Shareholder Pass Program
The Churchill Downs Incorporated shareholder pass program will be eliminated effective March 1, 2017.
Churchill Downs Incorporated (“CDI” or the “Company”) has been pleased to be able to provide you complimentary shareholder passes over the last several years providing you with free admission to our racetracks. However, as the Company has diversified and grown over the years, so have our costs and time to administer the program. As such we have decided to shift our focus back to a more traditional value-add approach which is growing shareholder value through the return on your investment with dividends, shareholder repurchases and working to grow the Company through stock price appreciation. CDI has been and will always be focused on adding value to our shareholders.
As a few examples, CDI has more than doubled its dividend rate paid to shareholders from $0.50 per common share in 2010 to $1.15 per common share in 2016. We also recently announced another 15% increase which will provide our shareholders of record on December 2, 2016, a dividend rate of $1.32 per common share which will be paid out on January 6, 2017. Additionally, CDI continues to be one of the only dividend-paying regional gaming public companies.
The Company has also enjoyed stock price appreciation / growth of 217% over the last 5 years (as of November 11, 2016) exceeding the performance of the S&P 500, our regional gaming peers and digital gaming peers. CDI recently reached its all-time high closing stock price ($156.35 as of November 25, 2016) with a market capitalization of ~ $2.5 billion, more than 6 times the market capitalization in 2011 (~$400 million on March 4, 2011).
We again thank you for your investment in our Company. We are excited about our future in providing high quality entertainment products through our diversified entertainment offerings and creating extraordinary experiences for our customers whether they visit us on site or online. CDI’s management team and employees across the country are working hard to grow your investment and return value to you.
Please direct any future inquiries about the Company's expired Shareholder Pass Program to:
Churchill Downs Incorporated – Investor Services
600 North Hurstbourne, Suite 400
Louisville, KY 40222
(502) 638-3950 (phone)
(502) 394-1160 (fax)
email@example.com - OR