Churchill Downs Incorporated Expands in Kentucky with Owensboro Racing & Gaming

Churchill Downs Incorporated (CDI) has officially opened Owensboro Racing & Gaming, a £79 million historical horseracing (HHR) facility in Owensboro, Kentucky.

The venue, CDI’s seventh HHR property in the state, boasts 600 historical racing machines (HRMs), a retail sportsbook, simulcast wagering, and a range of food and beverage options.

The new facility is expected to support purse funding for Ellis Park Racing & Gaming’s summer racing meet in Henderson, Kentucky.

This investment forms part of CDI’s wider expansion strategy, which includes multiple new gaming and racing developments across the US.

CDI has reported consistently strong financial performance in recent quarters, with historical racing venues playing a key role in revenue growth. In its Q1 2024 earnings report, the company recorded net revenue of £467 million, a 6% year-on-year increase.

The Live and Historical Racing segment experienced a 15% rise in revenue and a 23% increase in adjusted EBITDA, driven by growth at Kentucky and Virginia properties.

Owensboro Racing & Gaming follows CDI’s continued expansion of its historical racing network, which has included the opening of Rosie’s Emporia property in Virginia and the development of The Rose Gaming Resort, set to launch later in 2024.

These venues reflect CDI’s strategy to capitalise on the growing popularity of HRMs and regional gaming destinations.

Good to know: The company has also been active in strategic transactions, including the sale of a 49% stake in United Tote Company to NYRA Content Management Solutions and the continuation of its share repurchase programme.

CDI’s expansion into Owensboro aligns with Kentucky’s broader support for HHR venues, which have played a key role in funding live horseracing events across the state.