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 summary1 Jun, 2026

Investment highlights

  • Operates industry-leading, diversified businesses across live and historical racing, wagering services, and regional gaming.

  • Kentucky Derby is a unique, iconic asset with record-breaking viewership and sponsorship growth.

  • Demonstrates a clearly defined pathway for growth through capital investments, new venues, and expanded digital offerings.

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

  • Proven management team with extensive experience in operations, finance, and strategic development.

Business segments and operations

  • Live and historical racing includes flagship Churchill Downs Racetrack, eight Kentucky venues, and eight Virginia venues with thousands of HRMs.

  • Wagering services feature TwinSpires, a leading online horse racing platform, and Exacta, providing HRM technology domestically and internationally.

  • Gaming segment operates ten wholly-owned properties and two equity investments, with a focus on local market strategies and analytics.

  • Ongoing expansion includes new projects in New Hampshire, Kentucky, and Virginia, plus international growth opportunities.

Kentucky Derby and premium experiences

  • Kentucky Derby is the longest continually held annual sporting event in the U.S., driving high-margin growth and global brand partnerships.

  • 2026 Derby Week saw 24.4 million peak viewership (+12%), 523 million social media impressions (+59%), and $487 million in wagering (+3%).

  • Strategic capital investments enhance guest experiences, expand sponsorships, and support international growth.

  • Premium entertainment offerings and unique seating drive top-tier pricing and corporate engagement.

Implied multiple for P2E and Exacta
Virginia statutory limit on HRMs
TwinSpires B2B integration strategy
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Q2 202623 Jul, 2026
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