Intrinsic value of Churchill Downs - CHDN

Previous Close

$305.00

  Intrinsic Value

$92.21

stock screener

  Rating & Target

str. sell

-70%

Previous close

$305.00

 
Intrinsic value

$92.21

 
Up/down potential

-70%

 
Rating

str. sell

We calculate the intrinsic value of CHDN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
Revenue, $m
  947
  1,014
  1,084
  1,156
  1,232
  1,310
  1,392
  1,476
  1,565
  1,657
  1,753
  1,854
  1,958
  2,068
  2,182
  2,301
  2,426
  2,557
  2,693
  2,836
  2,986
  3,143
  3,307
  3,479
  3,660
  3,849
  4,047
  4,255
  4,473
  4,701
Variable operating expenses, $m
  748
  797
  849
  902
  958
  1,015
  1,075
  1,138
  1,203
  1,271
  1,294
  1,368
  1,445
  1,526
  1,610
  1,698
  1,790
  1,886
  1,987
  2,093
  2,203
  2,319
  2,440
  2,567
  2,700
  2,840
  2,986
  3,139
  3,300
  3,469
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  748
  797
  849
  902
  958
  1,015
  1,075
  1,138
  1,203
  1,271
  1,294
  1,368
  1,445
  1,526
  1,610
  1,698
  1,790
  1,886
  1,987
  2,093
  2,203
  2,319
  2,440
  2,567
  2,700
  2,840
  2,986
  3,139
  3,300
  3,469
Operating income, $m
  200
  217
  235
  254
  274
  295
  316
  338
  362
  386
  460
  486
  513
  542
  572
  603
  636
  670
  706
  744
  783
  824
  867
  912
  959
  1,009
  1,061
  1,115
  1,173
  1,232
EBITDA, $m
  363
  388
  415
  443
  472
  502
  533
  565
  599
  634
  671
  710
  750
  792
  835
  881
  929
  979
  1,031
  1,086
  1,143
  1,203
  1,266
  1,332
  1,401
  1,474
  1,549
  1,629
  1,712
  1,800
Interest expense (income), $m
  40
  61
  68
  75
  82
  90
  98
  106
  115
  124
  133
  143
  153
  163
  174
  186
  198
  210
  223
  237
  252
  267
  282
  299
  316
  334
  353
  373
  394
  416
  439
Earnings before tax, $m
  139
  149
  161
  172
  184
  197
  210
  224
  238
  253
  317
  333
  350
  368
  386
  406
  426
  447
  469
  492
  516
  542
  568
  596
  625
  656
  688
  721
  757
  793
Tax expense, $m
  37
  40
  43
  47
  50
  53
  57
  60
  64
  68
  86
  90
  95
  99
  104
  109
  115
  121
  127
  133
  139
  146
  153
  161
  169
  177
  186
  195
  204
  214
Net income, $m
  101
  109
  117
  126
  135
  144
  153
  163
  174
  185
  231
  243
  256
  268
  282
  296
  311
  326
  342
  359
  377
  395
  415
  435
  456
  479
  502
  527
  552
  579

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,533
  2,712
  2,899
  3,092
  3,293
  3,503
  3,721
  3,948
  4,184
  4,431
  4,688
  4,956
  5,236
  5,528
  5,834
  6,153
  6,487
  6,836
  7,202
  7,584
  7,985
  8,404
  8,843
  9,303
  9,786
  10,291
  10,821
  11,376
  11,959
  12,570
Adjusted assets (=assets-cash), $m
  2,533
  2,712
  2,899
  3,092
  3,293
  3,503
  3,721
  3,948
  4,184
  4,431
  4,688
  4,956
  5,236
  5,528
  5,834
  6,153
  6,487
  6,836
  7,202
  7,584
  7,985
  8,404
  8,843
  9,303
  9,786
  10,291
  10,821
  11,376
  11,959
  12,570
Revenue / Adjusted assets
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
Average production assets, $m
  1,144
  1,224
  1,308
  1,396
  1,487
  1,581
  1,680
  1,782
  1,889
  2,000
  2,116
  2,237
  2,364
  2,496
  2,633
  2,778
  2,928
  3,086
  3,251
  3,424
  3,604
  3,794
  3,992
  4,200
  4,417
  4,646
  4,885
  5,135
  5,398
  5,674
Working capital, $m
  -58
  -62
  -66
  -71
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -113
  -119
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -182
  -192
  -202
  -212
  -223
  -235
  -247
  -260
  -273
  -287
Total debt, $m
  1,257
  1,387
  1,523
  1,664
  1,811
  1,963
  2,122
  2,288
  2,460
  2,640
  2,827
  3,023
  3,227
  3,440
  3,663
  3,895
  4,139
  4,393
  4,660
  4,939
  5,231
  5,536
  5,856
  6,192
  6,543
  6,912
  7,298
  7,703
  8,128
  8,573
Total liabilities, $m
  1,847
  1,977
  2,113
  2,254
  2,401
  2,554
  2,712
  2,878
  3,050
  3,230
  3,417
  3,613
  3,817
  4,030
  4,253
  4,486
  4,729
  4,984
  5,250
  5,529
  5,821
  6,126
  6,447
  6,782
  7,134
  7,502
  7,888
  8,293
  8,718
  9,163
Total equity, $m
  687
  735
  786
  838
  893
  949
  1,008
  1,070
  1,134
  1,201
  1,270
  1,343
  1,419
  1,498
  1,581
  1,668
  1,758
  1,853
  1,952
  2,055
  2,164
  2,277
  2,396
  2,521
  2,652
  2,789
  2,932
  3,083
  3,241
  3,406
Total liabilities and equity, $m
  2,534
  2,712
  2,899
  3,092
  3,294
  3,503
  3,720
  3,948
  4,184
  4,431
  4,687
  4,956
  5,236
  5,528
  5,834
  6,154
  6,487
  6,837
  7,202
  7,584
  7,985
  8,403
  8,843
  9,303
  9,786
  10,291
  10,820
  11,376
  11,959
  12,569
Debt-to-equity ratio
  1.830
  1.890
  1.940
  1.990
  2.030
  2.070
  2.100
  2.140
  2.170
  2.200
  2.230
  2.250
  2.270
  2.300
  2.320
  2.340
  2.350
  2.370
  2.390
  2.400
  2.420
  2.430
  2.440
  2.460
  2.470
  2.480
  2.490
  2.500
  2.510
  2.520
Adjusted equity ratio
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  101
  109
  117
  126
  135
  144
  153
  163
  174
  185
  231
  243
  256
  268
  282
  296
  311
  326
  342
  359
  377
  395
  415
  435
  456
  479
  502
  527
  552
  579
Depreciation, amort., depletion, $m
  163
  171
  180
  188
  197
  207
  217
  227
  238
  249
  212
  224
  236
  250
  263
  278
  293
  309
  325
  342
  360
  379
  399
  420
  442
  465
  488
  514
  540
  567
Funds from operations, $m
  264
  280
  297
  314
  332
  351
  370
  390
  411
  433
  443
  467
  492
  518
  545
  574
  604
  635
  667
  701
  737
  775
  814
  855
  898
  943
  990
  1,040
  1,092
  1,147
Change in working capital, $m
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
Cash from operations, $m
  268
  284
  301
  318
  337
  355
  375
  395
  417
  439
  449
  473
  498
  525
  552
  581
  611
  643
  676
  710
  746
  784
  824
  865
  909
  955
  1,003
  1,053
  1,105
  1,161
Maintenance CAPEX, $m
  -107
  -114
  -122
  -131
  -140
  -149
  -158
  -168
  -178
  -189
  -200
  -212
  -224
  -236
  -250
  -263
  -278
  -293
  -309
  -325
  -342
  -360
  -379
  -399
  -420
  -442
  -465
  -488
  -514
  -540
New CAPEX, $m
  -78
  -81
  -84
  -87
  -91
  -95
  -98
  -102
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -189
  -198
  -208
  -218
  -228
  -239
  -251
  -263
  -276
Cash from investing activities, $m
  -185
  -195
  -206
  -218
  -231
  -244
  -256
  -270
  -285
  -300
  -316
  -333
  -350
  -368
  -388
  -407
  -429
  -451
  -474
  -498
  -523
  -549
  -577
  -607
  -638
  -670
  -704
  -739
  -777
  -816
Free cash flow, $m
  84
  89
  95
  100
  106
  112
  118
  125
  132
  139
  133
  140
  148
  156
  165
  174
  183
  192
  202
  212
  223
  235
  246
  259
  271
  285
  299
  314
  329
  345
Issuance/(repayment) of debt, $m
  127
  131
  136
  141
  147
  153
  159
  165
  172
  180
  187
  196
  204
  213
  223
  233
  243
  255
  266
  279
  292
  306
  320
  335
  352
  368
  386
  405
  425
  445
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  127
  131
  136
  141
  147
  153
  159
  165
  172
  180
  187
  196
  204
  213
  223
  233
  243
  255
  266
  279
  292
  306
  320
  335
  352
  368
  386
  405
  425
  445
Total cash flow (excl. dividends), $m
  211
  220
  230
  241
  253
  265
  277
  290
  304
  318
  320
  336
  352
  370
  388
  406
  426
  447
  469
  491
  515
  540
  566
  594
  623
  653
  685
  718
  754
  790
Retained Cash Flow (-), $m
  -47
  -49
  -50
  -52
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -90
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -166
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  27
  29
  31
  34
  36
  38
  41
  43
  46
  49
  51
  54
  57
  61
  64
  68
  71
  75
  79
  83
  88
  93
  97
  103
  108
  113
  119
  125
  132
  139
Cash available for distribution, $m
  165
  171
  180
  189
  198
  208
  218
  229
  240
  252
  251
  263
  276
  290
  305
  320
  336
  352
  369
  388
  407
  427
  447
  469
  492
  516
  542
  568
  596
  625
Discount rate, %
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
  152
  144
  138
  130
  122
  113
  103
  94
  84
  74
  61
  53
  45
  37
  30
  24
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Churchill Downs Incorporated is a racing, gaming and online entertainment company. The Company is engaged in brick-and-mortar casino gaming with approximately 9,030 gaming positions in seven states, and is a legal mobile and online platform for betting on horseracing in the United States. It operates through six segments: Racing, Casinos, TwinSpires, Big Fish Games, Other Investments and Corporate. Racing includes four racetracks: Churchill Downs Racetrack, Arlington International Race Course, Fair Grounds Race Course and Calder Race Course. Casinos is a provider of brick-and-mortar real-money casino gaming. TwinSpires operates mobile and online wagering business, which is a platform for betting on horseracing. Big Fish Games, Inc. is a producer and distributor of social casino, casual and mid-core free-to-play and premium paid games for personal computer (PC), Mac and mobile devices. Other Investments includes United Tote and Capital View Casino & Resort Joint Venture (Capital View).

FINANCIAL RATIOS  of  Churchill Downs (CHDN)

Valuation Ratios
P/E Ratio 46.6
Price to Sales 3.8
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 22.2
Price to Free Cash Flow 29.3
Growth Rates
Sales Growth Rate 8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.6%
Cap. Spend. - 3 Yr. Gr. Rate 1.5%
Financial Strength
Quick Ratio 4
Current Ratio 0.2
LT Debt to Equity 132.6%
Total Debt to Equity 134.6%
Interest Coverage 5
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 16.6%
Return On Equity - 3 Yr. Avg. 11%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 23.9%
Gross Margin - 3 Yr. Avg. 22.8%
EBITDA Margin 25.5%
EBITDA Margin - 3 Yr. Avg. 23.3%
Operating Margin 14.9%
Oper. Margin - 3 Yr. Avg. 12%
Pre-Tax Margin 12.8%
Pre-Tax Margin - 3 Yr. Avg. 10.5%
Net Profit Margin 8.3%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 35.7%
Eff/ Tax Rate - 3 Yr. Avg. 39.3%
Payout Ratio 17.6%

CHDN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHDN stock intrinsic value calculation we used $883 million for the last fiscal year's total revenue generated by Churchill Downs. The default revenue input number comes from 2017 income statement of Churchill Downs. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CHDN stock valuation model: a) initial revenue growth rate of 7.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.4%, whose default value for CHDN is calculated based on our internal credit rating of Churchill Downs, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Churchill Downs.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CHDN stock the variable cost ratio is equal to 79.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CHDN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Churchill Downs.

Corporate tax rate of 27% is the nominal tax rate for Churchill Downs. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CHDN stock is equal to 3.1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CHDN are equal to 120.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Churchill Downs operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CHDN is equal to -6.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $640 million for Churchill Downs - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 16 million for Churchill Downs is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Churchill Downs at the current share price and the inputted number of shares is $4.9 billion.

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COMPANY NEWS

▶ Churchill Downs boosts number of gaming machines at off-track facility   [Jul-18-18 12:53PM  American City Business Journals]
▶ [$$] Churchill Downs, Eldorado Resorts End Vicksburg Casino Deal   [Jul-09-18 01:31PM  The Wall Street Journal]
▶ Churchill Downs Inc. terminates plan to purchase casino   [10:30AM  American City Business Journals]
▶ These 5 Top Stocks Are Near Buy Points From This Bullish Base   [Jul-05-18 04:03PM  Investor's Business Daily]
▶ Capitals' Stanley Cup win is actually a big win for Vegas   [Jun-08-18 01:14PM  Yahoo Finance Video]
▶ Top 20 Vice Stocks for Sinful Gains   [Jun-05-18 03:20PM  InvestorPlace]
▶ Yahoo Finance Live: Midday Movers - Jun 5th, 2018   [09:40AM  Yahoo Finance Video]
▶ Churchill Downs gets into the iGaming, sports-betting game   [07:25AM  American City Business Journals]
▶ Here's how the new parking, entry changes affected Derby week   [May-07-18 01:14PM  American City Business Journals]
▶ Louisville business leaders offer up their Derby picks, long shots (PHOTOS)   [May-03-18 11:31AM  American City Business Journals]
▶ Churchill's luxury jet partner predicts 40% spike in business amid Derby frenzy   [Apr-30-18 11:25AM  American City Business Journals]
▶ New Churchill Downs chairman: Expect a more active and available board   [Apr-27-18 07:12AM  American City Business Journals]
▶ Churchill Downs shows off $37M luxury suites, new entrance (PHOTOS)   [Apr-26-18 02:55PM  American City Business Journals]
▶ Industry leaders differ on ways to improve horse racing   [01:55PM  American City Business Journals]
▶ Churchill Downs: 1Q Earnings Snapshot   [Apr-25-18 06:13PM  Associated Press]
▶ Churchill Downs has a new Derby Week plan for getting in the track and to your seat   [Apr-20-18 07:15AM  American City Business Journals]
▶ Kentucky locks in incentive in hopes of making Breeders' Cup a regular draw   [Mar-13-18 01:25PM  American City Business Journals]
▶ Churchill Downs to buy two casinos for $230 million   [11:40AM  American City Business Journals]
▶ Churchill Downs posts 4Q profit   [05:01AM  Associated Press]
▶ Churchill Downs Q4 Earnings Preview   [09:26AM  Benzinga]
▶ Here's when Breeders' Cup tickets will be available in Louisville   [Feb-08-18 02:15PM  American City Business Journals]
▶ 5 Must Buy Stocks After Volatility Explodes   [Feb-06-18 04:53PM  Zacks]
▶ Stanley Furniture renegotiates sale terms, will consider better deal   [Jan-24-18 09:44AM  American City Business Journals]
▶ Now we know the name of Churchill Downs' new gaming facility in Louisville   [Dec-20-17 01:45PM  American City Business Journals]
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