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4-Traders Homepage  >  Equities  >  Nasdaq  >  Churchill Downs, Inc.    CHDN

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06/08/2013 | 12:59am CEST

?Governor Quinn signs legislation reauthorizing ADW operations in Illinois

Churchill Downs Incorporated (CDI) (NASDAQ: CHDN) announced that TwinSpires.com, the official advance-deposit wagering (ADW) service for CDI and its family of racetracks, is accepting wagers from Illinois residents as Governor Pat Quinn signed legislation reauthorizing ADW operations in the state on June 7, 2013.

"We are excited to once again be serving racing fans in Illinois and, as a welcome back, are offering Illinois customers a 10 percent rebate on wagering on all Illinois tracks for the next two weekends, starting today," said Jeremy Clemons, TwinSpires.com Vice President of Marketing.  

"We would like to thank the Illinois general assembly and Governor Quinn for their timely action on this very important issue. This is a tremendous boost for the Illinois horse industry and once again provides racing fans, our customers, with the tools to participate and enjoy Illinois horse racing," said Brett Hale, CDI Senior Vice President of Corporate Affairs.

Churchill Downs Incorporated (CDI) (NASDAQ: CHDN), headquartered in Louisville, Ky., owns and operates the world-renowned Churchill Downs Racetrack, home of the Kentucky Derby and Kentucky Oaks, as well as racetrack and casino operations and a poker room in Miami Gardens, Fla.; racetrack, casino and video poker operations in New Orleans, La.; racetrack operations in Arlington Heights, Ill.; a casino resort in Greenville, Miss.; as well as a casino hotel in Vicksburg, Miss.; CDI also owns the country's premier online wagering company, TwinSpires.com; the totalisator company, United Tote; Luckity.com, offering fun games online for a chance to win cash prizes; Bluff Media, an Atlanta-based multimedia poker company; and a collection of racing-related telecommunications and data companies. In addition, CDI's 50 percent owned joint venture, Miami Valley Gaming and Racing LLC, is currently constructing a video lottery terminal and harness racing facility in southwest Ohio. Additional information about CDI can be found online at www.churchilldownsincorporated.com.

Customers may open a TwinSpires account and wager through their TwinSpires accounts online at www.twinspires.comor via telephone by dialing 1-877-SPIRES-1 (1-877-774-7371). Customers may deposit funds into their TwinSpires accounts at any time via their phone, the TwinSpires website or postal mail.  TwinSpires charges no fees to register, to wager, or to maintain an account, and TwinSpires offers live video streaming of races as well as free race replays and free Brisnet.com past performances to all wagering customers.

TwinSpires.com (www.twinspires.com) is the official advance-deposit wagering service for Churchill Downs Incorporated and its family of racetracks, as well for the Kentucky Derby and Kentucky Oaks. TwinSpires.com is a wholly owned subsidiary of Churchill Downs Incorporated (NASDAQ: CHDN) and offers wagering on races from the country's most popular racetracks. TwinSpires.com is headquartered in Mountain View, Calif., and operates a wagering hub in Oregon.

Information set forth in this news release contains various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 (the "Act") provides certain "safe harbor" provisions for forward-looking statements. All forward-looking statements are made pursuant to the Act.

The reader is cautioned that such forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from expectations include: the effect of global economic conditions, including any disruptions in the credit markets; a decrease in consumers' discretionary income; the effect (including possible increases in the cost of doing business) resulting from future war and terrorist activities or political uncertainties; the impact of increasing insurance costs; the impact of interest rate fluctuations; the financial performance of our racing operations; the impact of gaming competition (including lotteries, online gaming and riverboat, cruise ship and land-based casinos) and other sports and entertainment options in the markets in which we operate; our ability to maintain racing and gaming licenses to conduct our businesses; the impact of live racing day competition with other Kentucky, Florida, Illinois and Louisiana racetracks within those respective markets; the impact of higher purses and other incentives in states that compete with our racetracks; costs associated with our efforts in support of alternative gaming initiatives; costs associated with customer relationship management initiatives; a substantial change in law or regulations affecting pari-mutuel and gaming activities; a substantial change in allocation of live racing days; changes in Kentucky, Florida, Illinois or Louisiana law or regulations that impact revenues or costs of racing operations in those states; the presence of wagering and gaming operations at other states' racetracks and casinos near our operations; our continued ability to effectively compete for the country's horses and trainers necessary to achieve full field horse races; our continued ability to grow our share of the interstate simulcast market and obtain the consents of horsemen's groups to interstate simulcasting; our ability to enter into agreements with other industry constituents for the purchase and sale of racing content for wagering purposes; our ability to execute our acquisition strategy and to complete or successfully operate acquisitions and planned expansion projects including the effect of required payments in the event we are unable to complete acquisitions; our ability to successfully complete any divestiture transaction; market reaction to our expansion projects; the inability of our totalisator company, United Tote, to maintain its processes accurately or keep its technology current; our accountability for environmental contamination; the inability of our Online Business to prevent security breaches within its online technologies; the loss of key personnel; the impact of natural and other disasters on our operations and our ability to obtain insurance recoveries in respect of such losses (including losses related to business interruption); our ability to integrate any businesses we acquire into our existing operations, including our ability to maintain revenues at historic levels and achieve anticipated cost savings; the impact of wagering laws, including changes in laws or enforcement of those laws by regulatory agencies; the outcome of pending or threatened litigation; changes in our relationships with horsemen's groups and their memberships; our ability to reach agreement with horsemen's groups on future purse and other agreements (including, without limitation, agreements on sharing of revenues from gaming and advance deposit wagering); the effect of claims of third parties to intellectual property rights; and the volatility of our stock price.

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Financials ($)
Sales 2017 1 303 M
EBIT 2017 229 M
Net income 2017 114 M
Debt 2017 209 M
Yield 2017 0,94%
P/E ratio 2017 23,49
P/E ratio 2018 20,80
EV / Sales 2017 2,11x
EV / Sales 2018 1,98x
Capitalization 2 539 M
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Churchill Downs, Inc. Technical Analysis Chart | CHDN | US1714841087 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 160 $
Spread / Average Target 3,7%
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William C. Carstanjen Chief Executive Officer & Director
William E. Mudd President & Chief Operating Officer
G. Watts Humphrey Chairman
Marcia A. Dall CFO, Principal Accounting Officer & Executive VP
Benjamin C. Murr Chief Technology Officer & Senior Vice President
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