News

Churchill Downs Incorporated pauses major construction projects due to economic uncertainty, while renovating exclusive hospitality areas with a $30 million budget.

Quiver AI Summary

Churchill Downs Incorporated (CDI) announced plans to renovate the Finish Line Suites and The Mansion at Churchill Downs Racetrack, aiming for completion by April 2026. The company has decided to pause its multi-year projects for The Skye, Conservatory, and Infield areas due to concerns about rising construction costs linked to tariff disputes and macro-economic conditions. The renovations will modernize the existing suites, expanding capacity to 750 guests, and enhance The Mansion with updated finishes. CDI expects to invest approximately $25-30 million in these improvements, aimed at creating a vibrant hospitality experience. CEO Bill Carstanjen emphasized the importance of being financially disciplined while remaining committed to enhancing the company's flagship asset for long-term growth.

Potential Positives

• CDI announced significant renovations to the Finish Line Suites and The Mansion, which are expected to enhance the hospitality experience for guests at Churchill Downs Racetrack.
• The renovations will increase the capacity of the Finish Line Suites to 750 guests and modernize the interior, thereby improving overall guest satisfaction.
• Investment of approximately $25-30 million into these projects demonstrates CDI's commitment to enhancing its flagship asset and providing high-quality experiences for its customers.
• CEO Bill Carstanjen reaffirmed the company's long-term growth strategy, expressing responsibility and discipline in response to economic conditions, which may enhance investor confidence.

Potential Negatives

• CDI's decision to pause multi-year projects due to economic uncertainty might indicate financial instability or caution that could concern investors.
• The delay in the development of The Skye, Conservatory, and Infield areas may disappoint fans and stakeholders who were looking forward to these enhancements.
• The uncertain economic landscape and rising construction costs due to tariffs and trade disputes could impact future growth and investment strategies for the company.

FAQ

What renovations are being made at Churchill Downs Racetrack?

Churchill Downs is renovating the Finish Line Suites and The Mansion, enhancing guest experience with modern amenities.

Why has Churchill Downs paused the Skye and Infield projects?

The construction pause is due to uncertainties regarding costs from tariffs and current macro-economic conditions.

When is the completion date for the suite renovations?

The renovations of the Finish Line Suites and The Mansion are expected to be completed in April 2026.

What is the estimated cost of the new renovations?

The expected cost for the renovation projects is approximately $25-30 million.

How will the renovations impact guest capacity at Churchill Downs?

The updated Finish Line Suites will increase capacity to a total of 750 guests, enhancing hospitality experience.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$CHDN Congressional Stock Trading

Members of Congress have traded $CHDN stock 2 times in the past 6 months. Of those trades, 1 have been purchases and 1 have been sales.

Here’s a breakdown of recent trading of $CHDN stock by members of Congress over the last 6 months:

• REPRESENTATIVE ROBERT BRESNAHAN sold up to $15,000 on 01/13.
• REPRESENTATIVE JAMES COMER purchased up to $15,000 on 01/02.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

$CHDN Hedge Fund Activity

We have seen 203 institutional investors add shares of $CHDN stock to their portfolio, and 194 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• CAPITAL RESEARCH GLOBAL INVESTORS removed 1,310,459 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $174,998,694
• CAPITAL INTERNATIONAL INVESTORS removed 713,891 shares (-37.4%) from their portfolio in Q4 2024, for an estimated $95,333,004
• CITADEL ADVISORS LLC added 624,465 shares (+51.3%) to their portfolio in Q4 2024, for an estimated $83,391,056
• SG AMERICAS SECURITIES, LLC added 510,331 shares (+28864.9%) to their portfolio in Q1 2025, for an estimated $56,682,464
• BOSTON PARTNERS added 366,283 shares (+25.6%) to their portfolio in Q4 2024, for an estimated $48,913,431
• BLACKROCK, INC. removed 343,323 shares (-4.3%) from their portfolio in Q4 2024, for an estimated $45,847,353
• FMR LLC added 214,694 shares (+6.4%) to their portfolio in Q4 2024, for an estimated $28,670,236

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

LOUISVILLE, Ky., April 23, 2025 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) announced today renovations of the existing Finish Line Suites and The Mansion at Churchill Downs Racetrack with expected completion in April 2026. After careful consideration, CDI has decided to pause the multi-year projects to develop The Skye, Conservatory and Infield areas. The decision to delay these construction projects is due to the increasing uncertainty surrounding construction costs related to tariff and trade disputes as well as current macro-economic conditions. In the coming months, CDI will assess the evolving economic landscape and evaluate any changes to the timing and sequencing of these multi-year projects.

The renovation of the Finish Line Suites will update the existing 15 suites on the fifth floor overlooking the finish line at Churchill Downs Racetrack, providing modern interior appointments and amenities while also increasing the capacity to a total of 750 guests. The renovation of the Trophy Room, which sits behind the Finish Line Suites with capacity for over 300 guests, will add updated finishes and a new feature bar. The improvements to these areas will together create a larger, fully integrated hospitality experience with more vibrancy, better guest flow and superior amenities.

The Mansion, built in 2013, is one of the most exclusive areas at Churchill Downs Racetrack. Located on the sixth floor, The Mansion provides an exclusive aerial view of the finish line and an expansive perspective of the entire property. Renovation of The Mansion will introduce updated finishes and other enhancements.

CDI expects to spend approximately $25-30 million on these new capital projects.

“We are pleased to announce these new projects designed to significantly improve the Finish Line Suites and The Mansion which are two of our most exclusive areas of the racetrack,” said Bill Carstanjen, Chief Executive Officer of CDI, “The decision to pause the Skye Terrace and infield projects was a difficult one for us to make because we do not want to disappoint our fans; however, we have a responsibility to be disciplined given the recent changes in the economic environment. We remain committed to growing our iconic flagship asset over the long term with projects that will provide new once-in-a lifetime experiences for our guests and deliver best-in-class shareholder returns.”

About Churchill Downs Incorporated

Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has been creating extraordinary entertainment experiences for over 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties.
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,” “scheduled,” and similar words or similar expressions (or negative versions of such words or expressions), 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 occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; changes in, or new interpretations of, applicable tax laws or rulings that could result in additional tax liabilities; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; negative shifts in public opinion regarding gambling that could result in increased regulation of, or new restrictions on, the gaming industry; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation that competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; 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 historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our sports betting business and effectively compete; 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; costs of compliance with increasingly complex laws and regulations regarding data privacy and protection of personal information; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; 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; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.

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.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/78b62cd7-0a4a-4a7e-ab2e-eaf57a0db8a5

https://www.globenewswire.com/NewsRoom/AttachmentNg/9373d521-7928-4fd0-a2f5-17c994c9b272

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.