Churchill Downs Inc
Churchill Downs Incorporated owns and operates a portfolio of racing, wagering, and gaming businesses built around the Kentucky Derby and other live racing assets. The company combines racetrack operations, historical racing venues, online wagering platforms, tote and technology services, and regional casino properties across the U.S.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueRacetrack operations, pari-mutuel wagering, admissions, sponsorships, food and beverage, and HRM venues.
Online horse wagering, tote systems, racing data, and technology services for third parties.
Regional casino gaming properties, historical racing gaming venues, and retail sportsbook operations.
Corporate and smaller ancillary businesses not reported in the main operating segments.
Customers
Customers include racing fans attending Churchill Downs and other live events, online bettors using TwinSpires and white-label wagering platforms, and casino patrons visiting regional gaming properties. The company also sells technology and tote services to racing operators and gaming partners such as FanDuel and DraftKings. Sponsorship and premium hospitality demand is tied to the Kentucky Derby's global audience and luxury brand appeal.
Guests attending Churchill Downs and other racing venues for tickets, seating, concessions, and event experiences.
Horse-racing bettors using TwinSpires, BetAmerica, and partner platforms for mobile and internet wagering.
Visitors to regional gaming properties and retail sportsbooks seeking slots, HRMs, table gaming, and sports betting.
Racing and gaming operators that buy tote systems, ADW platforms, and related operational services.
Brands and corporate partners purchasing Derby-related sponsorships, suites, and premium event access.
Strategy
CDI is investing in premiumization at Churchill Downs Racetrack while expanding its historical racing and gaming footprint in growth markets. It is also scaling technology-enabled wagering through TwinSpires, Exacta, and United Tote to deepen recurring revenue and broaden its customer base.
Higher-end seating and hospitality improve the Derby experience and support pricing power.
New HRM and casino properties add capacity, diversify revenue, and extend the footprint beyond Louisville.
Digital wagering and B2B services reduce reliance on a single venue and create recurring fee streams.
Geography
CDI is headquartered in Louisville, Kentucky and its core operations are concentrated in the United States. Its racing footprint spans Kentucky, Virginia, and New Hampshire, while gaming assets and new development projects extend into other U.S. states such as Indiana and Virginia. The business is highly local in venue operations but national in online wagering reach through TwinSpires and partner platforms.
Risks
CDI is exposed to discretionary spending cycles, regulatory and licensing constraints, and execution risk on large venue and gaming projects. Its results also depend on attendance, wagering volumes, and the successful integration of acquisitions and new developments, which can be disrupted by inflation, delays, or adverse events.
- Event and attendance disruptionImpact: HighLikelihood: High
Security incidents, pandemics, or civil unrest can reduce on-site traffic and event revenue.
Exposure: Kentucky Derby and live racing venues
- Discretionary spending downturnImpact: HighLikelihood: Medium
Racing, gaming, and entertainment demand depend on consumer confidence and disposable income.
Exposure - Regulatory and licensing riskImpact: HighLikelihood: Medium
Horse wagering, historical racing, sports betting, and casino operations require state approvals and compliance.
Exposure - Project execution and capital cost inflationImpact: HighLikelihood: Medium
New venues and racetrack renovations require significant capital and can be delayed or over budget.
Exposure - Integration and acquisition riskImpact: MediumLikelihood: Medium
Growth has relied on acquisitions and new market entry, which can create integration and regulatory challenges.
Exposure: Gaming properties and technology businesses
Accounting
Judgemental itemsManagement identifies these as critical estimates, and impairment charges can materially reduce earnings.
Impact: Gaming rights and acquired venue values
The Kentucky Derby and venue openings can shift revenue and expenses between quarters.
Impact: Quarterly comparability and margin volatility
Large venue renovations and new builds change asset balances and future depreciation expense.
Impact: Churchill Downs upgrades, HRM venue development
Higher borrowings to fund expansion increase interest cost and affect net income.
Impact: Revolver usage and senior note maturities
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Last updated: 24/09/2026