Around it are 900 'instant racing' machines - devices similar to slot machines but reliant on the results of past races. And more could be coming soon. Earlier this month, Churchill Downs. Casino gambling and slot machines are prohibited under the state constitution. It is unclear what the ruling will mean for the gambling machines in operation at Churchill Downs and for other.

Churchill Downs Incorporated is the parent company of Churchill Downs. The company has evolved from one racetrack in Louisville, Kentucky, to a multi US-state, publicly traded company with racetracks, casinos and the United States' leading online wagering company among its portfolio of businesses.

History[edit]

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Churchill Downs Incorporated began with the opening of one legendary racetrack in Louisville, Kentucky, in 1875. While traveling in England and France in 1872–1873, 26-year-old Meriwether Lewis Clark devised the idea of a Louisville Jockey Club for conducting race meets. Clark toured and visited with a number of notable racing leaders, including England's Admiral Rous and France's Vicomte Darn, vice president of the French Jockey Club.^[1]

Upon his return from Europe, Clark began development of his racetrack, which would serve to showcase the Kentucky breeding industry. The track would eventually become known as Churchill Downs.

The track formally opened on May 17, 1875, with four races scheduled including the day's featured race, the Kentucky Derby. Throughout the early 1900s, Churchill Downs joined with other tracks to create the Kentucky Jockey Club. With five tracks, the Club decided to dissolve in December 1927, with the purpose of re-organizing. In January 1928, the American Turf Association served as the new holding company for Churchill Downs and six other tracks.

From 1929 through 1942, the holding company started to reduce the number of tracks. By 1937, there were only three tracks left. In January 1937, Churchill Downs joined with Latonia in Northern Kentucky to create Churchill Downs-Latonia Incorporated. In 1942, Churchill Downs separated from Latonia and officially changed its name to Churchill Downs Incorporated. Yamasa planet 999 slot machine.

After simulcasting became commonplace in the early 1990s, the racetrack decided to expand its holdings and move into the simulcasting industry. In 1991, Churchill Downs bought the struggling Louisville Downs harness track, which was closed and converted to a satellite wagering and training facility.

In 1994, Churchill Downs began to expand its holdings, with plans to partner with a new racetrack in Indiana. The plan resulted in the purchase of Hoosier Park from businessman Louis Carlo.

In 1998, CDI purchased Ellis Park Racecourse in Henderson, Kentucky. In 1999, the company acquired Calder Race Course and Hollywood Park Racetrack from Pinnacle Entertainment In 2000, CDI merged with Arlington Park and the eight OTB's owned by Arlington. In 2004, Churchill Downs Incorporated finalized the purchase of Fair Grounds Race Course.

In April 2002, Churchill Downs Incorporated established the Green Pastures Program in partnership with the Thoroughbred Retirement Foundation, a leading American racehorse rescue and adoption organization.

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In 2005, Hollywood Park was sold to Bay Meadows Land Company for $257.5 million, and Ellis Park was sold to businessman Ron Geary in September 2006. In December 2006, Churchill Downs Inc. sold its remaining interest in Hoosier Park to Centaur Inc. In the fall of 2007, Fair Grounds reopened to include a gaming facility adjacent to the track grandstand. In January 2010, Churchill Downs added the casino venue to Calder Race Course.

On May 2, 2007, CDI launched its advance deposit wagering service, TwinSpires (www.twinspires.com). TwinSpires.com is the official advance-deposit wagering service for Churchill Downs Incorporated and its family of racetracks, as well for the Kentucky Derby and Kentucky Oaks. TwinSpires.com offers wagering on races from the country's most popular racetracks. TwinSpires.com includes the assets of Youbet.com, which Churchill Downs Incorporated acquired in June 2010.

The company acquired Harlow's Casino Resort in Greenville, Mississippi, in December 2010 for $138 million.^[2] In October 2012, the company acquired the Riverwalk Casino and Hotel in Vicksburg, Mississippi for $141 million.^[3]

In December 2012, Churchill Downs partnered with Delaware North to buy Lebanon Raceway in Lebanon, Ohio for $60 million.^[4] Ohio had recently authorized slot machines at racetracks, which the companies took advantage of by transferring the racing license to a new $215-million facility built between Cincinnati and Dayton.^[5] The new racino, Miami Valley Gaming, opened in December 2013.^[6][7]

In July 2013, Churchill Downs bought the Oxford Casino in Oxford, Maine for $160 million.^[8][9]

In May 2014, CDI and Saratoga Casino Holdings announced a partnership to bid for the Capital Region's casino license, proposing a $300-million destination resort casino in East Greenbush, New York.^[10] In October 2014, Churchill agreed to purchase a 25 percent interest in Saratoga, and signed on to manage Saratoga Casino and Raceway, Saratoga Casino Black Hawk, and the proposed Capital View Casino & Resort.^[11] The casino proposal was rejected, however, in favor of Rivers Casino.^[12]

In December 2014, the company acquired Big Fish Games, a developer of casual games, in a deal valued at up to $885 million.^[13][14] It then sold Big Fish Games in 2018 to Aristocrat Leisure for $990 million.^[15][16]

The company partnered with Saratoga to purchase Ocean Downs, a harness racing track and casino in Maryland, in January 2017.^[17][18] Churchill Downs took full ownership of Ocean Downs in September 2018, swapping its 25 percent stake in Saratoga for Saratoga's 50 percent stake in the track.^[19]

In April 2017, the company purchased advance-deposit wagering website BetAmerica.^[20]

In February 2018, Churchill Downs agreed to purchase two casinos (Presque Isle Downs in Pennsylvania and Lady Luck Casino Vicksburg in Mississippi) from Eldorado Resorts for a total of $230 million.^[21] The purchase of the Lady Luck was later canceled because of antitrust concerns, and Churchill Downs instead agreed to buy the operations of Lady Luck Casino Nemacolin in Pennsylvania for $100,000.^[22] The purchases were completed in early 2019.^[23][24]

In September 2018, the company opened Derby City Gaming, a $65-million historical racing parlor, at the site of Louisville Downs.^[25][26]

In March 2019, Churchill Downs bought a 62 percent share in Rivers Casino Des Plaines, a few miles away from Arlington Park, from Neil Bluhm and his partners for $401 million.^[27][28] Later that year, Churchill purchased Turfway Park in Northern Kentucky for $46 million, and announced the construction of a $100-million historical racing parlor at the property.^[29]

Economics and stock[edit]

Churchill Downs Incorporated is listed on the NASDAQ as CHDN. The company is the most profitable track owner in the horse racing industry.^{[citation needed]}

Holdings[edit]

Churchill Downs Incorporated owns the following racetrack and casino properties:

• Derby City Gaming (formerly Louisville Downs)
• Miami Valley Gaming (50% stake)
• Rivers Casino (62% stake)

The company's other business holdings include:

• TwinSpires

References[edit]

1. ^John Nauright (6 April 2012). Sports around the World: History, Culture, and Practice. ABC-CLIO. p. 2. ISBN978-1-59884-301-9. Retrieved 12 October 2018.
2. ^'Churchill Downs completes Harlow's purchase'. Business First. Louisville, KY. December 16, 2010. Retrieved 2012-12-29.
3. ^'Churchill Downs closes on $141 million acquisition of Mississippi casino and hotel'. Washington Post. AP. October 23, 2012. Retrieved 2012-10-24.
4. ^Matt Hegarty (December 21, 2012). 'Churchill Downs Inc., Delaware North Cos. complete purchase of Lebanon Raceway'. Daily Racing Form. Retrieved 2012-12-30.
5. ^'Churchill Downs, partner complete purchase of licenses and assets for planned Ohio racino'. Business First. Louisville, KY. December 21, 2012. Retrieved 2012-12-30.
6. ^John R. Karman III (December 4, 2013). 'Churchill, partner to open Ohio racino next week'. Louisville Business First. Retrieved 2018-01-25.
7. ^'Miami Valley Gaming welcomes thousands of Southwest Ohio patrons on opening day of $175 million entertainment venue' (Press release). Miami Valley Gaming. December 12, 2013. Retrieved 2018-01-25.
8. ^Jessica Hall (March 30, 2013). 'Oxford Casino to be sold for $160 million'. Portland Press Herald. Retrieved 2013-03-30.
9. ^'Churchill completes Maine casino purchase'. The Blood-Horse. AP. July 18, 2013. Retrieved 2018-01-25.
10. ^staff (May 13, 2014). 'Saratoga Casino and Raceway to team up with Churchill Downs on $300 million casino bid'. Albany Business Review. Retrieved 2014-05-13.
11. ^Janet Patton (October 29, 2014). 'Churchill buying into Saratoga Harness for $30.6m'. Lexington Herald Leader. Retrieved 2014-10-14.
12. ^Lauren Mineau; Danielle Sanzone (December 17, 2014). 'All bets are off: Rensselaer County loses bids for casino'. The Record. Troy, NY. Retrieved 2018-01-25.
13. ^Wingfield, Nick (November 12, 2014). 'Churchill Downs to buy Big Fish Games for up to $885 million'. New York Times. Retrieved 2018-01-25.
14. ^'Churchill finishes purchase of Big Fish Games'. The Blood-Horse. December 16, 2014. Retrieved 2018-01-25.
15. ^'Seattle-based Big Fish Games being sold for $990M to Australian firm'. Seattle Times. November 29, 2017. Retrieved 2018-01-25.
16. ^'Churchill Downs Incorporated announces closing of the sale of Big Fish Games, Inc. to Aristocrat Technologies, Inc. for US$990 million' (Press release). Churchill Downs Inc. January 9, 2018. Retrieved 2018-01-25 – via GlobeNewswire.
17. ^'Churchill, Saratoga announce joint venture to purchase Maryland racetrack, casino' (Press release). Churchill Downs, Inc. August 2, 2016. Retrieved 2016-08-02 – via Paulick Report.
18. ^'Churchill Downs, Saratoga Casino complete acquisition of Ocean Downs' (Press release). Churchill Downs, Inc. January 4, 2017. Retrieved 2017-01-05.
19. ^'Churchill Downs Incorporated announces closing of acquisition of remaining 50% ownership of Ocean Downs in exchange for its 25% interest in Saratoga Casino Hotel and Saratoga Casino Black Hawk' (Press release). Churchill Downs Inc. September 4, 2018. Retrieved 2018-11-01 – via GlobeNewswire.
20. ^Churchill Downs Inc. Purchases ADW BetAmerica - Jeremy Balan, Bloodhorse, 19 April 2017
21. ^Jason Hidalgo (March 1, 2018). 'Eldorado Resorts agrees to sell two casinos in Pennsylvania and Mississippi'. Reno Gazette-Journal. Retrieved 2018-08-07.
22. ^Marty Finley (July 9, 2018). 'Churchill Downs Inc. terminates plan to purchase casino'. Louisville Business First. Retrieved 2018-07-13.
23. ^'Churchill Downs completes purchase of Presque Isle Downs & Casino'. Erie Times-News. January 12, 2019. Retrieved 2019-01-12.
24. ^Billy Kobin (March 9, 2019). 'Churchill Downs buys Lady Luck Casino Nemacolin in Pennsylvania'. The Courier-Journal. Louisville, KY. Retrieved 2019-03-11.
25. ^Alfred Miller (September 18, 2018). 'Is Churchill Downs betting on expanded gaming with new facility?'. Courier Journal. Louisville, KY. Retrieved 2018-11-01.
26. ^Marty Finley (September 4, 2018). 'Churchill Downs wants to bring harness racing back to Louisville'. Louisville Business First. Retrieved 2019-03-05.
27. ^Form 10-K: Annual Report (Report). Churchill Downs Inc. February 27, 2019. p. 5 – via EDGAR.
28. ^'Churchill Downs Incorporated completes purchase of stake in Rivers Casino Des Plaines in Illinois' (Press release). Churchill Downs Inc. March 5, 2019 – via EDGAR.
29. ^Steve Watkins (October 17, 2019). 'Turfway Park renovation plans revealed'. Cincinnati Business Journal. Retrieved 2019-11-02.

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Churchill Downs Slot Machines In Louisville

NEW YORK (CNN/Money) - The grandeur and tradition of horse racing will be celebrated Saturday with the 128th running of the Kentucky Derby, but the company that hosts the sports' most popular event no longer can afford to peg its future to one race on the first Saturday of May.

Churchill Downs Inc. (CHDN: up $0.03 to $36.98, Research, Estimates) has been on a five-year acquisition binge as it gobbles up other tracks in the consolidating and financially-challenged horse racing industry. The buying spree has added four tracks in five years, allowing it to have betting, revenue and earnings all rise by about 40 percent a year since 1997.

But the need to issue additional shares to make the deals has depressed earnings per share growth.

The company was disappointed when it posted a slight drop in EPS last year to $1.67 a share in 2001 from $1.75 in 2000 and $1.72 in 1999.

Analysts surveyed by earnings tracker First Call are looking for an increase this year, but only up to $1.81 a share.

A 44 percent run-up in its stock price since early November has raised its price-to-earnings ratio to a healthy 22.1, leaving some analysts questioning how much more upside there is left for the stock in the near-term. Churchill Downs is already at a higher multiple than most of the stocks in the Dow Jones U.S. casinos index.

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The horse racing industry, which once had a virtual monopoly on legal gambling in the country, now finds state lotteries, riverboat gambling and Native American casinos popping up across the nation, siphoning off gambler's dollars and interest.

The competition has prompted Churchill Downs to push hard for legislation to allow it to have slots, not just beneath the famous twin spires of its old Kentucky home, but also at the other premier tracks it has purchased, Hollywood Park in Inglewood, Calif., and Arlington Park outside of Chicago.

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'It's only a matter now of when, not if, we will get slot machines or video lottery terminals into our facilities,' predicts Churchill Downs Chief Financial Officer Bob Decker.

The pressure to expand to other forms of gambling is two-fold. The race tracks face competition for gambler's dollars and interest from nearby casinos such as the riverboats that dock on the Indiana shore of the Ohio river directly across from Louisville, Ky. In addition some race tracks have already won the right to have slots that has allowed them to supplement their prize money and win the competition to have better quality horses appear at their races.

Last fall New York passed legislation in the wake of Sept. 11 to allow slots at its tracks. The threat of having the machines at Aqueduct Race Track in New York City, with its huge population base nearby, has the potential to send purses soaring, and prompted legislation to allow slots in 16 different state legislatures.

'This prospect of machines at Aqueduct sent shockwaves through industry,' said Eugene Christiansen of Christiansen Capital Advisors, an expert on gaming. 'You're talking about a potential for huge differences in purses - maybe doubling. I think Mr. Decker is right when he says it's a matter of when the machines will spread.'

Christiansen and Ryan Worst, gaming stock analyst with Dresdner Kleinwort Wasserstein, both think that Churchill Downs is well positioned for growth in the consolidating industry. Part of their reason for optimism is the growth of off-track betting and revenue from the closed-circuit broadcasts of its races to about 1,100 betting parlors around the country.

'On-track wager and attendance is down, a lot of that is made up by wagering from off track locations,' said Worst. 'I think there is a valid business model, exporting racing signal to other locations, with a lot of growth potential internationally. And I think eventually people will be able to wager from home.'

The growth of off track wagering is a key to Churchill Downs' growth strategy. The company has a closed-circuit horse racing channel, the Churchill Downs Simulcast Network, which broadcasts races from all of its tracks live to parlors and other race tracks for a percentage of the amount wagered on those races at the parlors. That revenue comes with virtually no additional cost to the company, helping its bottom line.

The company is looking to increase its penetration in overseas off track betting markets. Decker estimates that an estimated $15 billion to $16 billion wagered on horses in the United States is dwarfed by the $83 billion wagered outside the country. Worst also sees the simulcast market and the potential for further acquisitions as enough to keep the company growing despite some difficult industry dynamics.

Still Worst downgraded his recommendations on Churchill Down and two other horse racing stocks, Penn National Gaming Inc. (PENN: Research, Estimates) and MTR Gaming Group Inc. (MNTG: Research, Estimates), he said mostly because of the recent appreciation in their stock prices. Still, he has an 'add' recommendation on Churchill Downs, rather than the 'hold' rating on Penn National, which already has seen the introduction of slot machines at its key tracks.

Worst's 12-month target price for Churchill Downs' stock is $43, which is about 14 percent above current valuations.

'The company's size and standing relative to its peers, a premium brand, and significant growth opportunities warrant a premium valuation in our opinion,' he wrote in a note to clients a month ago.

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