Churchill Downs Incorporated Celebrates Construction Milestone of Turfway Park Racing & Gaming Revitalization

LOUISVILLE, KY., (September 10, 2021) Churchill Downs Incorporated (“CDI” or “Company”) (Nasdaq: CHDN) celebrated the topping off of Turfway Park Racing & Gaming (“Turfway”) today as part of the Company’s $145 million investment in state-of-the-art live Thoroughbred and Historical Horse Racing in Florence, Kentucky. The project is part of CDI’s ongoing efforts to strengthen and bring innovation to Kentucky’s signature horse racing industry.

Speakers at today’s ceremony included Kentucky Governor Andy Beshear; State Senator John Schickel; Florence Mayor Diane Whalen; Boone County Judge Executive Gary Moore; Senior Project Manager for Wilhelm Construction Christopher Daley; CEO of CDI Bill Carstanjen; and General Manager of Turfway Chip Bach.

“My administration has made it a priority to bring new jobs to Kentucky – and it’s exciting to see our own hometown companies like Churchill Downs take a leading role,” Governor Andy Beshear said. “This expansion helps the entire region and will strengthen the industry that defines our commonwealth. Congratulations to Churchill Downs and Turfway on the wonderful progress that has been made and to all the stakeholders who have come together to make this a reality.”

“This project will revitalize the Kentucky winter Thoroughbred racing circuit as well as fuel the health of the Commonwealth’s entire signature horse industry,” said Bill Carstanjen. “Despite challenges over the past year, we are still on schedule to open Turfway Racing & Gaming next year and I couldn’t be more proud of our team for persevering to accomplish this milestone. We couldn’t celebrate a day like this without thanking all the people who helped make this possible including many in the Florence community, our state leaders in the legislature and, of course, Governor Beshear who remains a staunch supporter of this industry.”

CDI acquired Turfway in October 2019 and immediately commenced demolition of the existing grandstand following the close of the 2019-2020 race meet. In March 2020, Turfway’s existing Polytrack was replaced with a new $5.6 million Tapeta synthetic track, one of the world’s leading surfaces for racing and training. In March 2021, the Company broke ground on the final phase of development and construction which will include a new grandstand, a pari-mutuel gaming entertainment floor featuring up to 1,500 historical racing machines, a state-of-the-art clubhouse, the largest simulcast wagering area in the state with VIP player amenities, an 18,500 sq. ft. event center, as well as several food and beverage venues.

The redevelopment of Turfway is anticipated to support up to 400 direct full and part-time positions and create an estimated 800 direct construction jobs. More information regarding job fairs and hiring will be released in the coming months. Turfway will continue to host live Thoroughbred racing for the Holiday Meet in December followed by their Winter/ Spring in January through March 2022. The grand opening for Historical Horse Racing at Turfway is expected in the summer of 2022.

Video of Turfway's Topping Off Ceremony can be viewed here: https://www.youtube.com/watch?v=h-mguirt3_A

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 seven retail sportsbooks. We are also a leader in brick-and-mortar casino gaming in eight states with approximately 11,000 slot machines and video lottery terminals and 200 table games. Additional information about CDI can be found online at www.churchilldownsincorporated.com.

Certain statements made in this news release contain 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.

 

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 Celebrates Construction Milestone of Turfway Park Racing & Gaming Revitalization

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Churchill Downs Incorporated Celebrates Construction Milestone of Turfway Park Racing & Gaming Revitalization

Churchill Downs Incorporated celebrated the topping off of Turfway Park Racing & Gaming today as part of the Company’s $145 million investment in state-of-the-art live Thoroughbred and Historical Horse Racing in Florence, Kentucky.

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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 also own and operate three pari-mutual gaming entertainment venues in Kentucky: Derby City Gaming; Oak Grove Racing, Gaming, and Hotel; and Newport Racing and Gaming. Our online wagering business owns and operates TwinSpires.com, the largest and most profitable online horse racing wagering platform in the U.S., and BetAmerica, an online sports betting and iGaming platform in the U.S. We are also a leader in brick-and-mortar casino gaming with approximately 11,000 slot machines and video lottery terminals and 200 table games in eight states. Additional information about CDI can be found online at www.churchilldownsincorporated.com.

Information set forth in this news release contains various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), which provides certain “safe harbor” provisions. All forward-looking statements made in this news release are made pursuant to the Act. 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, although some forward-looking statements are expressed differently.

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 effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit; additional or increased taxes and fees; public perceptions or lack of confidence in the integrity of our business or any deterioration in our reputation; loss of key or highly skilled personnel; restrictions in our debt facilities limiting our flexibility to operate our business; general risks related to real estate ownership, including fluctuations in market values and environmental regulations; catastrophic events and system failures disrupting our operations; online security risk, including cyber-security breaches; inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; increases in insurance costs and inability to obtain similar insurance coverage in the future; inability to identify and complete acquisition, expansion 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; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; inadvertent infringement of the intellectual property of others; inability to protect our own intellectual property rights; payment-related risks, such as risk associated with fraudulent credit card and debit card use; compliance with the Foreign Corrupt Practices Act or applicable money-laundering regulations; risks related to pending or future legal proceedings and other actions; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; work stoppages and labor issues; changes in consumer preferences with respect to Churchill Downs Racetrack and the Kentucky Derby; personal injury litigation related to injuries occurring at our racetracks; weather and other conditions affecting our ability to conduct live racing; the occurrence of extraordinary events, such as terrorist attacks and public health threats, including the ongoing impact of the novel coronavirus (COVID-19 virus); changes in the regulatory environment of our racing operations; increased competition in the horseracing business; difficulty in attracting a sufficient number of horses and trainers for full field horseraces; our inability to utilize and provide totalizator services; changes in regulatory environment of our online horseracing business; number of people wagering on live horse races; increase in competition in our online horseracing; uncertainty and changes in the legal landscape relating to our online wagering business; continued legalization of online sports betting and iGaming in the United States and our ability to predict and capitalize on any such legalization; inability to expand our sports betting operations and effectively compete; failure to manage risks associated with sports betting; failure to comply with laws requiring us to block access to certain individuals could result in penalties or impairment with respect to our mobile and online wagering products; increased competition in our casino business; changes in regulatory environment of our casino business; and concentration and evolution of slot machine manufacturing and other technology conditions that could impose additional costs; and inability to collect gaming receivables from the customers to whom we extend credit.

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

Tonya Abeln
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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 also own and operate three pari-mutual gaming entertainment venues in Kentucky: Derby City Gaming; Oak Grove Racing, Gaming, and Hotel; and Newport Racing and Gaming. Our online wagering business owns and operates TwinSpires.com, the largest and most profitable online horse racing wagering platform in the U.S., and BetAmerica, an online sports betting and iGaming platform in the U.S. We are also a leader in brick-and-mortar casino gaming with approximately 11,000 slot machines and video lottery terminals and 200 table games in eight states. Additional information about CDI can be found online at www.churchilldownsincorporated.com.

About The Stronach Group and 1/ST

The Stronach Group is a world-class technology, entertainment and real estate development company with Thoroughbred horse racing and pari-mutuel wagering at the core.  The company’s consumer facing brand 1/ST (pronounced “First”) powers The Stronach Group’s forward-thinking 1/ST RACING, 1/ST CONTENT, 1/ST TECHNOLOGY, 1/ST LIVE and 1/ST PROPERTIES businesses, while advocating for and driving the 1/ST HORSE CARE mission. 1/ST represents The Stronach Group’s continued movement toward redefining Thoroughbred racing and the ecosystem that drives it. 1/ST RACING drives the best-in-class horse racing operations at the company’s premier racetracks and training centers including: Santa Anita Park, Golden Gate Fields and San Luis Rey Downs (California); Gulfstream Park – home of the Pegasus World Cup Championship Invitational Series, and Gulfstream Park West (Florida); the Maryland Jockey Club at Laurel Park, Pimlico Race Course - home of the legendary Preakness Stakes, Rosecroft Raceway and Bowie Training Center (Maryland). 1/ST CONTENT is the newly formed operating group for all of 1/ST’s media and content companies including: Monarch Content Management, Elite, GWS and XBTV. 1/ST TECHNOLOGY is horse racing’s largest racing and gaming technology company offering world-class products via its AmTote, Xpressbet, 1/ST BET, XB SELECT, XB NET, PariMAX and Betmix brands. 1/ST LIVE blends the worlds of sports, entertainment and hospitality by delivering uniquely curated events such as InfieldFest and Pegasus LIV Stretch Village. 1/ST PROPERTIES is responsible for the development of the company’s live, work and play communities surrounding its racing venues including: The Village at Gulfstream Park (Florida) and Paddock Pointe (Maryland).  As the advocate for critical industry reforms and by making meaningful investments into aftercare programs for retired horses and jockeys, 1/ST HORSE CARE represents The Stronach Group’s commitment to achieving the highest level of horse and rider care and safety standards in Thoroughbred horse racing on and off the track. For more information please visit www.1st.com.

About the Breeders’ Cup

The Breeders’ Cup administers the Breeders’ Cup World Championships, Thoroughbred horse racing’s year-end Championships, as well as the Breeders’ Cup Challenge qualifying series, which provides automatic starting positions into the Championships races. The Breeders’ Cup is also a founding member of the Thoroughbred Safety Coalition, an organization composed of industry leaders committed to advancing safety measures in Thoroughbred racing and improving the well-being of equine and human athletes.The 2020 Breeders’ Cup World Championships, consisting of 14 Championship races, is scheduled to be held on November 6-7 at Keeneland Race Course in Lexington, Kentucky and features a total of $31 million in purses and awards. The event will be televised live by the NBC Sports Group. Breeders’ Cup press releases appear on the Breeders’ Cup website, breederscup.com. You can also follow the Breeders’ Cup on social media.

About Keeneland

For more than 80 years, the Keeneland Association has devoted itself to the health and vibrancy of the Thoroughbred industry. The world’s largest Thoroughbred auction house, Keeneland conducts four sales a year, in January, April, September and November, and presents online auctions through the Keeneland Digital Sales Ring. Graduates of Keeneland sales dominate racing across the globe at every level. In April and October, Keeneland offers some of the highest caliber and richest Thoroughbred racing in the world. In 2020, The Summer Meet at Keeneland presented five days of racing from July 8-12. Keeneland hosted the Breeders’ Cup World Championships in 2015 and will hold the event again on Nov. 6-7, 2020, and in 2022. Uniquely structured, Keeneland is a privately held company with a not-for-profit mission that returns its earnings to the industry and the community in the form of higher purses and millions of dollars donated in support of horse industry initiatives and charitable contributions for education, research, and health and human services throughout Central Kentucky. Keeneland also maintains the Keeneland Library, a world-renowned public research institution with the mission of preserving information about the Thoroughbred industry. To learn more, visit Keeneland.com.

About the Kentucky Thoroughbred Association

The Kentucky Thoroughbred Association is a horseman’s group and trade association representing Thoroughbred breeding and racing in Kentucky. Kentucky is the biggest producer of Thoroughbred foals in the world, responsible for 40% of the US foal crop, the largest concentration of stallions, veterinary practices and breeding farms, and is home to the largest yearling and breeding stock sales, premier race meetings at Keeneland, the Kentucky Derby at Churchill Downs, Kentucky Downs and year-round racing at Turfway Park and Ellis Park.

About the New York Racing Association (NYRA)

The New York Racing Association, Inc. (NYRA) holds the exclusive franchise to conduct thoroughbred racing at Aqueduct Racetrack, Belmont Park and Saratoga Race Course. NYRA tracks are the cornerstone of New York State's thoroughbred industry, which is responsible for 19,000 jobs and more than $3 billion in annual statewide economic impact. Accredited by the National Thoroughbred Racing Association Safety and Integrity Alliance, NYRA is a founding member of the Thoroughbred Safety Coalition, a group of the nation’s leading racing organizations working collaboratively to advance safety measures across the sport. Over the course of 217 days of live racing in 2019, NYRA generated more than $2.1 billion in all-sources wagering handle with paid attendance exceeding 1.5 million.

Information set forth in this news release contains various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), which provides certain “safe harbor” provisions. All forward-looking statements made in this news release are made pursuant to the Act. 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, although some forward-looking statements are expressed differently.

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 effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit; additional or increased taxes and fees; public perceptions or lack of confidence in the integrity of our business or any deterioration in our reputation; loss of key or highly skilled personnel; restrictions in our debt facilities limiting our flexibility to operate our business; general risks related to real estate ownership, including fluctuations in market values and environmental regulations; catastrophic events and system failures disrupting our operations; online security risk, including cyber-security breaches; inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; increases in insurance costs and inability to obtain similar insurance coverage in the future; inability to identify and complete acquisition, expansion 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; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; inadvertent infringement of the intellectual property of others; inability to protect our own intellectual property rights; payment-related risks, such as risk associated with fraudulent credit card and debit card use; compliance with the Foreign Corrupt Practices Act or applicable money-laundering regulations; risks related to pending or future legal proceedings and other actions; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; work stoppages and labor issues; changes in consumer preferences with respect to Churchill Downs Racetrack and the Kentucky Derby; personal injury litigation related to injuries occurring at our racetracks; weather and other conditions affecting our ability to conduct live racing; the occurrence of extraordinary events, such as terrorist attacks and public health threats, including the ongoing impact of the novel coronavirus (COVID-19 virus); changes in the regulatory environment of our racing operations; increased competition in the horseracing business; difficulty in attracting a sufficient number of horses and trainers for full field horseraces; our inability to utilize and provide totalizator services; changes in regulatory environment of our online horseracing business; number of people wagering on live horse races; increase in competition in our online horseracing; uncertainty and changes in the legal landscape relating to our online wagering business; continued legalization of online sports betting and iGaming in the United States and our ability to predict and capitalize on any such legalization; inability to expand our sports betting operations and effectively compete; failure to manage risks associated with sports betting; failure to comply with laws requiring us to block access to certain individuals could result in penalties or impairment with respect to our mobile and online wagering products; increased competition in our casino business; changes in regulatory environment of our casino business; and concentration and evolution of slot machine manufacturing and other technology conditions that could impose additional costs; and inability to collect gaming receivables from the customers to whom we extend credit.

Press Contacts

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

Tonya Abeln
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