Churchill Downs publishes investor presentation outlining growth strategy across Kentucky Derby, historical racing, wagering and gaming businesses

Churchill Downs Incorporated

Churchill Downs Incorporated

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  • Churchill Downs outlined a growth plan centered on the Kentucky Derby, HRM expansion, TwinSpires partnerships, Exacta technology growth, and regional gaming marketing.
  • 1Q’26 TTM revenue totaled $2.9 billion; adjusted EBITDA totaled $1.2 billion, led by Live and Historical Racing at 53% of EBITDA.
  • Capital plan targets bank covenant net leverage of 3x-4x; leverage stood at 3.8x as of March 31, 2026.
  • 2026 capital forecast calls for project spend of $180 million-$220 million; maintenance capex of $90 million-$110 million.
  • Key projects include Rockingham Grand Casino in New Hampshire for mid-2027 with planned spend of $70 million-$80 million.


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