CEO Message

Dear shareholder,

Let me begin by thanking you for your investment in Churchill Downs Incorporated (CDI). Your management team and employees across the country are working hard to grow your investment and return value to you.

For more than a century, CDI has been known for its legendary race, the Kentucky Derby. And as it grows into the 21st century, the “Run for the Roses” is stronger than ever in terms of attendance, wagering, strategic partnerships and overall prominence. In recent years, however, CDI has evolved from the country’s most famous racetrack into one of the country’s premier racing, gaming and entertainment companies.

We now own an interest in eight successful casinos, the United States’ premier online betting platform, communications and data-services companies that support our wagering operations, and six wholly-owned racetracks that are important cultural and entertainment centers in their respective communities.

The growth-through-diversification strategy we launched several years ago has allowed us to overcome the challenges our traditional racing operations have faced in a tough economy, while helping grow CDI’s net revenues to record highs. We’ve made smart choices in the assets we’ve added to our stable, from the companies we’ve acquired to the team members we’ve recruited. Both have given us a solid foundation for future growth and the flexibility to make investments in new areas of potential growth.

We haven’t forgotten our roots. CDI racetracks offer some of the most popular and competitive horse racing in North America, from the Arlington Million and Summit of Speed to the Louisiana Derby and Kentucky Oaks. Our Twin Spires mark stands for the very best—and now that extends beyond our racing legacy to include exceptional gaming and entertainment experiences.

With your continued commitment, we will do our best to keep your Company strong and vibrant for generations to come.

Warm regards,

William C. Carstanjen
Chief Executive Officer