CEO Message

Dear Fellow Shareholders,


Thank you for investing in our company, Churchill Downs Incorporated (CDI), a premier, industry-leading racing, online wagering, and gaming entertainment company.  

For nearly a century and a half, CDI’s legendary racetrack, Churchill Downs, and our iconic and irreplaceable flagship event, The Kentucky Derby, have created once-in-a-lifetime experiences for our guests.  The Kentucky Derby is the longest continuously held annual sporting event in the United States and is stronger than ever in terms of wagering, strategic partnerships, television viewership, attendance and international prominence.  Our core focus on organic growth has enabled The Kentucky Derby to deliver consistent profitable growth over the past ten years. 

We own the premier online advance deposit-wagering platform in the United States for horseracing –  Our deep experience in building this business over the past decade positions us well to capitalize on the expansion of sports betting and online casino gaming if and as the state legislatures in the individual states approve gaming expansion. We have already launched our retail BetAmerica sports betting platform at our two gaming properties in Mississippi and at Presque Isle Downs and Casino in Erie, Pennsylvania.  Our online BetAmerica sports betting and casino iGaming platform has also launched in New Jersey.

We also have a diverse portfolio of gaming properties with ten casinos and three hotels in eight states with local brands and deep community connections.  Our leading position in brick-and-mortar casino gaming includes approximately 11,000 slot machines and VLTs and approximately 200 table games.  Seven of these casino properties are wholly owned assets, two of these casino properties are joint ventures, and one casino property is a management contract. 

We are proud that we have returned over $1 billion in capital to shareholders over the last five years, while delivering strong financial results and investing strategically to drive long-term sustainable growth.  We have strong cash flow and a solid balance sheet with capacity to support organic growth, strategic acquisitions, dividends, and share repurchases to create long-term value for our shareholders.  

Our management team and our employees have demonstrated their capabilities, commitment, and determination to deliver sustainable long-term shareholder value. With your continued commitment, we will do our best to keep your Company strong and vibrant for generations to come.


William C. Carstanjen
Chief Executive Officer