Weekly Recap: Record Q3 results and review of nine property sales
2 min de lecture
Churchill Downs Incorporated (NASDAQ:CHDN) delivered record Q3 revenue and higher earnings as it expanded buybacks, strengthened financing and weighed sales of nine regional gaming properties. Growth plans span new gaming offerings and racing investments, while Kentucky Derby ticket sales are running ahead of last year’s pace.
Previous Week Recap
- Record Q3 Revenue Growth: Churchill Downs (CHDN) posted record Q3 2026 revenue of $696 million, up 2% year over year. Net income rose to $80 million from $38 million; adjusted EPS climbed to $1.23 from $1.09. 3 sources
- Regional Property Sale Review: Churchill Downs is weighing sales of nine wholly owned regional gaming properties, with deals expected by year-end. Proceeds may go toward debt reduction, share buybacks and select growth projects. 2 sources
- $750 Million Share Buyback: Churchill Downs approved a buyback of up to $750 million on Oct. 27, including $306 million left from its prior plan. It repurchased 570,169 shares for $48 million in Q3. GlobeNewswire
- United Tote Stake Acquisition: Churchill Downs (CHDN) acquired the New York Racing Association’s 49% stake in United Tote. NYRA also extended its pari-mutuel wagering services deal with United Tote through 2035. 2 sources
- Debt Refinancing And Extensions: Churchill Downs (CHDN) secured a $500 million term loan due 2033 and extended its revolving credit and Term Loan A maturities to September 2031. It redeemed 2027 notes with revolver borrowings. GlobeNewswire
- Derby Sales And Construction: Churchill Downs (CHDN) said 2027 Kentucky Derby ticket sales are 25% ahead of last year’s pace, with 40% of inventory sold. Victory Run construction is underway for a pre-2028 Derby opening. MarketBeat
- Electronic Games, Casino Progress: Churchill Downs (CHDN) plans to launch electronic craps near year-end and develop electronic blackjack for 2027. Its Rockingham Grand Casino remains on budget and schedule for a mid-2027 opening. MarketBeat
- Analysts Raise Price Targets: Churchill Downs (CHDN) kept Overweight ratings at J.P. Morgan and Barclays. J.P. Morgan raised its price target to $120 from $118; Barclays lifted its target to $133 from $132. TradingView
- Four-Race Oaks Division Added: Churchill Downs (CHDN) and NYRA will add a four-race Oaks Division in 2027. The 10-race series will offer over $22 million in prizes, with races airing nationally on NBC or FOX. 3 sources
- Regional Gaming Trends Diverge: Churchill Downs’ Kentucky historical racing venues grew, while competition weighed on its Virginia Central operations. Its Louisiana historical racing operations closed in May 2025. TradingView
This is an AI-generated summary and may contain inaccuracies. Please verify any important information with the original sources.