# Churchill Downs Inc

Summary updated: 2026-10-02T16:34:53.442505Z
Canonical: https://finbar.com/research/companies/churchill-downs-inc

## Overview

Churchill Downs Incorporated (CDI) is a U.S.-based entertainment and gaming company operating across live and historical horse racing, wagering services and technology, and casino gaming. Its core offerings include race events and pari-mutuel wagering, TwinSpires online horse-race wagering, and casinos featuring gaming, hospitality, and related amenities. [1](https://app.finbar.com/go?id=P21200127)[2](https://app.finbar.com/go?id=P67596536)[3](https://app.finbar.com/go?id=P73346497)[4](https://app.finbar.com/go?id=P10383107)[5](https://app.finbar.com/go?id=P77680780)

CDI’s operations are organized into Live and Historical Racing, Wagering Services and Solutions, and Gaming. Its properties and wagering operations are primarily in the United States, spanning multiple states; the company also describes international expansion of its Exacta wagering technology. [2](https://app.finbar.com/go?id=P67596536)[6](https://app.finbar.com/go?id=T8685419)[7](https://app.finbar.com/go?id=T118110)[8](https://app.finbar.com/go?id=P26724155) Thoroughbred racing has taken place at Churchill Downs Racetrack since 1875, and the Louisville venue is home to the Kentucky Derby. [9](https://app.finbar.com/go?id=P65365218)

For 2025, CDI reported net revenue of approximately $2.93 billion and approximately 9,000 team members, including about 6,600 full-time employees. [10](https://app.finbar.com/go?id=T11892078)[11](https://www.sec.gov/Archives/edgar/data/20212/000002021226000025/chdn-20251231.htm)
[1](https://app.finbar.com/go?id=P21200127)[2](https://app.finbar.com/go?id=P67596536)[3](https://app.finbar.com/go?id=P73346497)[4](https://app.finbar.com/go?id=P10383107)[5](https://app.finbar.com/go?id=P77680780)[6](https://app.finbar.com/go?id=T8685419)[7](https://app.finbar.com/go?id=T118110)[8](https://app.finbar.com/go?id=P26724155)[9](https://app.finbar.com/go?id=P65365218)[10](https://app.finbar.com/go?id=T11892078)[11](https://www.sec.gov/Archives/edgar/data/20212/000002021226000025/chdn-20251231.htm)

## Products & services

Churchill Downs Inc.’s racing products and services include live-race admissions, wagering, sponsorships, personal seat licenses, television rights, and the export of live-race signals; its tracks also offer simulcast wagering, food and beverage, and off-track betting services. Churchill Downs Racetrack hosts about 80 live race days annually and has a one-mile dirt track, a 7/8-mile turf track, permanent lighting, and a 171-by-90-foot 4K display board. [12](https://app.finbar.com/go?id=P12811904)[13](https://app.finbar.com/go?id=P28979065)[14](https://app.finbar.com/go?id=P25872160)[15](https://app.finbar.com/go?id=P45938611)[16](https://app.finbar.com/go?id=P98072497)

TwinSpires provides advance-deposit online horse-racing wagering through its own and white-label platforms, with customers able to place wagers by telephone, mobile device, or internet where permitted. The wagering business also facilitates high-dollar wagers and offers horse-racing statistical data through Bloodstock Research Information Services. United Tote supplies pari-mutuel totalisator systems and services that accumulate wagers, calculate payoffs, and display wagering data for racetracks and off-track betting locations. [17](https://app.finbar.com/go?id=P70353791)[18](https://app.finbar.com/go?id=P37535279)[19](https://app.finbar.com/go?id=P69078608)[4](https://app.finbar.com/go?id=P10383107)

Gaming offerings include slot machines, table games, video lottery terminals, video poker, historical-racing machines (HRMs), retail sportsbooks, and related hotel, food-and-beverage, and entertainment services. Exacta’s central-determinant technology supports multiple HRM game vendors and game-math modeling on one system. Across its listed wholly owned and equity-investment properties, the company reported 646,000 square feet of casino space, 14,335 slots and VLTs, 356 table games, and 669 hotel rooms. [5](https://app.finbar.com/go?id=P77680780)[20](https://app.finbar.com/go?id=P89715780)[8](https://app.finbar.com/go?id=P26724155)[21](https://app.finbar.com/go?id=P28433135)

For FY2025, net revenue was $2,925.9 million: Live and Historical Racing contributed $1,394.7 million (47.7%), Wagering Services and Solutions $488.2 million (16.7%), and Gaming $1,042.9 million (35.6%). [22](https://app.finbar.com/go?id=P103732530)
[12](https://app.finbar.com/go?id=P12811904)[13](https://app.finbar.com/go?id=P28979065)[14](https://app.finbar.com/go?id=P25872160)[15](https://app.finbar.com/go?id=P45938611)[16](https://app.finbar.com/go?id=P98072497)[17](https://app.finbar.com/go?id=P70353791)[18](https://app.finbar.com/go?id=P37535279)[19](https://app.finbar.com/go?id=P69078608)[4](https://app.finbar.com/go?id=P10383107)[5](https://app.finbar.com/go?id=P77680780)[20](https://app.finbar.com/go?id=P89715780)[8](https://app.finbar.com/go?id=P26724155)[21](https://app.finbar.com/go?id=P28433135)[22](https://app.finbar.com/go?id=P103732530)

## Geographic presence

Churchill Downs’ reported geographic revenue footprint is concentrated in the United States. In FY2025, Live and Historical Racing revenue was attributed to Churchill Downs Racetrack ($262.4 million; 9.0% of total external revenue), Louisville ($217.1 million; 7.4%), Northern Kentucky ($113.2 million; 3.9%), Southwestern Kentucky ($168.3 million; 5.8%), Western Kentucky ($68.7 million; 2.3%), Virginia ($546.1 million; 18.7%) and New Hampshire ($18.9 million; 0.6%). Gaming revenue was attributed to Florida ($97.9 million; 3.3%), Iowa ($93.9 million; 3.2%), Indiana ($129.9 million; 4.4%), Louisiana ($131.4 million; 4.5%), Maine ($106.5 million; 3.6%), Maryland ($99.3 million; 3.4%), Mississippi ($93.5 million; 3.2%), New York ($184.5 million; 6.3%) and Pennsylvania ($106.0 million; 3.6%). Percentages are calculated as a share of FY2025 total external revenue of $2,925.9 million. Wagering Services and Solutions contributed $488.2 million, but the location table does not allocate that revenue among states. [23](https://app.finbar.com/go?id=T3276705)

The company’s wholly owned gaming-property table lists properties in Florida, Indiana, Iowa, Louisiana, Maine, Maryland, Mississippi, New York and Pennsylvania; it also lists equity investments in Illinois and Ohio. [7](https://app.finbar.com/go?id=T118110) Other named racing and historical-racing machine locations include Churchill Downs Racetrack in Louisville, Colonial Downs in New Kent, Virginia, Fair Grounds in New Orleans, and Ocean Downs in Berlin, Maryland. [12](https://app.finbar.com/go?id=P12811904)[16](https://app.finbar.com/go?id=P98072497)[24](https://app.finbar.com/go?id=P73033309)[25](https://app.finbar.com/go?id=P45982325) The principal executive office is in Louisville, Kentucky. [26](https://app.finbar.com/go?id=P28523974)
[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[23](https://app.finbar.com/go?id=T3276705)[7](https://app.finbar.com/go?id=T118110)[7](https://app.finbar.com/go?id=T118110)[7](https://app.finbar.com/go?id=T118110)[7](https://app.finbar.com/go?id=T118110)[7](https://app.finbar.com/go?id=T118110)[7](https://app.finbar.com/go?id=T118110)[7](https://app.finbar.com/go?id=T118110)[7](https://app.finbar.com/go?id=T118110)[7](https://app.finbar.com/go?id=T118110)[7](https://app.finbar.com/go?id=T118110)[7](https://app.finbar.com/go?id=T118110)[7](https://app.finbar.com/go?id=T118110)[12](https://app.finbar.com/go?id=P12811904)[16](https://app.finbar.com/go?id=P98072497)[24](https://app.finbar.com/go?id=P73033309)[25](https://app.finbar.com/go?id=P45982325)[26](https://app.finbar.com/go?id=P28523974)

## Business segments

Churchill Downs Incorporated reports three operating segments: **Live and Historical Racing**, covering pari-mutuel racing operations and related wagering commissions, simulcast fees, racing-event services, and food and beverage; **Wagering Services and Solutions**, including TwinSpires horse-racing wagering, sports betting, United Tote, and Exacta; and **Gaming**, comprising casino properties and associated racetrack facilities, along with certain equity investments. [27](https://app.finbar.com/go?id=P22877860)[28](https://app.finbar.com/go?id=P58589924)[29](https://app.finbar.com/go?id=P5060664)[30](https://app.finbar.com/go?id=P60335186)

For FY2025, net revenue was $1,394.7 million for Live and Historical Racing (about **47.7%** of the $2,925.9 million total), $488.2 million for Wagering Services and Solutions (**16.7%**), and $1,042.9 million for Gaming (**35.6%**). The company also reports **All Other**—including Arlington, certain corporate operations, and other immaterial joint ventures—as a separate reconciling category; its $0.1 million of net revenue was less than 0.1% of total. [22](https://app.finbar.com/go?id=P103732530)[31](https://app.finbar.com/go?id=P30629022)
[27](https://app.finbar.com/go?id=P22877860)[28](https://app.finbar.com/go?id=P58589924)[29](https://app.finbar.com/go?id=P5060664)[30](https://app.finbar.com/go?id=P60335186)[22](https://app.finbar.com/go?id=P103732530)[31](https://app.finbar.com/go?id=P30629022)

## Company history

Churchill Downs Racetrack opened in Louisville on May 17, 1875, hosting the first Kentucky Derby and Kentucky Oaks. Its origins trace to Meriwether Lewis Clark Jr.’s plans for a racetrack after a visit to England; the present-day Churchill Downs Incorporated was organized in 1937. [32](https://history.ky.gov/markers/churchill-downs) [33](https://sosbes.sos.ky.gov/BusSearchNProfile/Profile.aspx/?ctr=51860)

The company expanded beyond its flagship track through a series of racetrack acquisitions: Ellis Park in 1998, Calder Race Course in 1999, Arlington Park in 2000, and Fair Grounds Race Course in 2004. It entered online wagering with TwinSpires.com in 2007 and expanded that business through the 2010 Youbet.com merger. [34](https://www.annualreports.co.uk/HostedData/AnnualReportArchive/c/NASDAQ_CHDN_2003_8397ed4b971e4520881e09157948112c.pdf) [35](https://www.sec.gov/Archives/edgar/data/20212/000094039704000195/cdasset8kpr.htm) [36](https://ir.churchilldownsincorporated.com/news-releases/news-release-details/churchill-downs-incorporated-completes-merger-youbetcom-inc)

From 2018 onward, Churchill Downs broadened its gaming and racing portfolio with transactions including Presque Isle Downs, Rivers Casino Des Plaines, Turfway Park, and, in 2022, substantially all of Peninsula Pacific Entertainment’s assets. In 2023, it acquired Exacta Systems, a historical-racing technology provider. [37](https://www.churchilldownsincorporated.com/resources/company-investment/churchill-downs-incorporated-to-acquire-presque-isle-downs-casino-and-lady-luck-casino-vicksburg/) [38](https://www.churchilldownsincorporated.com/resources/company-investment/churchill-downs-incorporated-completes-acquisition-of-substantially-all-of-the-assets-of-peninsula-pacific-entertainment/) [39](https://www.churchilldownsincorporated.com/resources/company-investment/churchill-downs-incorporated-completes-acquisition-of-exacta-systems/)
[32](https://history.ky.gov/markers/churchill-downs)[33](https://sosbes.sos.ky.gov/BusSearchNProfile/Profile.aspx/?ctr=51860)[34](https://www.annualreports.co.uk/HostedData/AnnualReportArchive/c/NASDAQ_CHDN_2003_8397ed4b971e4520881e09157948112c.pdf)[35](https://www.sec.gov/Archives/edgar/data/20212/000094039704000195/cdasset8kpr.htm)[36](https://ir.churchilldownsincorporated.com/news-releases/news-release-details/churchill-downs-incorporated-completes-merger-youbetcom-inc)[37](https://www.churchilldownsincorporated.com/resources/company-investment/churchill-downs-incorporated-to-acquire-presque-isle-downs-casino-and-lady-luck-casino-vicksburg/)[38](https://www.churchilldownsincorporated.com/resources/company-investment/churchill-downs-incorporated-completes-acquisition-of-substantially-all-of-the-assets-of-peninsula-pacific-entertainment/)[39](https://www.churchilldownsincorporated.com/resources/company-investment/churchill-downs-incorporated-completes-acquisition-of-exacta-systems/)[32](https://history.ky.gov/markers/churchill-downs)[33](https://sosbes.sos.ky.gov/BusSearchNProfile/Profile.aspx/?ctr=51860)[34](https://www.annualreports.co.uk/HostedData/AnnualReportArchive/c/NASDAQ_CHDN_2003_8397ed4b971e4520881e09157948112c.pdf)[35](https://www.sec.gov/Archives/edgar/data/20212/000094039704000195/cdasset8kpr.htm)[36](https://ir.churchilldownsincorporated.com/news-releases/news-release-details/churchill-downs-incorporated-completes-merger-youbetcom-inc)[37](https://www.churchilldownsincorporated.com/resources/company-investment/churchill-downs-incorporated-to-acquire-presque-isle-downs-casino-and-lady-luck-casino-vicksburg/)[38](https://www.churchilldownsincorporated.com/resources/company-investment/churchill-downs-incorporated-completes-acquisition-of-substantially-all-of-the-assets-of-peninsula-pacific-entertainment/)[39](https://www.churchilldownsincorporated.com/resources/company-investment/churchill-downs-incorporated-completes-acquisition-of-exacta-systems/)

## Sources

1. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P21200127)
2. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P67596536)
3. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P73346497)
4. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P10383107)
5. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P77680780)
6. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=T8685419)
7. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=T118110)
8. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P26724155)
9. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P65365218)
10. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=T11892078)
11. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/20212/000002021226000025/chdn-20251231.htm)
12. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P12811904)
13. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P28979065)
14. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P25872160)
15. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P45938611)
16. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P98072497)
17. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P70353791)
18. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P37535279)
19. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P69078608)
20. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P89715780)
21. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P28433135)
22. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P103732530)
23. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=T3276705)
24. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P73033309)
25. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P45982325)
26. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P28523974)
27. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P22877860)
28. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P58589924)
29. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P5060664)
30. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P60335186)
31. [Churchill Downs Inc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P30629022)
32. [history.ky.gov](https://history.ky.gov/markers/churchill-downs)
33. [sosbes.sos.ky.gov](https://sosbes.sos.ky.gov/BusSearchNProfile/Profile.aspx/?ctr=51860)
34. [www.annualreports.co.uk](https://www.annualreports.co.uk/HostedData/AnnualReportArchive/c/NASDAQ_CHDN_2003_8397ed4b971e4520881e09157948112c.pdf)
35. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/20212/000094039704000195/cdasset8kpr.htm)
36. [ir.churchilldownsincorporated.com](https://ir.churchilldownsincorporated.com/news-releases/news-release-details/churchill-downs-incorporated-completes-merger-youbetcom-inc)
37. [www.churchilldownsincorporated.com](https://www.churchilldownsincorporated.com/resources/company-investment/churchill-downs-incorporated-to-acquire-presque-isle-downs-casino-and-lady-luck-casino-vicksburg/)
38. [www.churchilldownsincorporated.com](https://www.churchilldownsincorporated.com/resources/company-investment/churchill-downs-incorporated-completes-acquisition-of-substantially-all-of-the-assets-of-peninsula-pacific-entertainment/)
39. [www.churchilldownsincorporated.com](https://www.churchilldownsincorporated.com/resources/company-investment/churchill-downs-incorporated-completes-acquisition-of-exacta-systems/)

AI-generated summary; may contain errors. Not investment advice. Sign up to Finbar to view original document sources and access worldwide fundamental financial data and intelligence.