Churchill Downs Incorporated Announces New $ 500 Million Share Buyback Program
LOUISVILLE, Ky., September 29, 2021 (GLOBE NEWSWIRE) – Churchill Downs Incorporated (âCDIâ or âCompanyâ) (Nasdaq: CHDN) today announced that the Company’s Board of Directors has approved a program of $ 500 million share buyback. The new share buyback program replaces the previous $ 300 million program that was authorized in October 2018 and whose unused authorization was $ 97.9 million as of September 29, 2021. The new share buyback program of shares includes and is not added to any unspent authorization. Share buybacks may be made at management’s discretion from time to time in the open market (with or without a 10b5-1 plan) or through privately traded transactions. The buyback program has no time limit and can be suspended or interrupted at any time.
âToday’s approval of a new share buyback program reflects our board’s confidence in CDI’s strong free cash flow and our ability to generate long-term growth for our investors. Said Bill Carstanjen, CEO of CDI. âWe are excited about the future growth potential of each of our businesses and remain committed to creating long-term shareholder returns through our unique pipeline of organic investments, accretive transactions, share buybacks and dividends. annual. “
About Churchill Downs Incorporated
Churchill Downs Incorporated is a leading racing, online betting and gaming entertainment company anchored by our iconic flagship event, the Kentucky Derby. We own and operate three betting-mutual gaming entertainment venues with approximately 3,050 historic racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online betting platforms for horse racing, sports and iGaming in the United States and we have eight retail sports betting. We are also a leader in physical casino games in eight states with approximately 11,000 slot machines and video lottery terminals and 200 table games. Additional information on the CDI is available online at www.churchilldownsincorporated.com.
Certain statements made in this press release contain various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by the use of terms such as “anticipate” , “Believe”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, “foresee”, “plan”, “seek” “,” Should, “” will “and similar words or phrases (or negative versions of such words or phrases).
Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot guarantee that these expectations will prove to be correct. Important factors, among others, that may affect actual results or results are: the impact of the novel coronavirus (COVID-19) pandemic and related economic issues on our results of operations, financial conditions and our outlook; 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 or any deterioration in our reputation; loss of key or highly qualified personnel; restrictions in our credit facilities limiting our flexibility to operate our business; general risks associated with real estate ownership, including fluctuations in market values ââand environmental regulations; catastrophic events and system failures disrupting our operations; online security risk, including cybersecurity breaches; failure to recover under our insurance policies for damage sustained to our properties in the event of inclement weather and accidents; increased insurance costs and the inability to obtain similar insurance coverage in the future; failure 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; the costs and uncertainties associated with the development of new sites and the expansion of existing facilities; risks associated with equity investments, strategic alliances and other agreements with third parties; the inability to respond to rapid technological changes in a timely manner; inadvertent infringement of the intellectual property of others; failure to protect our own intellectual property rights; payment risks, such as the risk associated with the fraudulent use of credit and debit cards; compliance with the law on corrupt practices abroad or applicable money laundering regulations; risks associated with ongoing or future legal proceedings and other actions; the inability to negotiate agreements with representatives of the industry, including riders and other racetracks; work stoppages and manpower problems; changes in consumer preferences, attendance, betting and sponsorship with respect to the Churchill Downs Racetrack and the Kentucky Derby; litigation for bodily injury related to injuries occurring on our racetracks; weather and other conditions affecting our ability to run live races; the occurrence of extraordinary events, such as terrorist attacks and threats to public health; changes in the regulatory environment for our racing operations; increased competition in the horse racing industry; difficulty in attracting a sufficient number of horses and trainers for full horse races; our inability to use and provide aggregation services; changes in the regulatory environment for our online horse betting business; A reduction in the number of people betting on live horse races; increased competition in our online horse betting business; the uncertainty and changes in the legal landscape regarding our online horse betting business; the continued legalization of online sports betting and iGaming in the United States and our ability to anticipate and benefit from such legalization; the inability to expand our sports betting operations and compete effectively; failure to manage the risks associated with sports betting; failure to comply with laws requiring us to block access to certain people could result in penalties or impairments with respect to our mobile and online betting products; increased competition in our casino business; changes in the regulatory environment for our casino business; concentration and evolution of the manufacture of slot machines and other technological conditions which could impose additional costs; and the inability to collect gambling claims from customers to whom we extend credit.
We assume no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.