Churchill Downs Incorporated Names Katherine Armstrong Senior Vice President of Human Resources

LOUISVILLE, KY., (June 2, 2022) Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) announced today that Katherine Armstrong has been named Senior Vice President of Human Resources for the Company. Armstrong assumes the role from Chuck Kenyon who announced his retirement after 18 years of leading CDI’s Human Resources department.

Since April 2021, Armstrong has served as Vice President of Culture for CDI, a role in which she was responsible for developing, among other objectives, a strategic vision to advance a culture of diversity, equity and inclusion as part of the Company’s core mission and values. In addition to her Corporate HR responsibilities, Armstrong will continue to direct CDI’s internal culture strategy, including diversity, equity & inclusion.

“Katherine brings over two decades in executive HR leadership experience in areas such as HR strategy and organizational development,” said Bill Carstanjen, Chief Executive Officer of CDI. “She has quickly earned the respect and trust of everyone on our team. We congratulate her on her new role and look forward to her impactful leadership as our company continues to grow.”

Prior to joining CDI, Armstrong was the Founder and President of Success Track LLC, a strategic HR consulting firm with an emphasis on HR operations, culture transformation, DE&I strategy and leadership coaching. She previously held senior leadership roles in HR across companies in the gaming and hospitality industries. Armstrong holds a bachelor’s degree in psychology from Jackson State University.

Armstrong’s promotion is effective immediately and will include a transitional handoff period with Kenyon, whose retirement is effective, August 1, 2022.“Chuck has been an extraordinary contributor to the growth and evolution of our business over the past 18 years,” said Bill Carstanjen, Chief Executive Officer of CDI. “Like so many team members, I am deeply grateful and appreciative for the tremendous personal contributions that Chuck made to the organization and, just as importantly, to the development and success of the individuals who make up our company. We wish him nothing but the very best in his retirement.”

About Churchill Downs Incorporated

Churchill Downs Incorporated is an industry-leading racing, online wagering and gaming entertainment company anchored by our iconic flagship event, the Kentucky Derby. We own and operate three entertainment venues with approximately 3,050 historical racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online wagering platforms for horse racing in the U.S. and we have nine retail sportsbooks. We are also a leader in brick-and-mortar casino gaming in nine states with approximately 11,000 slot machines and video lottery terminals and 200 table games. Additional information about Churchill Downs Incorporated can be found online at www.churchilldownsincorporated.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 Names Andrew Archibald President of United Tote

LOUISVILLE, KY., (April 20, 2022) Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) announced today that Andrew Archibald has been named President of the Company’s United Tote division. In this role, he will be responsible for managing over 200 employees across the United States and Canada and providing strategic direction for the leading supplier of totalisator systems, services and equipment, pari-mutuel settlement services and technology that processes wagers and payouts. Archibald replaces Nate Simon who was promoted to Senior Vice President and Chief Technology Officer of CDI in February.

Archibald brings 20 years of technology and organizational leadership experience to the position. He joined CDI in 2012 as Senior Director of Operations for United Tote before his promotions to Vice President of IT Operations in 2014 and Vice President of Development for TwinSpires in 2016.

“Andrew has consistently brought a strategic technology vision to his previous roles with CDI,” said Bill Mudd, President and Chief Operating Officer of CDI. “His leadership and strong operational focus will optimize our United Tote business and drive continued business excellence.”

Prior to joining CDI, Archibald was the Regional Chief Information Officer, Americas for Süd Chemie. He started his career with General Electric Company where he completed the GE Information Management Leadership Program and served as project leader and team program manager for various technical functions. He holds a Bachelor’s degree in Management Science and Information Systems from Pennsylvania State University and an MBA from Bellarmine University.

Archibald’s promotion is effective immediately.

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Churchill Downs Incorporated Announces Definitive Agreement to Acquire Chasers Poker Room in Salem, New Hampshire

Acquisition of New Hampshire’s Leading Charitable Gaming Operation Paves Way for CDI to Expand its Historical Horse Racing Operations into a Fourth State

LOUISVILLE, KY., (March 22, 2022) Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) announced today that it has signed a definitive agreement to acquire Chasers Poker Room in Salem, New Hampshire (“Chasers”).

Chasers is a charitable gaming facility located approximately 30 minutes from downtown Boston that offers poker and a variety of table games. Since opening in 2017, Chasers has led all New Hampshire charitable gaming operators in both gaming revenue and local charitable contributions.

In 2021, New Hampshire authorized existing charitable gaming operators to offer historical horse racing at licensed facilities. Following the closing of the acquisition, CDI plans to develop an expanded charitable gaming facility in Salem to accommodate historical racing machines (“HRMs”).

“New Hampshire is an exciting opportunity for us, one that allows us to put our historical racing machine expertise to work in the growing New England market,” said Bill Carstanjen, Chief Executive Officer of CDI. “We look forward to sharing more about our plans to build an expanded, state-of-the-art gaming facility in Salem in the coming months.”

Upon closing, New Hampshire will be the fourth state in which CDI operates historical horse racing. CDI currently operates HRMs in Kentucky and will operate HRMs in Virginia (upon closing of the pending acquisition of Peninsula Pacific Entertainment, including its affiliated Rosie’s Gaming Emporium HRM facilities) and in Louisiana (upon completion of the HRM expansion into the Company’s 14 existing off track betting facilities).

Under New Hampshire law, a portion of revenue from charitable gaming operations is allocated to nonprofit organizations licensed in the state.

The transaction is dependent on usual and customary closing conditions, including the Company obtaining approvals from the New Hampshire Lottery Commission. The transaction is expected to close during the second quarter of 2022.

The transaction is dependent on usual and customary closing conditions, including the Company obtaining approvals from the New Hampshire Lottery Commission. The transaction is expected to close during the second quarter of 2022.

About Churchill Downs Incorporated

Churchill Downs Incorporated is an industry-leading racing, online wagering and gaming entertainment company anchored by our iconic flagship event, the Kentucky Derby. We own and operate three pari-mutuel gaming entertainment venues with approximately 3,050 historical racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online wagering platforms for horse racing in the U.S. and we have nine retail sportsbooks. We are also a leader in brick-and-mortar casino gaming in nine states with approximately 11,000 slot machines and video lottery terminals and 200 table games. Additional information about Churchill Downs Incorporated can be found online at 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 receipt of regulatory approvals on terms desired or anticipated, unanticipated difficulties or expenditures relating to the proposed transaction, including, without limitation, difficulties that result in the failure to realize expected synergies, efficiencies and cost savings from the proposed transaction within the expected time period (if at all), our ability to obtain financing on the anticipated terms and schedule, disruptions of our or P2E’s current plans, operations and relationships with customers and suppliers caused by the announcement and pendency of the proposed transaction, our and P2E’s ability to consummate a sale-leaseback transaction with respect to the Hard Rock Sioux City on terms desired or anticipated; 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 and HRM manufacturing and other technology conditions that could impose additional costs; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; inability to successfully expand our TwinSpires Sports and Casino business and effectively compete; difficulty in integrating recent or future acquisitions into our operations; inability to identify and / or complete acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; 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
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FLORENCE, KY., (March 22, 2022) Turfway Park Racing & Gaming (“Turfway Park”) announced today that Michael Taylor has been named President of the state-of-the-art live Thoroughbred and historical racing machine (“HRM”) entertainment venue and President of Newport Racing & Gaming (“Newport Gaming”). Taylor brings 20 years of gaming leadership experience in both regulatory and corporate roles. He has led a variety of operational teams including gaming, racing, food and beverage and security and has served on the opening teams for three gaming properties.

As President, Taylor will be responsible for leading Turfway Park and Newport Gaming including compliance and regulatory requirements and the management of live and historical racing.

“I am incredibly excited to join the team in Northern Kentucky as we continue preparations leading up to Turfway’s grand opening,” Taylor said. “I also look forward to developing strong relationships with the community and growing our team to continue building on the legacy of Turfway Park and our success in Newport.”

With a background in law enforcement, Taylor started his career in gaming as a Surveillance Supervisor for the Seneca Gaming Authority in Niagara Falls, New York, before his appointment as Director of Surveillance at Delaware North in Buffalo, New York. He went on to become General Manager of Empire City casino in Yonkers, New York, and served as Vice President of Operations and Vice President of Hospitality.

“Michael’s proven track record and his operational experience positions Turfway Park for a smooth and successful grand opening and long term success as a regional entertainment destination,” said Bill Mudd, President and Chief Operating Officer for Churchill Downs Incorporated (“CDI”). “His leadership style focuses on the importance of mentoring team members and growing talent from within, so we look forward to witnessing hundreds of new jobs develop into rewarding careers.”

Turfway Park is a $145 million project that continues CDI’s continued efforts to strengthen Kentucky’s signature horse racing industry. In March 2020, a Tapeta synthetic track was installed, known to be one of the world’s leading surfaces for racing and training. The next phase of development and construction is targeted for opening around September 1, 2022, and will include 850 HRMs, a sports bar, VIP gaming area and lounge, simulcast room and a Clubhouse that will also be used as an event center. An additional phase will include an incremental $26 million investment in Turfway Park’s backside to build and replace barns and a new backside dormitory. Turfway Park will continue to host live Thoroughbred racing for their Winter/ Spring Meet through March.

Newport Gaming, located off Interstate 471 Exit 3, is an extension of the racing license associated with Turfway Park. The HRM entertainment venue unveiled a 14,000 sq. ft. expansion in November 2021 that enhanced the guest experience while creating a more spacious environment to spin, win and enjoy 500 exciting Vegas-style game themes while featuring the best local bands and live musicians regularly.

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 receipt of regulatory approvals on terms desired or anticipated, unanticipated difficulties or expenditures relating to the proposed transaction, including, without limitation, difficulties that result in the failure to realize expected synergies, efficiencies and cost savings from the proposed transaction within the expected time period (if at all), our ability to obtain financing on the anticipated terms and schedule, disruptions of our or P2E’s current plans, operations and relationships with customers and suppliers caused by the announcement and pendency of the proposed transaction, our and P2E’s ability to consummate a sale-leaseback transaction with respect to the Hard Rock Sioux City on terms desired or anticipated; 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 and HRM manufacturing and other technology conditions that could impose additional costs; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; inability to successfully expand our TwinSpires Sports and Casino business and effectively compete; difficulty in integrating recent or future acquisitions into our operations; inability to identify and / or complete acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; 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.

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Churchill Downs Incorporated Announces Executive Promotions in Gaming

Tim Bryant and Michael Meagher Named VPs of Gaming Operations, John Howard Named VP of Marketing & Analytics and Russ Stokes Promoted to VP of Casino Technology

LOUISVILLE, KY., (February 23, 2022) Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) announced today a series of executive leadership promotions within the Company’s Gaming segment. Both Tim Bryant and Michael Meagher have been named Vice President of Gaming Operations where they will divide day-to-day oversight between CDI’s gaming properties. These roles replace Maureen Adams who was promoted to Senior Vice President of Gaming Operations earlier this year.

Tim Bryant brings over 25 years of gaming experience and his career with CDI spans 10 years. He has served as the President & General Manager of Derby City Gaming in Louisville, Kentucky, since its opening in 2018 where he led the team to record results in 2021 and garnered recognition as one of the “Best Places to Work” by Louisville Business First for two consecutive years. Previously, Bryant was the President of Fair Grounds Race Course & Slots in New Orleans, Louisiana.

“Tim has successfully led the Derby City Gaming team from the grand opening through a time of unprecedented growth,” said Bill Mudd, President and Chief Operating Officer of CDI. “His commitment to operational excellence and team culture will be a valuable benefit to the properties he will lead with this promotion.”

Bryant has an extensive finance background having served as Vice President of Operations and Finance as well as Vice President of Finance & Administration at Harrah’s properties prior to his time with CDI. He holds a Bachelor’s degree in accounting from the University of Central Missouri and is a Certified Internal Auditor.

Michael Meagher brings 17 years of gaming experience and most recently served as CDI’s Vice President of Finance, Gaming where he partnered with operators to drive business results for all gaming properties. In this role, he has been pivotal in the financial modeling and analysis of the Company’s acquisitions, greenfield business development and property expansions.

“Michael has been a key leader for this company and brings deep operational understanding to the role of VP Gaming Operations,” Mudd shared. “With his involvement and oversight at the property level, I am confident we will see increased efficiencies and continued success.”

Prior to his time with CDI, Meagher was Vice President of Operational Excellence for Pinnacle Entertainment. He holds both a Bachelor’s and Master’s degree in Agricultural Economics from Purdue University.

CDI also announced the promotion of John Howard to Vice President of Marketing & Analytics where his responsibilities will include leadership of the analytics and database marketing functions for all CDI properties. He has over 16 years of gaming operations and management experience in multiple states in capacities including senior finance and operational roles as well as multiple property openings.

Howard joined CDI in 2016 as Senior Director of Finance at Miami Valley Gaming in Lebanon, Ohio, after an 11-year career with Caesars Entertainment. In June 2018, he transitioned to Louisville, Kentucky, where he helped lead the opening of Derby City Gaming. Most recently, Howard has served as Senior Director of Gaming Operations. He holds a Bachelor’s degree in business from Wittenberg University, an MBA from the University of Florida and a JD from the University of Georgia.

Russ Stokes has been promoted to Vice President of Casino Technology where he will be responsible for the coordination and overall development, installation, operation and maintenance of all management information systems at CDI properties. He has over 27 years of IT management in gaming and hospitality and has been part of the strategic planning and implementation of IT gaming and hotel systems and operations as part of 10 property openings and numerous property acquisitions.

Stokes joined CDI in 2015 as Director of Casino Technology and has helped standardize and implement gaming technologies across the growing number of CDI properties. His career includes time with Boyd Gaming and Pinnacle Entertainment Group serving numerous IT management roles.

“As CDI’s gaming footprint continues to grow, the analytics and marketing expertise, coupled with technology expertise brought by John and Russ take on even greater importance,” said Mudd. “It’s gratifying and exciting to see this incredible team take the lead during this unprecedented time of growth for our company.”

These promotions were effective February 21, 2022. CDI will move quickly to fill the roles of President of Derby City Gaming and Vice President of Finance.

About Churchill Downs Incorporated

Churchill Downs Incorporated is an industry-leading racing, online wagering and gaming entertainment company anchored by our iconic flagship event, the Kentucky Derby. We own and operate three pari-mutuel gaming entertainment venues with approximately 3,050 historical racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online wagering platforms for horse racing, sports and iGaming in the U.S. and we have nine retail sportsbooks. We are also a leader in brick-and-mortar casino gaming in nine states with approximately 11,000 slot machines and video lottery terminals and 200 table games. Additional information about Churchill Downs Incorporated can be found online at 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 receipt of regulatory approvals on terms desired or anticipated, unanticipated difficulties or expenditures relating to the proposed transaction, including, without limitation, difficulties that result in the failure to realize expected synergies, efficiencies and cost savings from the proposed transaction within the expected time period (if at all), our ability to obtain financing on the anticipated terms and schedule, disruptions of our or P2E’s current plans, operations and relationships with customers and suppliers caused by the announcement and pendency of the proposed transaction, our and P2E’s ability to consummate a sale-leaseback transaction with respect to the Hard Rock Sioux City on terms desired or anticipated; 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 and HRM manufacturing and other technology conditions that could impose additional costs; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; inability to successfully expand our TwinSpires Sports and Casino business and effectively compete; difficulty in integrating recent or future acquisitions into our operations; inability to identify and / or complete acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; 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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Churchill Downs Incorporated Announces Definitive Agreement to Acquire Substantially All of the Assets of Peninsula Pacific Entertainment

Transaction Significantly Expands the Geographic Footprint of CDI’s Live and Historical Racing Entertainment Venues and Increases Scale

 LOUISVILLE, KY., (February 22, 2022) Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) announced today that the Company has entered into a definitive purchase agreement to acquire substantially all of the assets of Peninsula Pacific Entertainment LLC (“P2E”) for total consideration of $2.485 billion (the “P2E Transaction”). CDI will acquire all of P2E’s assets in Virginia and New York as well as the operations of its Sioux City casino property. The P2E Transaction is dependent on usual and customary closing conditions, including the Company obtaining approvals from the Virginia Racing Commission, the New York State Gaming Commission, and the Iowa Racing and Gaming Commission. The transaction is expected to close by the end of 2022.

“This unique set of assets expands our geographic footprint and provides additional scale,” said Bill Carstanjen, Chief Executive Officer of CDI. “P2E has done an exceptional job developing and managing this collection of assets, which we are very excited to acquire and plan to strategically grow in the years ahead.”

Colonial Downs Racetrack and Virginia Historical Racing Entertainment Venues

CDI will acquire Colonial Downs Racetrack, a Thoroughbred racing facility in New Kent, Virginia (“Colonial Downs”), as well as six successful and growing “Rosie’s Gaming Emporium” historical horse racing facilities across Virginia. Rosie’s Gaming Emporium locations currently include Collinsville, Dumfries, Hampton, New Kent, Richmond and Vinton.  These facilities currently have approximately 2,700 historical racing machines (“HRMs”). The transaction significantly expands the geographic diversity of CDI’s live and historical racing entertainment venues and reinforces CDI’s role as a national leader in historical horse racing.

del Lago Resort & Casino in Waterloo, New York
CDI will acquire del Lago Resort & Casino (“del Lago”) in Waterloo, New York. del Lago is 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
CDI will acquire the operations of Hard Rock Hotel & Casino in Sioux City, Iowa (“Hard Rock Sioux City”). Hard Rock Sioux City is a 45,000 sq. ft. casino with 639 slot machines, 20 table games, a 54-room hotel, 1,511 parking spaces with 530 covered, two live entertainment venues, a 100-piece music memorabilia collection, and a Hard Rock-branded sportsbook.

Under the terms of the P2E Transaction, P2E is expected to reach a definitive agreement to sell the real property associated with Hard Rock Sioux City (“Sioux City Property”) to a third party. CDI will acquire the operating company and lease the Sioux City Property from that third party. Following the closing, CDI will operate Hard Rock Sioux City and lease the Sioux City Property pursuant to lease terms negotiated prior to the closing. In the event P2E is unsuccessful in reaching a definitive agreement with a third party to purchase the Sioux City Property by a certain date, the Sioux City Property will be included in the P2E Transaction and the total consideration will increase to $2.75 billion.

Other Development Rights
Under Virginia law, CDI will have the opportunity to develop up to five additional historical racing entertainment venues in Virginia with collectively up to approximately 2,300 additional HRMs. As part of the P2E Transaction, CDI will also acquire the rights to build a large gaming resort (the “Dumfries Project”), with up to 1,800 HRMs in Northern Virginia. P2E previously announced plans to invest up to $400 million to build the initial phase of the Dumfries Project, which is scheduled to open in 2023.

CDI will also acquire the rights to develop Rosie’s Gaming Emporium in Emporia, the seventh historical racing entertainment venue under P2E’s Colonial Downs license. The Emporia facility, located along I-95 near the North Carolina border, will have 150 HRMs and is expected to open in 2023.

Also, included in the P2E Transaction are 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.

P2E’s gaming license in the State of Louisiana, and its casino development rights in Cedar Rapids, Iowa, are not included in the transaction.

Valuation and Financing
The P2E Transaction purchase price represents a multiple of less than 9.0x Adjusted EBITDA. This purchase price multiple includes the incremental value from the recent opening and expansion of certain Virginia facilities and the incremental value that CDI expects to realize from the acquisition of the development rights related to historical horse racing in Virginia. 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 P2E Transaction is expected to be immediately accretive to CDI’s free cash flow and diluted earnings per share. CDI will fund the P2E Transaction with a combination of new debt and cash on hand including pending proceeds from the sale of land near Calder Casino. Consolidated proforma bank covenant leverage is projected to be less than 4.2x upon completion of the P2E Transaction.

As previously disclosed, the Company is planning to use the proceeds from its pending sale of land near Calder Casino to structure aspects of this acquisition as an Internal Revenue Code §1031 transaction to defer the tax on the gain on sale.

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

Exhibit A:

Properties to be acquired are as follows:

Live and Historical Racing SegmentStateHRMs  
 Colonial Downs RacetrackVA-  
 Rosie’s New KentVA600  
 Rosie’s VintonVA500  
 Rosie’s RichmondVA700  
 Rosie’s HamptonVA700  
 Rosie’s DumfriesVA150  
 Rosie’s CollinsvilleVA37  
Gaming SegmentStateSlotsTablesHotel Rooms
 del Lago Resort & CasinoNY1,70080205
 Hard Rock Casino & Hotel Sioux CityIA6392054

 

About Churchill Downs Incorporated

Churchill Downs Incorporated is an industry-leading racing, online wagering and gaming entertainment company anchored by our iconic flagship event, the Kentucky Derby. We own and operate three pari-mutuel gaming entertainment venues with approximately 3,050 historical racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online wagering platforms for horse racing, sports and iGaming in the U.S. and we have nine retail sportsbooks. We are also a leader in brick-and-mortar casino gaming in nine states with approximately 11,000 slot machines and video lottery terminals and 200 table games. Additional information about Churchill Downs Incorporated can be found online at 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 receipt of regulatory approvals on terms desired or anticipated, unanticipated difficulties or expenditures relating to the proposed transaction, including, without limitation, difficulties that result in the failure to realize expected synergies, efficiencies and cost savings from the proposed transaction within the expected time period (if at all), our ability to obtain financing on the anticipated terms and schedule, disruptions of our or P2E’s current plans, operations and relationships with customers and suppliers caused by the announcement and pendency of the proposed transaction, our and P2E’s ability to consummate a sale-leaseback transaction with respect to the Hard Rock Sioux City on terms desired or anticipated, 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 and HRM manufacturing and other technology conditions that could impose additional costs; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; inability to successfully expand our TwinSpires Sports and Casino business and effectively compete; 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; inability to identify and / or complete acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; 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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Churchill Downs Incorporated Names Nate Simon Senior Vice President and Chief Technology Officer

LOUISVILLE, KY., (February 16, 2022) Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) announced today that Nate Simon has been named Senior Vice President and Chief Technology Officer of the Company. In this role, he will be responsible for providing strategic technology leadership and services. Simon replaces Ben Murr who was promoted to President of TwinSpires and Online Gaming in January.

Simon brings 20 years of technology and organizational leadership experience to the position. He joined CDI in 2011 as Vice President of Operations for the Company’s United Tote division before his promotion to President of United Tote in 2012. During that time, Simon was accountable for over 200 employees across the United States and Canada and over $25 million in global revenue.

“I am very proud of the results Nate has delivered in modernizing United Tote over the past 10 years,” said Bill Carstanjen, Chief Executive Officer of CDI. “We look forward to him building on these contributions by delivering further innovation and growth to the Company as the Chief Technology Officer.”

Prior to joining CDI, Simon was the Global Head of IT Operations for Clariant. He started his career with General Electric Co. where he completed the GE Information Management Leadership Program and worked as an Enterprise Resource Planning Project Leader. He holds a Bachelor’s degree in Computer Science from Indiana University.

Simon’s promotion is effective immediately. CDI will move quickly to fill the role of President of United Tote.

About Churchill Downs Incorporated

Churchill Downs Incorporated is an industry-leading racing, online wagering and gaming entertainment company anchored by our iconic flagship event, the Kentucky Derby. We own and operate three pari-mutuel gaming entertainment venues with approximately 3,050 historical racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online wagering platforms for horse racing, sports and iGaming in the U.S. and we have nine retail sportsbooks. We are also a leader in brick-and-mortar casino gaming in nine states with approximately 11,000 slot machines and video lottery terminals and 200 table games. Additional information about Churchill Downs Incorporated can be found online at 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 and HRM manufacturing and other technology conditions that could impose additional costs; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; inability to successfully expand our TwinSpires Sports and Casino business and effectively compete; difficulty in integrating recent or future acquisitions into our operations; inability to identify and / or complete acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; 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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Churchill Downs Incorporated Announces Retirement of Austin Miller, Names Maureen Adams Senior Vice President of Gaming Operations and Ryan Jordan Senior Vice President of Real Estate Development

LOUISVILLE, KY., (February 10, 2022) Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) announced today that Austin Miller will retire effective March 1, 2022, after eight years as Senior Vice President of Gaming Operations with the Company. Miller was the first full-time casino gaming employee hired by CDI in 2007. Since that time he has been part of the growth of the Company’s bricks & mortar gaming division that today includes 14 operations across 9 states.

Miller’s 15-year tenure with CDI started as President of Fair Grounds Race Course & Slots in New Orleans, Louisiana, where he led the design, construction and opening of the Company’s first casino gaming operation. In 2010, Miller was named President of Calder Casino in Miami Gardens, Florida, before transitioning to CDI’s corporate headquarters in Louisville, Kentucky, in 2013.

“Austin has been central to the growth and evolution of CDI over the years,” said Bill Mudd, President and Chief Operating Officer of CDI. “His bold and creative vision for the Company’s gaming properties will have an enduring impact. I am grateful for his leadership during a transformative time and wish him nothing but the best in his retirement.”

CDI has promoted Maureen Adams to fill Miller’s role as Senior Vice President of Gaming Operations. Since 2019, Adams has served the Company as Vice President of Gaming Operations where she oversaw the day-to-day operation of eight gaming properties as well as the centralized marketing and analysis department. Adams’ career with CDI spans eight years and includes time as President and General Manager of Calder Casino in Miami Gardens, Florida.

“Maureen brings over 25 years of gaming experience in finance, marketing, operations and leadership in 10 different states and 2 countries to this important role,” said Mudd. “Not only does she bring a proven track record of success, Maureen has a keen aptitude for inspiring and developing her team to achieve both their personal and professional goals.”

Maureen’s professional career includes 15 years with Caesars Entertainment where she held a variety of senior positions in Finance, Marketing/Sales and Operations. Maureen holds a Bachelor’s degree in business administration and accounting from Richard Stockton University, an MBA from Rutgers University and has International General Management Certification from Harvard Business School.

CDI also announced the promotion of Ryan Jordan to Senior Vice President of Real Estate Development where his responsibilities will include strategic planning at existing properties as well as the leadership of design and construction for new properties across the Company. Jordan joined CDI in 2009 as Vice President of Operations for Churchill Downs Entertainment Group and was later named General Manager of Churchill Downs Racetrack.

“Ryan is the ideal candidate to lead the development of new properties across our portfolio,” said Mudd. “Throughout his 12-year career with the Company he has successfully and consistently executed complex large-scale projects with a focus on operations, hospitality and entertainment.”

Prior to joining CDI, Jordan worked for the PGA of America as the Championship Director of the PGA Championship. He holds a Bachelor’s degree in business management from North Carolina State University and an MBA from the University of Louisville.

These internal promotions are effective immediately.

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 successfully expand our TwinSpires Sports and Casino business and effectively compete; 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
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Churchill Downs Incorporated Names Ben Murr President of TwinSpires and Online Gaming

LOUISVILLE, KY., (January 14, 2022) Churchill Downs Incorporated (“CDI” or the “Company”) announced today that Ben Murr has been named President of TwinSpires and Online Gaming. In this role, he will be responsible for the overall strategy and operations of these businesses.

Murr brings 24 years of leadership experience to the position. During his 14 years with CDI, he has served in multiple leadership roles including President of United Tote, Senior Vice President and Chief Technology Officer and, most recently, as interim President of TwinSpires and Online Gaming.

Prior to joining CDI, Murr worked in information technology leadership roles at General Electric. He holds a Bachelor’s degree in Economics and a Master of Business Administration from Bellarmine University.

“During his tenure with CDI, Ben has been an important leader in the growth across our operations,” said Bill Carstanjen, CEO of CDI. “He has been a key player throughout the extensive changes in our Company over the last 14 years and will continue to move our TwinSpires and Online businesses forward.”

“I’ve been heavily involved with TwinSpires and our Online Gaming operations throughout my tenure at CDI,” said Murr. “I am passionate about these businesses and believe strongly in their future growth potential and strategic importance for CDI.”

Murr will remain a Senior Vice President of CDI in addition to his responsibilities as President of TwinSpires and Online Gaming.

Murr’s promotion is effective immediately. The Company will move quickly to fill the Senior Vice President and Chief Technology Officer role.

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 successfully expand our TwinSpires Sports and Casino business and effectively compete; 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.

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LOUISVILLE, KY., (December 17, 2021) TwinSpires, the industry-leading online wagering platform for horse racing, has partnered with Ocean Downs Casino in Berlin, Maryland to launch a retail sportsbook today. Both TwinSpires and Ocean Downs Casino are owned and operated by Churchill Downs Incorporated.

The new state-of-the-art retail sportsbook boasts 26 wide-screen televisions and features 20 TwinSpires self-service betting kiosks. Visitors to Ocean Downs Casino can wager on their favorite professional and collegiate sports, as well as popular events from across the world.

“Maryland sports fans have been wagering on the Kentucky Derby with TwinSpires for many years, and will be familiar with the famous betting brand’s market-leading offers, products and promotions,” said Churchill Downs SVP and Chief Technology Officer, Ben Murr.

“The partnership between TwinSpires and Ocean Downs Casino now allows Marylanders to bet on even more than the ‘Greatest Two Minutes in Sports,’ and we look forward to offering an unparalleled sports betting experience.”

Maryland marks the ninth state in which the TwinSpires sportsbook is available.

TwinSpires sportsbooks are also live in Arizona, Colorado, Indiana, Michigan, Mississippi, New Jersey, Pennsylvania and Tennessee.

About TwinSpires

TwinSpires is a Churchill Downs Incorporated brand and the official wagering partner of the Kentucky Derby. CDI’s wholly owned online pari-mutuel wagering business has operated under the brand since 2007. TwinSpires sports betting is offered in Arizona, Maryland, New Jersey, Pennsylvania, Michigan, Mississippi, Colorado, Tennessee, and Indiana with iGaming also available in New Jersey, Pennsylvania and Michigan.

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 successfully expand our TwinSpires Sports and Casino business and effectively compete; 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.

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