Churchill Downs
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Churchill Downs (CHDN) investor relations material

Churchill Downs Investor presentation summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Investor presentation summary23 Sep, 2026

Business overview and investment case

  • Operates industry-leading, diversified businesses in live and historical racing, wagering services, and gaming, anchored by iconic assets like the Kentucky Derby.

  • Maintains a highly profitable financial profile with consistent growth in adjusted EBITDA and free cash flow.

  • Strategic focus on high-margin assets and a clearly defined growth pathway following the sale of nine regional gaming properties.

  • Proven management team with a track record of disciplined capital management and value creation.

Live and historical racing segment

  • Kentucky Derby remains the flagship asset, delivering record-breaking viewership, attendance, and wagering growth.

  • Launching the Thoroughbred Championship Series in 2027 to extend the racing season and deepen fan engagement.

  • Operates 8 HRM venues in Kentucky (~5,330 machines) and 8 in Virginia (~4,715 machines), with expansion into New Hampshire underway.

  • HRM venues support racing purses and agricultural industries, with significant growth in purses paid since 2018.

Wagering services and solutions

  • TwinSpires is a leading and profitable online horse racing platform, offering B2C and B2B services.

  • Expanding partnerships with major sports betting platforms and growing B2B technology services.

  • Exacta provides HRM technology to company venues and third parties, with ongoing domestic and international expansion.

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Q3 202629 Oct, 2026
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Q3 202629 Oct, 2026

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