Churchill Downs Inc
churchilldownsincorporated.comChurchill Downs Inc (NASDAQ: CHDN) is a gaming and racing entertainment company that owns and operates horse racing venues, regional casinos, and online wagering platforms. Revenue is generated through pari-mutuel wagering commissions, casino gaming hold, and online betting fees across its portfolio of properties. The company is best known as the home of the Kentucky Derby, one of the most recognized horse racing events in the United States. Based on the 10-K filed February 25, 2026 covering fiscal year ended December 31, 2025, the business operates across three primary segments: Live and Historical Racing, TwinSpires online wagering, and Gaming. The company competes in gaming and wagering markets where competition is described in the filing as significant and expected to increase. Demand is sensitive to consumer discretionary spending, consumer confidence, and regulatory conditions governing the gaming industry.
Products & Services
Live horse racing events including the Kentucky Derby, historical racing machines, regional casino gaming, and the TwinSpires online wagering platform.
Revenue Model
Transactional revenue from pari-mutuel wagering commissions, casino gaming, and online wagering fees. Revenue streams span live racing events, historical horse racing machines, regional casino operations, and the TwinSpires online wagering platform.
Customers & Markets
Individual consumers engaging in discretionary gambling and entertainment spending. End markets include live horse racing attendance and wagering, regional casino gaming, and online horse racing wagering.
Geographic Exposure
United States. Specific state-level footprint not detailed in available filing excerpts.
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