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

Churchill Downs

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Churchill Downs’ investor presentation outlined a diversified model across live and historical racing, wagering services, and regional gaming.
1Q’26 TTM revenue totaled USD 2.9 billion; adjusted EBITDA reached USD 1.2 billion.
Adjusted EBITDA mix showed live and historical racing at 53%, gaming at 40%, wagering services and solutions at 15%.
Capital plan flagged a 3.0x-4.0x bank covenant net leverage target; net leverage measured 3.8x as of March 31, 2026.
2026 capital forecast called for USD 180-220 million of project spend; key projects included Rockingham Grand Casino at USD 70-80 million.

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