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Company Description

Contact Info

600 North Hurstbourne Parkway

Suite 400

Louisville, KY 40222

United States

Phone: 502-636-4400


Churchill Downs Incorporated operates as a racing, gaming, and online entertainment company. The company engages in brick-and-mortar casino gaming with approximately 8,500 gaming positions in 6 states and is the major legal online account wagering platform for horseracing in the U.S. The company also produces and distributes mobile games worldwide. Segments The company’s segments include Racing, Casinos, TwinSpires, Big Fish Games (Big Fish Games, Inc.), and Other Investments. Racing segment This segment includes the company’s four racetracks, such as Churchill Downs Racetrack (Churchill Downs), Arlington International Race Course (Arlington), Fair Grounds Race Course (Fair Grounds), and Calder Race Course (Calder). The company conducts live horseracing at Churchill Downs, Arlington, and Fair Grounds. The company has a racing services agreement with The Stronach Group (TSG) to allow Gulfstream Park to manage and operate Calder through December 31, 2020. Churchill Downs Churchill Downs is located in Louisville, Kentucky and is an internationally known thoroughbred racing operation known as the home of the iconic Kentucky Derby. The facility consists of approximately 147 acres of land with a 1-mile dirt track, a 7/8 mile turf track, a grandstand, luxury suites and a stabling area. The facility accommodates approximately 56,400 patrons in the company’s clubhouse, grandstand, Jockey Club Suites, Finish Line Suites, Turf Club, Grandstand Terrace, Rooftop Garden and Mansion. The company has a saddling paddock, accommodations for groups and special events and parking areas for the public. The company’s racetrack also has permanent lighting to accommodate night races. The stable area has barns sufficient to accommodate approximately 1,400 horses and a 114-room dormitory for backstretch personnel. The Churchill Downs facility also has a simulcast wagering facility. During 2014, the company completed the installation of a 15,224 square-foot, high-definition video board that provides an improved viewing experience for patrons. The company also created The Mansion, which provides premium accommodations for 298 guests. The company also opened the Grandstand Terrace and Rooftop Garden, which together offers 2,400 new seats, wagering windows, and food and beverage offerings. During 2015, the company opened its new winner’s circle suites and a courtyard. The winner’s circle suites include 20 private, open-air suites reserved primarily for Kentucky Oaks and Kentucky Derby horsemen. The courtyard is a spacious lawn area in front of the winner’s circle suites. Arlington The Arlington racetrack is located in Arlington Heights, Illinois and is a thoroughbred racing operation with 10 off-track betting locations (OTBs). The Arlington racetrack hosts a stakes race, the Arlington Million. The racetrack sits on 336 acres, has a 1 1/8 mile synthetic track, a 1-mile turf track and a 5/8 mile training track. The facility includes a clubhouse, grandstand and suite seating for approximately 7,500 persons, and food and beverage facilities. The stable area could accommodate 2,200 horses and has a 546-room temporary housing facility. Fair Grounds The Fair Grounds racetrack is located in New Orleans, Louisiana and is a racing operation with 12 OTBs in Louisiana. The Fair Grounds racetrack hosts a stakes race, the Louisiana Derby. The Fair Grounds facility consists of approximately 145 acres of land, a 1-mile dirt track, a 7/8 mile turf track, a grandstand and a stabling area. The facility includes clubhouse and grandstand seating for approximately 5,000 persons, a general admissions area, and food and beverage facilities. The stable area consists of barns that could accommodate 1,897 horses and living quarters for 132 persons. Calder Calder is located in Miami Gardens, Florida and is adjacent to Sun Life Stadium, home of the Miami Dolphins. Calder is a thoroughbred racing facility that consists of approximately 231 acres of land with a 1-mile dirt track, 7/8-mile turf track, barns and stabling facilities. The company finalized an agreement with TSG that expires on December 31, 2020 under which the company permit


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Price/Earnings 33.3x
Price/Sales 1.7x
Price/Book 3.5x
Price/Cash Flow 31.4x
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