|Page (1) of 1 - 09/14/18||email article||print page|
Churchill Downs Incorporated Opens Derby City Gaming Bringing World’s Most Advanced Historical Racing Machines to Louisville(September 14, 2018)
New 85,000-square-foot venue provides significant support to Kentucky’s signature horse racing industry
LOUISVILLE, Ky., Sept. 14, 2018 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) is celebrating the grand opening of Derby City Gaming, a $65 million state-of-the-art historical racing machine (“HRM”) facility located at 4520 Poplar Level Road in Louisville, Kentucky. State and local officials and members of the horse racing community are joining the CDI team today to officially open the entertainment facility to the public.
Derby City Gaming is a unique new venue, boasting 900 state-of-the-art historical racing machines designed in partnership with Ainsworth Game Technology. The décor of the facility pays homage to Churchill Downs Racetrack’s (“Churchill Downs”) deep history in horse racing with references to Oaks and Derby throughout the property including pictures in the main entrance of the 144th Oaks and Derby winners and the opportunity to view the 145th Derby trophy. The property also features two quick-service, walk-up food venues, a center bar with large format televisions, and seating for over 60 guests to take in all the best sporting action year-round.
Churchill Downs has called Louisville home for well over a century and is committed to continued growth and investment in the city and the Commonwealth through its multiple entertainment venues. The opening of the new Derby City Gaming is another example of CDI leading the way for innovation in the horse racing industry. HRMs at the Derby City Gaming facility will provide an estimated $15 million to $20 million in additional purse contributions to one of Kentucky’s signature industries. Creating larger purses will boost thoroughbred sales and breeding operations throughout the Commonwealth.
“We’re excited to celebrate the grand opening of Derby City Gaming. Not only has this facility created hundreds of jobs and spurred tens of millions of dollars in economic development in our hometown of Louisville, but HRMs will provide desperately needed revenue to Kentucky purses and will help shore up the racing circuit,” said Kevin Flanery, President of Churchill Downs Racetrack.
About Churchill Downs Incorporated
Churchill Downs Incorporated ("CDI") (Nasdaq: CHDN), headquartered in Louisville, Ky., is an industry-leading racing, gaming and online entertainment company anchored by our iconic flagship event - The Kentucky Derby. We are the largest legal online account wagering platform for horseracing in the U.S., through our ownership of TwinSpires.com. We are also a leader in brick-and-mortar casino gaming with approximately 8,000 gaming positions in six states. We have launched our BetAmerica Sportsbook at our two Mississippi casino properties and have announced our plans to enter additional U.S. real money online gaming and sports betting markets. Additional information about CDI can be found online at www.churchilldownsincorporated.com.
Information set forth in this press release contains various “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 (the “Act”) provides certain “safe harbor” provisions for forward-looking statements. All forward-looking statements made in this press release are made pursuant to the Act.
The reader is cautioned that such forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words, although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from expectations include the following: the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit; additional or increased taxes and fees; public perceptions or lack of confidence in the integrity of our business; loss of key or highly skilled personnel; restrictions in our debt facilities limiting our flexibility to operate our business; general risks related to real estate ownership, including fluctuations in market values and environmental regulations; catastrophic events and system failures disrupting our operations, including the impact of natural and other disasters on our operations and our ability to obtain insurance recoveries in respect of such losses; inability to identify and complete acquisition, expansion or divestiture projects, on time, on budget or as planned; difficulty in integrating recent or future acquisitions into our operations; legalization of online real money gaming and sports wagering in the United States, and our ability to capitalize on and predict such legalization; the number of people attending and wagering on live horse races; inability to respond to rapid technological changes in a timely manner; inadvertent infringement of the intellectual property of others; inability to protect our own intellectual property rights; security breaches and other security risks related to our technology, personal information, source code and other proprietary information, including failure to comply with regulations and other legal obligations relating to receiving, processing, storing and using personal information; payment- related risks, such as chargebacks for fraudulent credit card use; compliance with the Foreign Corrupt Practices Act or applicable money-laundering regulations; compliance with payment processing and payment transmission regulations; work stoppages and labor issues; difficulty in attracting a sufficient number of horses and trainers for full field horseraces; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; personal injury litigation related to injuries occurring at our racetracks; the inability of our totalisator company, United Tote, to maintain its processes accurately, keep its technology current or maintain its significant customers; weather conditions affecting our ability to conduct live racing; increased competition in the horseracing business; changes in the regulatory environment of our racing operations; declining popularity in horseracing; seasonal fluctuations in our horseracing business due to geographic concentration of our operations; increased competition in our casino business; changes in regulatory environment of our casino business; the cost and possibility for delay, cost overruns and other uncertainties associated with the development and expansion of casinos; concentration and evolution of slot machine manufacturing and other technology conditions that could impose additional costs; impact of further legislation prohibiting tobacco smoking; geographic concentration of our casino business; changes in regulatory environment for our advanced deposit wagering, sports wagering, or online gaming businesses; increase in competition in the advanced deposit wagering, sports wagering, or online gaming businesses; inability to retain current customers or attract new customers to our advanced deposit wagering, sports wagering, or online gaming businesses; uncertainty and changes in the legal landscape relating to our advanced deposit wagering, sports wagering, or online gaming businesses; and failure to comply with laws requiring us to block access to certain individuals could result in penalties or impairment in our ability to offer advanced deposit wagering, sports wagering, or online gaming.
FOR IMMEDIATE RELEASE
Contact: Nick Zangari