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Churchill Downs to sell nine casinos as it refocuses on racing and betting
The company expects to use sale proceeds to reduce leverage and fund share repurchases, after its stock fell nearly 7% to a six-year low on the announcement.
Churchill Downs Inc. will sell nine casinos across seven states as it shifts its strategy toward horse racing and online betting, including its TwinSpires platform, Bisnow reports. The company said the properties under consideration include casinos in Florida, Indiana, Iowa, Maryland, Mississippi, New York and Pennsylvania, with specific listings including Calder Casino in Florida, Terre Haute Casino in Indiana and a Hard Rock Casino in Iowa. Churchill Downs also said it plans to direct any asset sale proceeds toward significantly reducing leverage, reinvesting selectively in Churchill Downs Racetrack and other high-return projects, and funding the repurchase of its own shares. On the announcement, its stock fell nearly 7% to its lowest level in six years, according to Bloomberg as cited by Bisnow. The company noted it does not plan to sell its New Hampshire property or other historical racing machine properties in Kentucky and Virginia. Churchill Downs is also progressing development at its Kentucky site, including Victory Run, a four-story venue expected to debut at the 154th Kentucky Derby in 2028, with a stated budget of $280 million to $300 million.