{"id":11407,"date":"2026-10-30T22:09:31","date_gmt":"2026-10-30T22:09:31","guid":{"rendered":"https:\/\/casino-online-best.com\/index.php\/2026\/10\/30\/churchill-downs-approves-750-million-buyback-after-record-696-million-quarter\/"},"modified":"2026-10-30T22:09:31","modified_gmt":"2026-10-30T22:09:31","slug":"churchill-downs-approves-750-million-buyback-after-record-696-million-quarter","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2026\/10\/30\/churchill-downs-approves-750-million-buyback-after-record-696-million-quarter\/","title":{"rendered":"Churchill Downs Approves $750 Million Buyback After Record $696 Million Quarter"},"content":{"rendered":"<div>\n<p>Churchill Downs Incorporated (CDI) authorized a $750 million share repurchase program and increased its annual dividend after reporting record third-quarter revenue of $696 million. The company also outlined plans for a larger Virginia gaming venue and an expanded 2027 racing series.<\/p>\n<hr>\n<p><strong>Good to know<\/strong><\/p>\n<ul>\n<li>The buyback authorization includes $306 million remaining under the previous program.<\/li>\n<li>CDI plans to replace its 37-machine Collinsville venue with a facility offering 150 historical racing machines.<\/li>\n<li>The expanded Thoroughbred Championship Series will feature 10 races and more than $22 million in purses and prizes.<\/li>\n<\/ul>\n<hr>\n<p>Shareholders will receive an annual dividend of $0.469 per share, up 7%. The payment falls on January 5, 2027, for shareholders of record on December 4, 2026.<\/p>\n<p>The repurchase authorization replaces the previous program rather than adding $750 million to the outstanding balance. CDI also repurchased $48 million of shares during the third quarter.<\/p>\n<h2>Virginia Relocation Would Increase Racing Machines to 150<\/h2>\n<p>CDI has secured a special use permit from the Henry County Board of Zoning Appeals for a new historical racing machine entertainment venue.<\/p>\n<p>The proposed location sits north of the U.S. 58 Bypass and east of Old Greensboro Road, near Martinsville Speedway. Plans include 150 HRMs, simulcast racing and food and beverage options.<\/p>\n<p>The facility would replace Rosie\u2019s Game Room in Collinsville, which currently operates 37 machines. CDI is still finalizing the design and development plans.<\/p>\n<p>The project fits within the three businesses CEO Bill Carstanjen identified as central to future growth: Churchill Downs racetrack and the Kentucky Derby, historical racing operations, and TwinSpires.<\/p>\n<p><em>\u201cEach combines strong cash generation, durable competitive advantages, and attractive opportunities for profitable growth,\u201d<\/em> Carstanjen told investors.<\/p>\n<h2>NYRA Partnership Adds Races and Extends Tote Agreement<\/h2>\n<p>CDI and the New York Racing Association will broaden their Thoroughbred Championship Series before its first season begins in 2027.<\/p>\n<p>The partners initially announced a six-race competition for 3-year-old thoroughbreds. Around two-and-a-half months later, they added plans for separate Derby and Oaks divisions.<\/p>\n<p>Together, the divisions will offer 10 races with more than $22 million in purses and prizes. NBC or FOX networks will televise every race nationally.<\/p>\n<p>The relationship also extends beyond the track. CDI completed its acquisition of a 49% stake in United Tote Company from NYRA and extended the tote services agreement with NYRA through 2035.<\/p>\n<p>Carstanjen described the racing business as central to the portfolio.<\/p>\n<p><em>\u201cChurchill Downs racetrack and the Kentucky Derby, increasingly all of Derby Week, is the crown jewel of our portfolio.\u201d<\/em><\/p>\n<h2>Revenue and Earnings Set Third Quarter Records<\/h2>\n<p>CDI increased quarterly revenue by $13 million, or 2%, to $696 million. Adjusted EBITDA reached $264 million, up $2 million, or 1%.<\/p>\n<p>Net income attributable to CDI climbed to $80 million from $38 million a year earlier. All three measures set third-quarter records.<\/p>\n<p>The company also entered into a new $500 million Term Loan B due in 2033. It amended and extended its revolving credit facility and Term Loan A at rates it described as favorable.<\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/churchill-downs-approves-750-million-buyback-after-record-696-million-quarter\/\">Churchill Downs Approves $750 Million Buyback After Record $696 Million Quarter<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Churchill Downs Incorporated (CDI) authorized a $750 million share repurchase program and increased its annual dividend after reporting record third-quarter revenue of $696 million. The company also outlined plans for a larger Virginia gaming venue and an expanded 2027 racing series. Good to know The buyback authorization includes $306 million remaining under the previous program. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-11407","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Churchill Downs Incorporated (CDI) authorized a $750 million share repurchase program and increased its annual dividend after reporting record third-quarter revenue of $696 million. The company also outlined plans for a larger Virginia gaming venue and an expanded 2027 racing series. 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