Churchill Downs Inc: directors' dealings · United States · SEC (Form 4)

About Churchill Downs Inc

Churchill Downs Inc. (ticker: CHDN) is a U.S.-listed company trading on the Nasdaq stock exchange in the United States. For French-speaking investors, it is best understood as a distinctive leisure, racing, wagering and regional gaming platform built around one of America’s most iconic entertainment assets: the Kentucky Derby. Headquartered in Louisville, Kentucky, Churchill Downs has evolved from a historic racetrack operator into a diversified entertainment company with exposure to live racing, online wagering, historical racing machines, and regional casino-style gaming. The company’s heritage dates back to the 19th century and remains closely tied to Churchill Downs Racetrack and the Kentucky Derby, which CDI describes as its flagship event. Over time, the group expanded beyond horse racing into a broader set of businesses. Its core activity now spans live and historical racing operations, online wagering through TwinSpires, wagering technology and services, and regional gaming venues. In practice, this means Churchill Downs monetizes both event-driven entertainment and more recurring gaming-related cash flows, giving the business a more diversified profile than a pure racing operator. From a competitive standpoint, Churchill Downs benefits from a rare combination of brand equity, event ownership, and operating scale. The Kentucky Derby provides global visibility and a premium hospitality platform, while the group’s growing network of historical racing and gaming assets strengthens its foothold in regulated U.S. markets. TwinSpires remains an important strategic asset in online horse racing wagering, and the company has continued to build out gaming venues in states such as Kentucky, Virginia and New Hampshire. This geographic footprint supports local market penetration while reducing dependence on a single revenue stream. Recent developments highlight a still-expansionary strategy. In 2025 and early 2026, Churchill Downs opened new gaming properties, including Owensboro Racing and Gaming in Kentucky and Marshall Yards Racing & Gaming in southwestern Kentucky, while also announcing plans for Rockingham Grand Casino in Salem, New Hampshire. The company has also continued to invest in Churchill Downs Racetrack, with projects designed to enhance the Kentucky Derby guest experience. In its latest 2025 full-year results, CDI reported record quarterly revenue and Adjusted EBITDA, underscoring operational momentum, although investors should continue to monitor execution risk, regulatory exposure and capital intensity. Overall, Churchill Downs remains a U.S. leisure and gaming company with a premium brand, a strong event franchise, and an active development pipeline.