Churchill Downs (CHDN) Investor presentation summary

Investment highlights

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

• Iconic Kentucky Derby asset drives brand value, sponsorships, and international growth.

• Clearly defined growth pathway through capital investments, new venues, and technology expansion.

• Highly profitable financial profile with consistent Adjusted EBITDA and free cash flow growth.

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

Business segments and operations

• Live and historical racing includes Churchill Downs Racetrack, Derby Week, and HRM entertainment venues in Kentucky, Virginia, and New Hampshire.

• Wagering services led by TwinSpires, a top online horse racing platform, and Exacta, providing HRM technology.

• Gaming segment features ten wholly-owned regional properties and equity stakes in Rivers Casino Des Plaines and Miami Valley Gaming.

• HRM venues support horse racing and agriculture through purse contributions and content for online wagering.

• Regional gaming properties leverage local brands, analytics, and targeted marketing for customer growth.

Growth strategies and catalysts

• Kentucky Derby expansion includes new premium experiences, international qualifying races, and increased sponsorships.

• Capital investments in new venues (e.g., The Rose, Rockingham Grand Casino) and technology upgrades.

• TwinSpires growth through customer acquisition, B2B partnerships, and enhanced technology platform.

• Ongoing expansion of HRM technology and venues in new and existing markets.

• Focus on high-return projects and disciplined acquisitions and divestitures.