Churchill Future Projects Could Include On-Site Hotel
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Photo: SEC Filing by Churchill Downs Inc.
A slide filed with the SEC outlines plans being considered by Churchill Downs.
Churchill Downs Inc. officials are telling investors today that future projects at its flagship Churchill Downs racetrack could include a hotel, a new paddock, and additional seating in the clubhouse turn and infield.
Churchill filed the slides for the Nov. 2 Investor Day presentation for institutional shareholders with the Securities and Exchange Commission, which makes them publicly available. Churchill typically is tight-lipped about future capital projects and the slides give few details beyond the concepts mentioned.
A request for comment from a CDI spokeswoman was not immediately returned.
The first three reasons given to invest in the company presented are the Kentucky Derby, TwinSpires.com, and its regional casinos. One of the Derby slides features Queen Elizabeth II's 2007 visit and says "the magic and mystique of the Kentucky Derby is irreplaceable—creating once-in-a-lifetime experiences for our guests."
The presentation also delves into other business areas for the Louisville-based company, including its casinos and plans for sports betting and Internet gaming (iGaming).
Churchill "is well positioned in key states" as iGaming and sports betting move forward, highlighting New Jersey and Mississippi in particular. It has an agreement with the Golden Nugget Atlantic City for sports betting and iGaming. Two of its Mississippi casinos opened sportsbooks in August.
The presentation even mentions the possibility of putting historical horse racing machines—like the ones it opened at Derby City Gaming at Churchill's Louisville training facility—at the Central Avenue property. As many as 1,100 machines or more could be added at Derby City or Central Avenue.
In reviewing existing projects, Churchill says the $4.6 million invested in The Mansion paid for itself in less than three years, the $4.3 million Winner's Circle Suites that opened in 2015 should recoup the investment in less than five years, and a similar timeframe is expected on the $18.4 million renovations to the Turf Club and Stakes Room that were completed in 2016.
Churchill also had slides discussing the acquisition of Presque Isle Downs and taking over the management of Lady Luck Casino Nemacolin in Farmington, Penn.—both expected to close by Dec. 31—and the announced plans to acquire a majority stake a majority share of the Rivers Casino Des Plaines near Chicago.