Churchill 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.

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.

Products and services

Live horse racing events including the Kentucky Derby, historical racing machines, regional casino gaming, and the TwinSpires online wagering platform.

Customers and end 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.

Value-chain role

Owner and operator of gaming and racing venues and online wagering platforms. Directly controls venues, licenses, and customer-facing wagering infrastructure.

Geographic exposure

United States. Specific state-level footprint not detailed in available filing excerpts.

Source: SEC 10-K, filed 2026-02-25

Industry: Services-Racing, Including Track Operation Peers: AUTOTOTE CORP Boyd Gaming Corp Caesars Entertainment Inc Draftkings Inc Las Vegas Sands Corp MGM Resorts International PENN Entertainment Inc Wynn Resorts Ltd