Churchill Downs Inc Dossier
Qualitative Analysis
Business overview
Churchill Downs Incorporated (CDI) is an industry-leading, asset-rich gaming, racing, and online wagering company with a legacy spanning over 150 years. The company operates through three core business segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming. Its flagship asset is the iconic Churchill Downs Racetrack, home of the world-famous Kentucky Derby. Beyond live racing, CDI has aggressively expanded its footprint in the high-margin Historical Racing Machine (HRM) space across Kentucky, Virginia, and New Hampshire. The Wagering segment is anchored by TwinSpires, a premier digital horse racing and sports betting platform, alongside pari-mutuel technology providers Exacta Systems and United Tote. The Gaming segment comprises regional casino properties across multiple states.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Expanding the high-margin Historical Racing Machine (HRM) segment across key states like Kentucky and Virginia. This includes the opening of the Marshall Yards facility in Southwestern Kentucky in February 2026 and the Roseshire Gaming Parlor in Henrico County, Virginia in September 2025.
Expected impact: HRMs continue to serve as the primary growth engine for the Live and Historical Racing segment, driving record revenues and offsetting regional gaming headwinds.
Development of the Rockingham Grand Casino in Salem, New Hampshire, following the acquisition of a majority stake in Casino Salem. The project involves rebranding, expanding the gaming floor, and adding HRM slot machines and dining concepts.
Expected impact: Establishes a strong charitable gaming presence in the lucrative New England and Boston suburban markets.
Continuous modernization of the Churchill Downs Racetrack facilities to elevate the guest experience, enhance premium hospitality offerings, and drive ticket pricing power.
Expected impact: Generates step-function growth in Derby Week ticket revenue, sponsorships, and licensing.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
Acquisition of a majority stake in a Salem, New Hampshire joint venture with the right to develop a charitable gaming, entertainment, and dining venue, serving the New Hampshire and Boston suburban markets.
Financial impact: Funded using the company's existing credit facility; expected to drive long-term regional gaming revenue growth upon full expansion in mid-2027.
Strategic Partnerships
A new seven-year contract beginning in 2026 that expands the national audience for Derby Week, including broadcasting the Kentucky Oaks race in prime time on national television for the first time.
Terms: Expected to generate an incremental $15 million to $20 million in Adjusted EBITDA for Churchill Downs in 2026.