon law and the Interstate Horseracing Act of 1978, as amended in 2000 (‘IHA’). The company also holds ADW licenses in certain other states where appropriate.
Environmental Matters
The company is subject to various federal, state, and local environmental laws and regulations that govern activities such as discharges to air and water, as well as the management and disposal of solid, animal, and hazardous wastes, and exposure to hazardous materials. These laws and regulations, which are complex and subject to change, include the United States Environmental Protection Agency (‘EPA’) and state laws and regulations that address the impacts of manure and wastewater generated by Concentrated Animal Feeding Operations (‘CAFO’) on water quality, including, but not limited to, storm and sanitary water discharges.
History
Churchill Downs Incorporated was founded in 1875. The company was incorporated in 1937.
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