Intrinsic value of Churchill Downs - CHDN

Previous Close

$263.55

  Intrinsic Value

$163.47

stock screener

  Rating & Target

sell

-38%

Previous close

$263.55

 
Intrinsic value

$163.47

 
Up/down potential

-38%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Churchill Downs (CHDN) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.00
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  1,309
  1,361
  1,417
  1,477
  1,540
  1,606
  1,677
  1,752
  1,832
  1,915
  2,004
  2,097
  2,195
  2,299
  2,408
  2,523
  2,643
  2,771
  2,905
  3,046
  3,194
  3,349
  3,513
  3,685
  3,866
  4,057
  4,257
  4,467
  4,687
  4,919
  5,163
Variable operating expenses, $m
 
  347
  357
  369
  381
  394
  408
  422
  437
  454
  471
  406
  425
  445
  466
  488
  511
  536
  562
  589
  618
  648
  680
  713
  748
  785
  823
  864
  907
  952
  999
Fixed operating expenses, $m
 
  816
  836
  857
  879
  901
  923
  946
  970
  994
  1,019
  1,044
  1,071
  1,097
  1,125
  1,153
  1,182
  1,211
  1,241
  1,273
  1,304
  1,337
  1,370
  1,405
  1,440
  1,476
  1,513
  1,550
  1,589
  1,629
  1,670
Total operating expenses, $m
  1,114
  1,163
  1,193
  1,226
  1,260
  1,295
  1,331
  1,368
  1,407
  1,448
  1,490
  1,450
  1,496
  1,542
  1,591
  1,641
  1,693
  1,747
  1,803
  1,862
  1,922
  1,985
  2,050
  2,118
  2,188
  2,261
  2,336
  2,414
  2,496
  2,581
  2,669
Operating income, $m
  194
  199
  224
  251
  280
  312
  347
  384
  424
  467
  514
  647
  700
  757
  817
  882
  950
  1,024
  1,101
  1,184
  1,272
  1,365
  1,463
  1,568
  1,679
  1,796
  1,921
  2,052
  2,192
  2,339
  2,495
EBITDA, $m
  320
  355
  383
  413
  446
  481
  520
  561
  606
  653
  704
  759
  818
  880
  946
  1,017
  1,092
  1,172
  1,257
  1,347
  1,443
  1,544
  1,652
  1,766
  1,886
  2,014
  2,149
  2,292
  2,443
  2,603
  2,772
Interest expense (income), $m
  40
  43
  46
  49
  52
  55
  59
  63
  67
  72
  76
  81
  87
  92
  98
  104
  110
  117
  124
  132
  139
  148
  156
  166
  175
  185
  196
  207
  219
  231
  244
Earnings before tax, $m
  168
  156
  178
  202
  228
  256
  287
  321
  357
  396
  437
  565
  613
  665
  719
  778
  840
  906
  977
  1,052
  1,132
  1,217
  1,307
  1,402
  1,504
  1,611
  1,725
  1,845
  1,973
  2,108
  2,251
Tax expense, $m
  60
  42
  48
  55
  62
  69
  78
  87
  96
  107
  118
  153
  166
  179
  194
  210
  227
  245
  264
  284
  306
  329
  353
  379
  406
  435
  466
  498
  533
  569
  608
Net income, $m
  108
  114
  130
  147
  166
  187
  210
  234
  260
  289
  319
  413
  448
  485
  525
  568
  613
  662
  713
  768
  826
  888
  954
  1,024
  1,098
  1,176
  1,259
  1,347
  1,440
  1,539
  1,643

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  49
  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
  2,254
  2,292
  2,386
  2,486
  2,592
  2,705
  2,824
  2,950
  3,083
  3,224
  3,373
  3,530
  3,695
  3,870
  4,053
  4,247
  4,450
  4,665
  4,890
  5,127
  5,377
  5,639
  5,915
  6,205
  6,509
  6,830
  7,166
  7,520
  7,891
  8,282
  8,692
Adjusted assets (=assets-cash), $m
  2,205
  2,292
  2,386
  2,486
  2,592
  2,705
  2,824
  2,950
  3,083
  3,224
  3,373
  3,530
  3,695
  3,870
  4,053
  4,247
  4,450
  4,665
  4,890
  5,127
  5,377
  5,639
  5,915
  6,205
  6,509
  6,830
  7,166
  7,520
  7,891
  8,282
  8,692
Revenue / Adjusted assets
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
Average production assets, $m
  1,046
  1,088
  1,132
  1,180
  1,230
  1,284
  1,340
  1,400
  1,463
  1,530
  1,601
  1,675
  1,754
  1,837
  1,924
  2,015
  2,112
  2,214
  2,321
  2,433
  2,552
  2,676
  2,807
  2,945
  3,089
  3,241
  3,401
  3,569
  3,745
  3,931
  4,125
Working capital, $m
  -222
  -267
  -278
  -289
  -302
  -315
  -329
  -343
  -359
  -375
  -393
  -411
  -430
  -451
  -472
  -494
  -518
  -543
  -569
  -597
  -626
  -656
  -689
  -722
  -758
  -795
  -834
  -875
  -919
  -964
  -1,012
Total debt, $m
  922
  969
  1,035
  1,105
  1,180
  1,260
  1,344
  1,433
  1,527
  1,626
  1,731
  1,842
  1,958
  2,081
  2,211
  2,347
  2,490
  2,641
  2,800
  2,968
  3,143
  3,328
  3,523
  3,727
  3,942
  4,168
  4,405
  4,654
  4,916
  5,192
  5,481
Total liabilities, $m
  1,569
  1,616
  1,682
  1,752
  1,827
  1,907
  1,991
  2,080
  2,174
  2,273
  2,378
  2,489
  2,605
  2,728
  2,858
  2,994
  3,137
  3,288
  3,447
  3,615
  3,790
  3,975
  4,170
  4,374
  4,589
  4,815
  5,052
  5,301
  5,563
  5,839
  6,128
Total equity, $m
  685
  676
  704
  733
  765
  798
  833
  870
  910
  951
  995
  1,041
  1,090
  1,142
  1,196
  1,253
  1,313
  1,376
  1,443
  1,513
  1,586
  1,663
  1,745
  1,830
  1,920
  2,015
  2,114
  2,218
  2,328
  2,443
  2,564
Total liabilities and equity, $m
  2,254
  2,292
  2,386
  2,485
  2,592
  2,705
  2,824
  2,950
  3,084
  3,224
  3,373
  3,530
  3,695
  3,870
  4,054
  4,247
  4,450
  4,664
  4,890
  5,128
  5,376
  5,638
  5,915
  6,204
  6,509
  6,830
  7,166
  7,519
  7,891
  8,282
  8,692
Debt-to-equity ratio
  1.346
  1.430
  1.470
  1.510
  1.540
  1.580
  1.610
  1.650
  1.680
  1.710
  1.740
  1.770
  1.800
  1.820
  1.850
  1.870
  1.900
  1.920
  1.940
  1.960
  1.980
  2.000
  2.020
  2.040
  2.050
  2.070
  2.080
  2.100
  2.110
  2.130
  2.140
Adjusted equity ratio
  0.288
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  108
  114
  130
  147
  166
  187
  210
  234
  260
  289
  319
  413
  448
  485
  525
  568
  613
  662
  713
  768
  826
  888
  954
  1,024
  1,098
  1,176
  1,259
  1,347
  1,440
  1,539
  1,643
Depreciation, amort., depletion, $m
  126
  156
  159
  162
  166
  169
  173
  177
  181
  186
  191
  112
  118
  123
  129
  135
  142
  149
  156
  163
  171
  180
  188
  198
  207
  218
  228
  240
  251
  264
  277
Funds from operations, $m
  186
  270
  289
  310
  332
  357
  383
  411
  442
  475
  510
  525
  565
  608
  654
  703
  755
  810
  869
  931
  998
  1,068
  1,142
  1,221
  1,305
  1,394
  1,487
  1,587
  1,691
  1,802
  1,920
Change in working capital, $m
  -41
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -48
Cash from operations, $m
  227
  281
  300
  321
  345
  370
  397
  426
  457
  491
  527
  543
  585
  629
  676
  726
  779
  835
  895
  959
  1,027
  1,098
  1,175
  1,255
  1,340
  1,431
  1,526
  1,628
  1,735
  1,848
  1,968
Maintenance CAPEX, $m
  0
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -103
  -107
  -112
  -118
  -123
  -129
  -135
  -142
  -149
  -156
  -163
  -171
  -180
  -188
  -198
  -207
  -218
  -228
  -240
  -251
  -264
New CAPEX, $m
  -55
  -42
  -45
  -47
  -50
  -53
  -57
  -60
  -63
  -67
  -71
  -74
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -118
  -124
  -131
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -195
Cash from investing activities, $m
  -51
  -112
  -118
  -123
  -129
  -136
  -143
  -150
  -157
  -165
  -174
  -181
  -191
  -201
  -210
  -221
  -232
  -244
  -256
  -269
  -281
  -295
  -311
  -326
  -343
  -359
  -378
  -396
  -416
  -436
  -459
Free cash flow, $m
  176
  168
  182
  198
  215
  234
  254
  276
  300
  326
  354
  362
  394
  428
  465
  505
  547
  592
  640
  691
  745
  803
  864
  929
  998
  1,072
  1,149
  1,232
  1,319
  1,411
  1,509
Issuance/(repayment) of debt, $m
  -144
  61
  66
  70
  75
  79
  84
  89
  94
  99
  105
  111
  117
  123
  129
  136
  144
  151
  159
  167
  176
  185
  194
  204
  215
  226
  237
  249
  262
  275
  289
Issuance/(repurchase) of shares, $m
  -37
  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  
  -183
  61
  66
  70
  75
  79
  84
  89
  94
  99
  105
  111
  117
  123
  129
  136
  144
  151
  159
  167
  176
  185
  194
  204
  215
  226
  237
  249
  262
  275
  289
Total cash flow (excl. dividends), $m
  -7
  229
  249
  268
  290
  313
  338
  365
  394
  425
  459
  472
  510
  551
  595
  641
  690
  743
  799
  858
  921
  988
  1,058
  1,134
  1,213
  1,297
  1,387
  1,481
  1,581
  1,687
  1,798
Retained Cash Flow (-), $m
  -68
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -77
  -81
  -86
  -90
  -94
  -99
  -104
  -110
  -115
  -121
Prev. year cash balance distribution, $m
 
  35
  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
 
  238
  221
  239
  259
  280
  303
  328
  355
  384
  415
  426
  462
  500
  541
  584
  630
  680
  732
  788
  847
  910
  977
  1,048
  1,123
  1,203
  1,287
  1,377
  1,471
  1,571
  1,677
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  221
  190
  188
  185
  181
  175
  168
  159
  149
  138
  120
  108
  97
  85
  73
  62
  52
  42
  34
  26
  20
  15
  11
  8
  5
  4
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
  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 40.3
Price to Sales 3.3
Price to Book 6.3
Price to Tangible Book
Price to Cash Flow 19.2
Price to Free Cash Flow 25.3
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 $1309 million for the last fiscal year's total revenue generated by Churchill Downs. The default revenue input number comes from 2016 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 4% 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 7.5%, 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 25.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $796 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 4.7% 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 79.9%.

Life of production assets of 14.9 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 -19.6%. 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 - $685 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 15.428 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 $4.1 billion.

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COMPANY NEWS

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▶ Now we know the name of Churchill Downs' new gaming facility in Louisville   [Dec-20-17 01:45PM  American City Business Journals]
▶ Churchill Downs Shows Market Leadership With Jump To 92 RS Rating   [Dec-01-17 03:00AM  Investor's Business Daily]
▶ Churchill Downs to sell Big Fish Games in nearly $1B deal   [Nov-29-17 06:17PM  American City Business Journals]
▶ Time to Take a Gamble on These 5 Gaming Stocks   [Nov-17-17 05:25PM  Zacks]
▶ Here's who is leading Louisville's 2018 Breeders' Cup host committee   [07:15AM  American City Business Journals]
▶ Churchill Downs, Inc. Stock Just Cannot Seem to Lose   [Nov-06-17 06:31AM  InvestorPlace]
▶ Churchill Downs beats 3Q profit forecasts   [Nov-01-17 06:34PM  Associated Press]
▶ Churchill Downs unveils $32 million plan to improve visitor experience   [09:37AM  American City Business Journals]
▶ New Strong Buy Stocks for August 1st   [Aug-01-17 10:21AM  Zacks]
▶ Churchill Downs CEO sheds more light on $60M gaming facility, Derby's huge TV showing   [Jul-27-17 04:45PM  American City Business Journals]
▶ Churchill Downs beats 2Q profit forecasts   [12:57AM  Associated Press]
▶ Here's how much parking Churchill Downs is adding at the racetrack   [Jun-27-17 02:58PM  American City Business Journals]
▶ Churchill Downs to spend $60M on new gaming facility in Louisville   [Jun-21-17 01:39PM  American City Business Journals]
▶ Churchill Downs pursuing new wagering option in Kentucky   [Jun-20-17 10:25PM  American City Business Journals]
Financial statements of CHDN
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