Intrinsic value of Churchill Downs - CHDN

Previous Close

$273.90

  Intrinsic Value

$136.91

stock screener

  Rating & Target

str. sell

-50%

Previous close

$273.90

 
Intrinsic value

$136.91

 
Up/down potential

-50%

 
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 0001), $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 4.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  987
  1,096
  1,212
  1,332
  1,458
  1,590
  1,727
  1,869
  2,018
  2,172
  2,332
  2,498
  2,671
  2,851
  3,037
  3,232
  3,434
  3,645
  3,864
  4,093
  4,331
  4,580
  4,840
  5,111
  5,394
  5,690
  6,000
  6,324
  6,662
  7,017
Variable operating expenses, $m
  777
  858
  943
  1,032
  1,125
  1,222
  1,323
  1,428
  1,537
  1,651
  1,720
  1,843
  1,971
  2,103
  2,241
  2,384
  2,534
  2,689
  2,851
  3,020
  3,196
  3,379
  3,571
  3,771
  3,980
  4,198
  4,427
  4,666
  4,916
  5,177
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
  777
  858
  943
  1,032
  1,125
  1,222
  1,323
  1,428
  1,537
  1,651
  1,720
  1,843
  1,971
  2,103
  2,241
  2,384
  2,534
  2,689
  2,851
  3,020
  3,196
  3,379
  3,571
  3,771
  3,980
  4,198
  4,427
  4,666
  4,916
  5,177
Operating income, $m
  210
  239
  269
  301
  334
  368
  404
  441
  480
  521
  611
  655
  700
  747
  796
  847
  900
  956
  1,013
  1,073
  1,136
  1,201
  1,269
  1,340
  1,414
  1,492
  1,573
  1,658
  1,747
  1,840
EBITDA, $m
  342
  381
  421
  462
  506
  552
  599
  649
  700
  754
  809
  867
  927
  989
  1,054
  1,122
  1,192
  1,265
  1,341
  1,421
  1,503
  1,590
  1,680
  1,774
  1,872
  1,975
  2,082
  2,195
  2,312
  2,435
Interest expense (income), $m
  40
  61
  72
  84
  96
  108
  122
  135
  150
  165
  181
  197
  214
  231
  249
  268
  288
  308
  330
  352
  375
  399
  424
  450
  478
  506
  536
  567
  600
  634
  669
Earnings before tax, $m
  149
  167
  185
  205
  225
  246
  269
  291
  315
  340
  415
  441
  469
  498
  528
  559
  592
  626
  661
  698
  737
  777
  819
  862
  908
  956
  1,006
  1,058
  1,113
  1,170
Tax expense, $m
  40
  45
  50
  55
  61
  67
  73
  79
  85
  92
  112
  119
  127
  134
  143
  151
  160
  169
  179
  189
  199
  210
  221
  233
  245
  258
  272
  286
  300
  316
Net income, $m
  109
  122
  135
  150
  164
  180
  196
  213
  230
  248
  303
  322
  342
  364
  386
  408
  432
  457
  483
  510
  538
  567
  598
  630
  663
  698
  734
  773
  812
  854

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
  2,638
  2,932
  3,240
  3,562
  3,899
  4,251
  4,617
  4,998
  5,394
  5,806
  6,234
  6,679
  7,141
  7,622
  8,121
  8,641
  9,182
  9,745
  10,332
  10,944
  11,581
  12,246
  12,941
  13,666
  14,423
  15,215
  16,042
  16,908
  17,813
  18,761
Adjusted assets (=assets-cash), $m
  2,638
  2,932
  3,240
  3,562
  3,899
  4,251
  4,617
  4,998
  5,394
  5,806
  6,234
  6,679
  7,141
  7,622
  8,121
  8,641
  9,182
  9,745
  10,332
  10,944
  11,581
  12,246
  12,941
  13,666
  14,423
  15,215
  16,042
  16,908
  17,813
  18,761
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
  922
  1,024
  1,132
  1,244
  1,362
  1,485
  1,613
  1,746
  1,884
  2,028
  2,178
  2,333
  2,495
  2,662
  2,837
  3,018
  3,207
  3,404
  3,609
  3,823
  4,045
  4,278
  4,520
  4,774
  5,038
  5,315
  5,604
  5,906
  6,223
  6,554
Working capital, $m
  -309
  -343
  -379
  -417
  -456
  -498
  -540
  -585
  -631
  -680
  -730
  -782
  -836
  -892
  -951
  -1,012
  -1,075
  -1,141
  -1,209
  -1,281
  -1,356
  -1,434
  -1,515
  -1,600
  -1,688
  -1,781
  -1,878
  -1,979
  -2,085
  -2,196
Total debt, $m
  1,333
  1,547
  1,772
  2,007
  2,253
  2,509
  2,776
  3,054
  3,343
  3,643
  3,955
  4,279
  4,616
  4,966
  5,331
  5,709
  6,104
  6,514
  6,942
  7,388
  7,853
  8,338
  8,844
  9,372
  9,925
  10,502
  11,105
  11,736
  12,396
  13,087
Total liabilities, $m
  1,923
  2,137
  2,362
  2,597
  2,843
  3,099
  3,366
  3,644
  3,933
  4,233
  4,545
  4,869
  5,206
  5,556
  5,920
  6,299
  6,694
  7,104
  7,532
  7,978
  8,443
  8,928
  9,434
  9,962
  10,515
  11,092
  11,695
  12,326
  12,986
  13,677
Total equity, $m
  715
  795
  878
  965
  1,057
  1,152
  1,251
  1,355
  1,462
  1,573
  1,689
  1,810
  1,935
  2,065
  2,201
  2,342
  2,488
  2,641
  2,800
  2,966
  3,139
  3,319
  3,507
  3,703
  3,909
  4,123
  4,347
  4,582
  4,827
  5,084
Total liabilities and equity, $m
  2,638
  2,932
  3,240
  3,562
  3,900
  4,251
  4,617
  4,999
  5,395
  5,806
  6,234
  6,679
  7,141
  7,621
  8,121
  8,641
  9,182
  9,745
  10,332
  10,944
  11,582
  12,247
  12,941
  13,665
  14,424
  15,215
  16,042
  16,908
  17,813
  18,761
Debt-to-equity ratio
  1.860
  1.950
  2.020
  2.080
  2.130
  2.180
  2.220
  2.250
  2.290
  2.320
  2.340
  2.360
  2.390
  2.400
  2.420
  2.440
  2.450
  2.470
  2.480
  2.490
  2.500
  2.510
  2.520
  2.530
  2.540
  2.550
  2.550
  2.560
  2.570
  2.570
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
  109
  122
  135
  150
  164
  180
  196
  213
  230
  248
  303
  322
  342
  364
  386
  408
  432
  457
  483
  510
  538
  567
  598
  630
  663
  698
  734
  773
  812
  854
Depreciation, amort., depletion, $m
  132
  142
  152
  162
  173
  184
  195
  207
  220
  233
  198
  212
  227
  242
  258
  274
  292
  309
  328
  348
  368
  389
  411
  434
  458
  483
  509
  537
  566
  596
Funds from operations, $m
  241
  264
  287
  311
  337
  364
  391
  420
  450
  481
  501
  534
  569
  606
  643
  683
  724
  766
  811
  857
  906
  956
  1,009
  1,064
  1,121
  1,181
  1,244
  1,309
  1,378
  1,450
Change in working capital, $m
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -111
Cash from operations, $m
  274
  298
  323
  349
  376
  405
  434
  465
  497
  530
  551
  586
  623
  662
  702
  744
  787
  832
  880
  929
  980
  1,034
  1,090
  1,148
  1,210
  1,274
  1,341
  1,411
  1,484
  1,561
Maintenance CAPEX, $m
  -75
  -84
  -93
  -103
  -113
  -124
  -135
  -147
  -159
  -171
  -184
  -198
  -212
  -227
  -242
  -258
  -274
  -292
  -309
  -328
  -348
  -368
  -389
  -411
  -434
  -458
  -483
  -509
  -537
  -566
New CAPEX, $m
  -97
  -102
  -108
  -113
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -155
  -161
  -168
  -175
  -182
  -189
  -197
  -205
  -214
  -223
  -232
  -243
  -253
  -265
  -277
  -289
  -302
  -316
  -331
Cash from investing activities, $m
  -172
  -186
  -201
  -216
  -231
  -247
  -263
  -280
  -297
  -315
  -334
  -353
  -373
  -395
  -417
  -440
  -463
  -489
  -514
  -542
  -571
  -600
  -632
  -664
  -699
  -735
  -772
  -811
  -853
  -897
Free cash flow, $m
  102
  112
  122
  134
  146
  158
  171
  185
  199
  214
  217
  233
  250
  267
  285
  304
  324
  344
  365
  387
  410
  434
  458
  484
  511
  539
  568
  599
  631
  664
Issuance/(repayment) of debt, $m
  204
  214
  225
  235
  246
  256
  267
  278
  289
  300
  312
  324
  337
  350
  364
  379
  394
  411
  428
  446
  465
  485
  506
  529
  552
  577
  603
  631
  660
  691
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  
  204
  214
  225
  235
  246
  256
  267
  278
  289
  300
  312
  324
  337
  350
  364
  379
  394
  411
  428
  446
  465
  485
  506
  529
  552
  577
  603
  631
  660
  691
Total cash flow (excl. dividends), $m
  306
  325
  347
  369
  391
  414
  438
  463
  488
  515
  529
  557
  587
  618
  650
  683
  718
  755
  793
  833
  875
  919
  965
  1,013
  1,063
  1,116
  1,172
  1,230
  1,291
  1,355
Retained Cash Flow (-), $m
  -75
  -80
  -83
  -87
  -91
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -125
  -130
  -135
  -141
  -147
  -153
  -159
  -166
  -173
  -180
  -188
  -196
  -205
  -215
  -224
  -235
  -245
  -257
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
  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 available for distribution, $m
  232
  246
  263
  281
  300
  319
  339
  360
  381
  403
  413
  437
  462
  487
  514
  542
  571
  602
  634
  667
  702
  738
  776
  816
  858
  902
  947
  995
  1,046
  1,098
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
  214
  208
  202
  194
  184
  173
  161
  147
  133
  118
  101
  87
  74
  62
  51
  41
  33
  25
  19
  14
  10
  7
  5
  3
  2
  1
  1
  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 41.8
Price to Sales 3.5
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 19.9
Price to Free Cash Flow 26.3
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 $882.6 million for the last fiscal year's total revenue generated by Churchill Downs. The default revenue input number comes from 0001 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 11.8% 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 0%.

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 93.4%.

Life of production assets of 11 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 -31.3%. 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 - $640.3 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 16.608 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 $4.5 billion.

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COMPANY NEWS

▶ Churchill Downs is getting a new rooftop lounge   [Sep-21-18 10:07AM  American City Business Journals]
▶ FIRST LOOK: Churchill Downs unveils $65M Derby City Gaming (PHOTOS)   [Sep-13-18 12:16PM  American City Business Journals]
▶ Churchill Downs to pump brakes on major racetrack improvements   [Aug-03-18 06:44AM  American City Business Journals]
▶ Here's how Churchill Downs will roll out its sports-betting strategy   [Aug-02-18 01:34PM  American City Business Journals]
▶ Churchill Downs: 2Q Earnings Snapshot   [04:51PM  Associated Press]
▶ This Casino Stock Has Become First Sports-Betting Partner Of A Major League   [Jul-31-18 04:06PM  Investor's Business Daily]
▶ Churchill Downs begins hiring for new Louisville gaming facility   [Jul-30-18 07:55AM  American City Business Journals]
▶ 3 Sports Gambling Stocks to Bet the House On   [Jul-27-18 12:54PM  InvestorPlace]
▶ 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]

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