Churchill Downs Incorporated Opens Rosie’s Gaming Emporium in Emporia, Virginia

Grand Opening Celebrated with $25,000 Donation to Local Nonprofits

Emporia, VA., (September 26, 2023) – Churchill Downs Incorporated (“CDI”) (NASDAQ: CHDN) announced today the opening of the newest Rosie’s Gaming Emporium in Emporia, Virginia (“Rosie’s Emporia”). Rosie’s Emporia is located on West Atlantic Street, convenient to Interstate 95 and features 150 Historical Racing Machines (“HRMs”), simulcast horse racing, a restaurant and bar. The grand opening celebration demonstrated CDI’s commitment to community and the successful “Rosie’s Gives Back” program with a $25,000 donation to five local charities: the Family YMCA of Emporia/Greenville, Community Youth Center, Ltd, Emporia Greenville Recreation Association, Communities in Schools of Virginia and H.E.A.R Me Out Inc.                                         

“This marks our seventh Rosie’s gaming property and adds to our tremendous success in Virginia, taking us to the Southern border of the state for the first time,” said Bill Carstanjen, CEO for CDI. “The Emporia location builds on CDI’s commitment to providing top-quality jobs and generating significant tax revenues across the Commonwealth while delivering quality entertainment.”

Rosie’s in Emporia will create more than 100 full and part-time jobs and generate approximately $1 million in annual tax revenue for the City of Emporia. Since the opening of the first Rosie’s five years ago, more than $400 million has been invested in Rosie’s and Colonial Downs across the Commonwealth of Virginia creating over 1,200 new jobs and now contributing $54 million a year in state and local tax revenue.

About Churchill Downs Incorporated

Churchill Downs Incorporated (NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. www.churchilldownsincorporated.com  

About Colonial Downs and Rosie’s Gaming Emporium

Colonial Downs and Rosie’s Gaming Emporiums employ over 1,200 team members in the Commonwealth of Virginia, paying over $30 million in annual salaries, wages and benefits. Rosie’s Gaming Emporium in Dumfries, Emporia, Hampton, New Kent, Richmond and Vinton offer innovative Historical Racing Machines (HRMs) and full card simulcasting. Rosie’s Game Room in Collinsville features a limited selection of some of the best HRM titles. Colonial Downs Racetrack in New Kent hosts live Thoroughbred racing on two nationally-renowned surfaces – Secretariat Turf Course, the widest turf course in North America and a 11/4-mile dirt track. More information is available at rosiesgaming.com.

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; additional or increased taxes and fees; the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires Sports and Casino business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigations; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Press Contacts

Tonya Abeln
VP Corporate Communications
Churchill Downs Incorporated

Kaitlin Buzzetto
Director of Investor Relations
Churchill Downs Incorporated

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Churchill Downs Celebrates Construction Milestone of Paddock Area Redesign

Churchill Downs Racetrack (“Churchill Downs”) celebrated the “Topping Off” of the Paddock Area Redesign, a $200 million capital investment project that will transform the existing Paddock area in a manner that will enhance the experience for nearly every guest who enters the gates of the historic racetrack.

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Churchill Downs Celebrates Construction Milestone of Paddock Area Redesign

$200 Million Investment will Debut for the 150th Running of the Kentucky Derby in 2024

LOUISVILLE, KY., (September 18, 2023) –Churchill Downs Racetrack (“Churchill Downs”) celebrated the “Topping Off” of the Paddock Area Redesign, a $200 million capital investment project that will transform the existing Paddock area in a manner that will enhance the experience for nearly every guest who enters the gates of the historic racetrack. The project is set to premiere in time for the 150th running of the Kentucky Derby in 2024. Churchill Downs executives and team members were joined by the Calhoun Construction team, elected officials and community members to mark the construction milestone by signing the final beam before it was placed atop the structure.

Ceremony speakers included Kentucky Secretary of Transportation Jim Gray; State Representative and Majority Caucus chair Julie Raque-Adams; Louisville Mayor Craig Greenberg; President of Calhoun Construction John Hinshaw; CEO of Churchill Downs Incorporated Bill Carstanjen; and President of Churchill Downs Racetrack Mike Anderson.

“This is just one milestone as a great corporate citizen like Churchill, continues to invest in our city. said Mayor Greenberg. “Churchill Downs is literally as we see behind us building the future., so it and our city can continue to thrive in the future.”

“Ultimately, the idea behind this project was really all of you. We wanted a project that would be for everybody.” said Carstanjen. “One of the objectives for the team was we wanted every single person who comes to the Kentucky Derby to feel like this project was for them and that itadded to their experience as they entered our facility.”

The Paddock Area Redesign will enhance visibility of the iconic Twin Spires, streamline guest circulation paths, update the audio-visual experience and create additional value for guests by updating existing ticket products and amenities. More than 3,600 permanent all-inclusive seats and an additional 7,000 sq. ft. of guest space will be introduced, including premium club and premium reserved seating, along with standing room only tickets. The project will also update select existing ticket inventory and improve Paddock views for front-side guests with the addition of elevated viewing platforms.

 

About Churchill Downs Incorporated

Churchill Downs Incorporated (NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. www.churchilldownsincorporated.com  

About Churchill Downs Racetrack

Churchill Downs Racetrack (“CDRT”), the world’s most legendary racetrack, has been the home of The Kentucky Derby, the longest continually-held annual sporting event in the United States, since 1875. Located in Louisville, CDRT features a series of themed race days during Derby Week, including the Kentucky Oaks, and conducts Thoroughbred horse racing during three race meets in Spring, September and Fall. CDRT is located on 175 acres and has a one-mile dirt track, a 7/8-mile turf track, a stabling area and provides seating for approximately 60,000 guests. The saddling paddock and the stable area has barns sufficient to accommodate 1,400 horses and a 114-room dormitory for backstretch personnel. CDRT also has a year-round Race and Sports Book and simulcast wagering facility. www.ChurchillDowns.com

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; additional or increased taxes and fees; the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires Sports and Casino business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigations; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Press Contacts

Logan Spradlin
Communications Manager
Churchill Downs Incorporated

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Churchill Downs Racetrack Unveils Official Art of the 150th Kentucky Derby by Artist Wylie Caudill

Original artwork from the Kentucky-native artist brings his signature roses to highlight the Run for the Roses™

LOUISVILLE, Ky. (Thursday, Sept. 14, 2023) – Churchill Downs Racetrack today released the 2024 “Official Art of the Kentucky Derby” by Kentucky artist, Wylie Caudill. Originally from Cynthiana, Ky., Wylie Caudill is renowned for his exceptional talent in murals and large-scale art. Caudill got his start doing chalk art on the streets of his college campus. After falling in love with public art, Wylie expanded his street art to murals that can be seen across Kentucky, many of which include his signature roses. 

Caudill’s artwork for the 150th Kentucky Derby presented by Woodford Reserve highlights the 150th Kentucky Derby trophy at the forefront with the newly reimagined paddock as the background under the iconic Twin Spires. The piece features 150 red roses representing the Derby Winner’s Circle surrounded by white, gold and cerulean roses to symbolize the colorful fans of the Derby from around the world.

“We were drawn to Wylie’s rose design as it resonates with one of our most beloved Kentucky Derby traditions, which is presenting the winning Thoroughbred with a garland of red roses”, said Casey Ramage, Vice President of Marketing and Partnerships. “Wylie’s artwork captures Churchill Downs’ historic Twin Spires and our future by showcasing our newly reimagined Paddock to enhance the fan experience. We are thrilled to be working with him.”   

In addition to creating the “Official Art of the Kentucky Derby,” Caudill will also be the official artist for the Woodford Reserve Commemorative Derby Bottle. As the official artist for both programs, Caudill will also create original murals around Churchill Downs and surprise locations next year leading up to the 150thKentucky Derby.

“As a Kentucky Native, it is an immense honor to be part of such a milestone year for the Commonwealth’s most notable event,” Caudill said. “It’s difficult for me to fathom the scale of this opportunity and moment in history, but I am thrilled I was chosen to be the official artist for the 150th Kentucky Derby.”

Caudill’s “Official Art of the Kentucky Derby” will be featured on the 2024 Kentucky Derby official racing programs and a variety of merchandise. Prints will be available for purchase, including 150 special edition prints, at the first Road to Kentucky Derby race on Saturday (Sept. 16) at 11:30 a.m. ET at The Churchill Downs Store and Kentucky Derby Museum. Prints will be available online at www.KentuckyDerbyStore.combeginning Monday, Sept. 18. All other items will be available for purchase early Spring.

 

About The Kentucky Derby

The $3 million Kentucky Derby takes place on the first Saturday in May at historic Churchill Downs in Louisville, Ky. Inaugurated in 1875, the legendary 1 ¼-mile race for 3-year-olds is the longest continually-held major sporting event in the United States and the first leg of horse racing’s Triple Crown series. Also known as “The Run for the Roses®” and “The Most Exciting Two Minutes in Sports®,” the Kentucky Derby is the most attended horse race in the nation. The 150thKentucky Derby will take place on May 4, 2024. For more information, please visit www.KentuckyDerby.com

About Churchill Downs Incorporated

Churchill Downs Incorporated (NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. www.churchilldownsincorporated.com  

About Wylie Caudill

Wylie Caudill is a Lexington-based artist that specializes in murals and large-scale art. Originally from Cynthiana, Ky., Caudill got his start doing chalk art on the streets of his college campus. After falling in love with public art, Caudill expanded his street art to murals that can be seen across Kentucky, many of which include his signature roses. His work includes projects for MTV and YouTube. For more information, visit www.wyliecaudill.com.

Press Contacts

Hayley Armstrong
Communications Manager, Churchill Downs Racetrack

Phone: 502-356-7796

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Gov. Beshear Places Kentucky’s First Sports Wager at Iconic Churchill Downs

GLt. Gov. Coleman celebrates with wager at Turfway Park; Governor to visit Red Mile

LOUISVILLE, Ky. (Sept. 7, 2023) – Today marked the much-anticipated opening of in-person sports wagering in Kentucky, and Gov. Andy Beshear celebrated the historic moment by placing the first bet at Churchill Downs.

Gov. Beshear placed a $20 parlay bet for the “over” on wins for the University of Kentucky and University of Louisville football teams, and the “under” on Duke University’s football team.

“Today is a great day to celebrate and have a little bit of fun doing so,” said Gov. Beshear. “It has taken many years to get here, but sports wagering is finally a reality in Kentucky. This is a win-win for Kentuckians, who can enjoy a quality entertainment experience and benefit from funds staying right here in our state to help us build a better Kentucky.”

Gov. Beshear will place a second wager today at 1:30 p.m. EDT at Lexington’s Red Mile.

Lt. Gov. Jacqueline Coleman placed a wager at an opening event at Northern Kentucky’s Turfway Park, betting $20 on the Cincinnati Bengals to win the Super Bowl.

“Sports wagering will benefit all Kentuckians,” said Lt. Gov. Coleman. “It means more revenue for economic development, disaster relief and infrastructure projects, like new roads, bridges and clean water. It means more money for our public schools and support for the pensions of firefighters, public servants, teachers and law enforcement officers. Simply put, sports wagering is helping us build a better Kentucky for everyone.”

With college football already underway, the opening of retail sportsbooks comes just in time for the kickoff of the NFL season this weekend.

“It is an honor to host this historic first sports wager in the commonwealth at historic Churchill Downs. We are proud to offer Kentucky’s newest form of wagering entertainment to the hundreds of thousands of guests who enter our gates each year and to help facilitate the economic benefits that sports wagering will bring to Kentucky,” said Mike Anderson, president of Churchill Downs Racetrack.

“The Kentucky Horse Racing Commission (KHRC) and the KHRC staff worked tirelessly to meet this challenge. The KHRC is dedicated to wagering integrity, and while we are celebrating today’s launch, our work continues,” said KHRC ChairmanJonathan Rabinowitz.

“Red Mile and Keeneland have prepared a premium space dedicated to sports wagering,” said Shannon Cobb, chief operating and financial officer of Red Mile Gaming & Racing. “We believe Caesars will provide excitement with their sports wagering product that exceeds expectations, and we are excited to invite the public out for the full experience. We hope guests will also take a moment to experience live harness racing, gaming and great food and beverage while they are with us.”

“Protecting Kentucky’s bettors is our number one priority, that and providing the best customer experience. Thanks to an extremely dedicated team, we are meeting those goals on an ambitious timeline,” said Public Protection Cabinet Secretary Ray Perry.

A list of licensed retail sportsbooks is available here. Some locations are coming soon.

Today’s news is the latest in a string of sports betting announcements by Gov. Beshear.

On Aug. 15 and 18, Gov. Beshear signed executive orders 2023-480 and 2023-483 appointing members of the Sports Wagering Advisory Council. The council will advise the full commission and provide additional voices who have knowledge of the sports betting industry.

On Aug. 17, Gov. Beshear announced a timeline for sports wagering to open in Kentucky. That timeline now moves closer to full implementation. Key dates for Kentuckians to remember include:

  • Thursday, Sept. 7, at 6 a.m. EDT: Wagerers started depositing money into their pre-registered mobile accounts, in preparation for mobile launch.
  • Thursday, Sept. 28, at 6 a.m. EDT: Approved mobile applications can start taking wagers.

On Aug. 22, the KHRC voted to approve temporary licenses for seven operators and nine service providers. The details of those approved for licensure and their business relationships are available here.

On Aug. 31, the Sports Wagering Advisory Council recommended an initial catalogof sporting events for wagering in Kentucky. The recommended catalog was approved by KHRC Executive Director Jamie Eads, subject to ratification by the full commission at their next scheduled meeting. See the Wagering Catalog for the complete list.

Kentucky chose a tiered implementation, which has been used in multiple states and which allows for the testing of policies and procedures before the full rollout that includes mobile applications.

House Bill 551 established a new excise tax on sports wagering: 9.75% on the adjusted gross revenues on wagers made at a licensed facility and 14.25% on wagers placed online or on a smartphone.

Sports wagering is expected to increase the state’s revenue by an estimated $23 million a year upon full implementation. The increase in revenue will support the oversight of sports wagering and then be dedicated to the Kentucky permanent pension fund.

Additionally, 2.5% will support the Problem Gambling Assistance Fund. The fund educates Kentuckians on safe gambling practices, the risks of developing a gambling problem, risk factors and warning signs of gambling problems and available services to reduce the consequences of problem gambling.

Resources are available by calling or texting 1-800-GAMBLER (1-800-426-2537) or online at KYCPG.org or by emailing [email protected]

About Churchill Downs Incorporated

Churchill Downs Incorporated (NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. www.churchilldownsincorporated.com 

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; additional or increased taxes and fees; the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires Sports and Casino business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigations; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Press Contacts

Tonya Abeln
VP Corporate Communications
Churchill Downs Incorporated

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Churchill Downs Incorporated to Open Six Race and Sports Books at Kentucky Properties on September 7

Governor Beshear to Place State’s First Sports Wager at Churchill Downs Racetrack on Opening Day at 10 a.m.

LOUISVILLE, KY., (August 23, 2023) Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) announced today that the Kentucky Horse Racing Commission (“KHRC”) has approved temporary licenses for six CDI properties to begin accepting in-person sports wagers on Thursday, September 7, 2023. The Company will operate Race and Sports Books at its racetracks and Historical Racing Machine (“HRM”) facilities in Kentucky including: Churchill Downs Racetrack in Louisville, Derby City Gaming & Hotel in Louisville, Turfway Park Racing & Gaming in Florence, Newport Racing & Gaming in Newport, Oak Grove Racing, Gaming & Hotel in Oak Grove and Ellis Park Racing & Gaming in Henderson.

“CDI is excited to bring our experience operating retail sports wagering experiences to Kentucky with many thanks to the Kentucky General Assembly, Governor Beshear, the KHRC and the Kentucky Public Protection Cabinet for their efforts in making this a reality,” said Bill Carstanjen, CEO of CDI. “Sports betting as a tourism and economic development opportunity will further strengthen the state’s signature equine industry by bringing new guests into our live and historical racing venues.”

CDI’s licensed Race and Sports Books will incorporate sports betting kiosks among existing bar and simulcast areas for guests to place wagers. Most locations will offer large format video screens or various televisions to watch live racing as well as collegiate and professional sports. Each of CDI’s HRM venues will implement a “Bet & Jet” feature that offers guests designated parking spaces for 15 minutes in order to quickly and easily place their in-person sports wager.

CDI properties across Kentucky will host grand opening events featuring ribbon-cutting celebrations, themed food and beverage offerings and discounts as well as sports wagering promotions. To commemorate the opening day of retail sports betting, Governor Beshear will place the first ceremonial sports wager in the state of Kentucky at Churchill Downs Racetrack at 10 a.m. EDT. For specific details, promotions and hours of operation, please visit the property Race and Sports Book websites below.

CDI’s retail Race and Sports Books opening on September 7, include:

In addition to retail sports betting, the KHRC also approved temporary licenses for three online sports wagering service providers that will operate in partnership with CDI’s racetracks: FanDuel, Penn Sports Interactive and Fanatics. Approved service providers can begin accepting online wagers on Thursday, September 28, 2023.

About Churchill Downs Incorporated

Churchill Downs Incorporated (NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. www.churchilldownsincorporated.com 

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; additional or increased taxes and fees; the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires Sports and Casino business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigations; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Press Contacts

Tonya Abeln
VP Corporate Communications
Churchill Downs Incorporated

Philip Forbis
VP Finance and Financial Planning & Analysis
Churchill Downs Incorporated

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Churchill Downs Incorporated Completes Acquisition of Exacta Systems

Acquisition of Historical Horse Racing Technology Provider Allows CDI to Realize Immediate Operational Synergies in Virginia

LOUISVILLE, KY., (August 22, 2023) Churchill Downs Incorporated (“CDI” or “the Company”) (NASDAQ: CHDN) announced today that the Company has completed its previously-announced purchase of Exacta Systems, LLC (“Exacta”) for total consideration of $250 million in cash (the “Transaction”), subject to certain working capital and other purchase price adjustments.

Exacta is a leading provider of technology to support historical horse racing (“HHR”) operations across the country. Through its ownership of Colonial Downs Racetrack and Rosie’s Gaming Emporium historical racing machine (“HRM”) facilities, the Transaction will enable CDI to realize significant and immediate synergies related to the Company’s Virginia operations. CDI will also realize additional operational improvements over time through the diversification of games available at its HRM facilities. Exacta will operate within the Company’s TwinSpires segment and will continue to service its growing portfolio of third-party HHR operators in Kentucky, Wyoming, and New Hampshire.

The Transaction was funded with cash on hand and with the Company’s existing credit facility.

About Churchill Downs Incorporated

Churchill Downs Incorporated (NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. www.churchilldownsincorporated.com 

About Exacta Systems

Exacta Systems employs a pioneering technology driving growth in new and existing HHR markets. Exacta Connect’s robust and flexible system architecture supports multiple game vendors and virtually unlimited math modeling capabilities on a single system enabling Exacta to deliver a diverse gaming library with second-to-none entertainment experiences. For more information visit: www.exactasystems.com.

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; additional or increased taxes and fees; the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires Sports and Casino business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigations; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Press Contacts

Tonya Abeln
VP Corporate Communications
Churchill Downs Incorporated

Philip Forbis
VP Finance and Financial Planning & Analysis
Churchill Downs Incorporated

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Churchill Downs to Renovate Jockey Club Suites

$14 Million Project will Debut for the 150th Kentucky Derby in May 2024

LOUISVILLE, KY., (July 26, 2023) – Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) announced today a renovation project that will update and refresh the Jockey Club Suites at Churchill Downs Racetrack (“Churchill Downs” or the “Racetrack”). The $14 million renovation will modernize what is considered one of the original luxury and full-service hospitality experiences at the legendary Racetrack. The project is scheduled to be completed in advance of the 150th Kentucky Derby in May 2024.

The renovation plans will enhance all aspects of the 61 suites, common spaces, dining rooms and restrooms located on the fourth, fifth, and sixth floors in a tower directly adjacent to the historic Twin Spires along the homestretch at Churchill Downs. Originally constructed in 2004, the Jockey Club Suites seat approximately 2,500 guests which, in addition to private suites, includes the Triple Crown Ballroom, Grand Foyer, Derby and Oaks meeting rooms and the new Triple Crown Balcony and also serves as a premium rentable space for special events throughout the year.

“The Jockey Club Suites are a core premium hospitality product,” said Mike Anderson, President of Churchill Downs. “This renovation project will ensure existing and future suite holders are provided the entertainment experience Churchill Downs is known for and our guests have come to expect for Kentucky Derby Week and all other racing events.”

About Churchill Downs Incorporated

Churchill Downs Incorporated (NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. www.churchilldownsincorporated.com

About Churchill Downs Racetrack

Churchill Downs Racetrack (“CDRT”), the world’s most legendary racetrack, has been the home of The Kentucky Derby, the longest continually held annual sporting event in the United States, since 1875. Located in Louisville, CDRT features a series of themed race days during Derby Week, including the Kentucky Oaks, and conducts Thoroughbred horse racing during three race meets in the Spring, September, and the Fall. CDRT is located on 175 acres and has a one-mile dirt track, a 7/8-mile turf track, a stabling area, and provides seating for approximately 60,000 guests. The stable area has barns sufficient to accommodate 1,400 horses and a 114-room dormitory for backstretch personnel. CDRT also has a year-round simulcast wagering facility. www.ChurchillDowns.com

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; additional or increased taxes and fees; the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires Sports and Casino business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigations; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Press Contacts

Tonya Abeln
VP Corporate Communications
Churchill Downs Incorporated

Philip Forbis
VP Finance & Corporate FP&A
Churchill Downs Incorporated

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Churchill Downs Incorporated Celebrates Construction Milestone of Terre Haute Casino Resort

$290 Million Investment will Include Casino, Hotel and Event center

LOUISVILLE, KY., (June 14, 2023) Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) this week celebrated the “Topping Off” of Terre Haute Casino Resort (“Terre Haute” or the “Development”). The $290 million development will include a 400,000-square-foot facility located on approximately 49 acres on East Margaret Drive just west of State Road 46 in Terre Haute, Indiana. CDI executives were joined by the Wilhelm Construction team, elected officials, local community leaders and Terre Haute senior leadership to celebrate the construction milestone by signing the final beam before it was placed atop the hotel tower.

Speakers at the ceremony included Indiana Senator, Jon Ford; Terre Haute Mayor, the Honorable Duke Bennett; President of Wilhelm Construction, Phil Kenney; and Mike Rich, VP & General Manager of Terre Haute.

“This is really an exciting time for Churchill Downs Incorporated.” said Mike Rich, VP and General Manager of Terre Haute. “I want to thank Wilhelm Construction for their hard work and dedication to going the extra mile. They have been a tremendous partner as we look to build a regional destination that is unique in its offerings in the state of Indiana.”

Expected to open in spring 2024, Terra Haute will be a regional entertainment destination featuring a 122-room luxury hotel, event center, 1,000 slot machines, 35 live table games, poker room, state-of-the-art TwinSpires sports book and 11 food and beverage offerings including a steakhouse. The development is expected to generate 1,000 construction jobs and a mix of 500 full and part-time jobs

For more information on Terre Haute Casino Resort, visit https://www.terrehautecasino.com/

About Churchill Downs Incorporated

Churchill Downs Incorporated (“CDI”, NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. www.churchilldownsincorporated.com.

About Terre Haute Casino Resort

Expected to open in the Spring of 2024, Terre Haute Casino Resort (“Terre Haute”) will be a premier regional entertainment destination. Located in East Davies County, Indiana, Terre Haute will be a 400,000-square-foot facility featuring a 122-room luxury hotel, event center, 1,000 slot machines, 35 live table games, poker room and state-of-the-art TwinSpires sports book. The property will also feature 11 food and beverage offerings including the regionally inspired Four Cornered Steakhouse and Altitude Bar and Lounge. https://www.terrehautecasino.com/

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, among others, that may materially affect actual results or outcomes include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; additional or increased taxes and fees; the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; loss of key or highly skilled personnel, as well as disruptions in the general labor market; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing or other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires Sports and Casino business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify and / or complete, or fully realize the benefits of acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Press Contacts

Logan Spradlin
Communications Manager

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Churchill Downs Incorporated to Acquire Exacta Systems

LOUISVILLE, KY. (December 19, 2022) Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) announced today that it has entered into a definitive agreement under which CDI would acquire all of the outstanding equity interests of Exacta Systems, LLC (“Exacta”) for total consideration of $250 million in cash (the “Transaction”), subject to certain working capital and other purchase price adjustments. The Transaction will provide CDI the opportunity to realize synergies related to the Company’s recent acquisition of Colonial Downs Racetrack and the Rosie’s Gaming Emporium HRM facilities in Virginia.

Exacta, a provider of technology to support historical horse racing (“HHR”) operations, has integrated a diverse set of leading historical racing machine (“HRM”) gaming manufacturers into its HHR platform, including AGS, IGT, Light & Wonder, Everi, Konami and Incredible Technologies. Exacta supports HHR operations in Virginia, Kentucky, Wyoming and New Hampshire.

“For nearly a decade, Exacta has been a creative force supporting the growth of historical horse racing in the U.S.,” said Bill Carstanjen, Chief Executive Officer of CDI. “We look forward to expanding Exacta’s national footprint and further diversifying the game offerings available to players at HRM facilities around the country.”

For tax purposes, the acquisition will be treated as an asset purchase allowing CDI to realize incremental tax benefits, which will provide additional cash flow and will enhance the overall economics of the transaction. The Transaction will be funded with cash on hand and through the Company’s existing credit facility. The Transaction is dependent on various and customary closing conditions, including obtaining required regulatory approvals. The Transaction is expected to close in 2023.

About Churchill Downs Incorporated

Churchill Downs Incorporated (“CDI”, NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. www.churchilldownsincorporated.com

About Exacta Systems

Exacta Systems employs a pioneering technology driving growth in new and existing HHR markets. Exacta Connect’s robust and flexible system architecture supports multiple game vendors and virtually unlimited math modeling capabilities on a single system enabling Exacta to deliver a diverse gaming library with second-to-none entertainment experiences. For more information visit: www.exactasystems.com.

Press Contacts

Nick Zangari
Vice President, Treasury, Investor Relations & Risk Management

Tonya Abeln
Vice President, Corporate Communications

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Churchill Downs Incorporated Completes Acquisition of Substantially All of the Assets of Peninsula Pacific Entertainment

Transaction Expands Company Geographic Footprint to Virginia, New York and Iowa

 LOUISVILLE, KY. (November 1, 2022) Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) announced today the completion of the Company’s purchase of substantially all of the assets of Peninsula Pacific Entertainment LLC (“P2E”) for total consideration of $2.75 billion (the “P2E Acquisition”). The P2E Acquisition includes all of P2E’s assets and operations in Virginia, New York and Sioux City, Iowa, and follows receipt of customary licensing approvals from the Virginia Racing Commission, the New York State Gaming Commission and the Iowa Racing and Gaming Commission.

“Today marks a significant moment in the evolution of Churchill Downs Incorporated,” said Bill Carstanjen, Chief Executive Officer of CDI. “This transaction meaningfully expands our geographic footprint to Iowa, New York and Virginia, introducing a very unique set of assets and attractive organic growth opportunities to our company. We are excited to welcome the teams from each of these well-established properties into Churchill Downs Incorporated.”

The P2E Acquisition includes:

  • Colonial Downs Racetrack in New Kent, Virginia, as well as six Rosie’s Gaming Emporium (“Rosie’s”) historical horse racing facilities across Virginia. Rosie’s locations currently include Collinsville, Dumfries, Hampton, New Kent, Richmond and Vinton, and includes approximately 2,700 historical racing machines (“HRMs”).
  • Del Lago Resort & Casino in Waterloo, New York, a 96,000 sq. ft. casino with approximately 1,700 slot machines, 80 table games, a 205-room hotel, nine restaurants / bar areas, 758 covered parking spaces, a 6,000 sq. ft. sportsbook area, a 2,400-seat entertainment venue, and a 7,200 sq. ft. outdoor event venue.
  • Hard Rock Hotel & Casino in Sioux City, Iowa, a 45,000 sq. ft. casino with 639 slot machines, 20 table games, a 54-room hotel, 1,511 parking spaces, two live entertainment venues, a 100-piece music memorabilia collection, and a Hard Rock-branded sportsbook.

The P2E Acquisition also includes other development rights:

  • The opportunity, under Virginia law, to develop up to five additional HRM entertainment venues in Virginia with collectively up to approximately 2,300 additional HRMs.
  • The rights to build a new HRM entertainment venue with up to 1,800 HRMs in Dumfries, Virginia. The Dumfries project is located in northern Virginia with the initial phase expected to open in 2023.
  • The rights to develop a new HRM entertainment venue with up to 150 HRMs in Emporia, Virginia. The Emporia project, located along I-95 near the North Carolina border, is expected to open in 2023.
  • The rights to P2E’s ongoing effort, in partnership with Urban One, to develop ONE Casino + Resort, a $565 million destination casino in Richmond, Virginia.

Macquarie Capital served as the exclusive financial advisor and Sidley Austin LLP served as legal advisor to CDI.

About Churchill Downs Incorporated

Churchill Downs Incorporated (“CDI”, NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. www.churchilldownsincorporated.com

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, among others, that may materially affect actual results or outcomes include the following: the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit; additional or increased taxes and fees; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; loss of key or highly skilled personnel; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine manufacturing and other technology conditions that could impose additional costs; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; inability to identify and complete expansion, acquisition or divestiture projects, on time, on budget or as planned; difficulty in integrating recent or future acquisitions into our operations; costs and uncertainties relating to the development of new venues and expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including fluctuations in market values and environmental regulations; reliance on our technology services and catastrophic events and system failures disrupting our operations; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach, including customers’ personal information, could lead to government enforcement actions or other litigation; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or applicable money-laundering regulations; payment-related risks, such as risk associated with fraudulent credit card and debit card use; work stoppages and labor issues; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; and increase in our insurance costs, or obtain similar insurance coverage in the future, and inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Press Contacts

Nick Zangari
Vice President, Treasury, Investor Relations & Risk Management

Tonya Abeln
Vice President, Corporate Communications

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