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

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.