Churchill Downs Incorporated signs 115.7 sale agreement

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LOUISVILLE, Ky., November 22, 2021 (GLOBE NEWSWIRE) – Churchill Downs Incorporated (“CDI” or “Company”) (Nasdaq: CHDN) today announced that the Company has signed an agreement to sell 115.7 acres of land near Calder Casino for $ 291 million or about $ 2.5 million per acre. CDI has agreed to sell the land to Link Logistics, one of the main owners of logistics real estate assets, established in 2019 by Blackstone.

The closing of the sale of the property is subject to the satisfaction of various closing conditions. The Company expects to complete the sale of the property in the first half of 2022. CDI expects to use a portion of the proceeds from the sale to purchase or invest in a replacement property that is considered an Internal Revenue Code transaction. §1031.

Following the closing of this transaction, CDI will retain ownership of approximately 54 acres of the current 170-acre parcel of land on which the Company’s wholly-owned Calder Casino is located. The Company may sell 15 to 20 acres of land along NW 27e Ave. in the Miami Gardens area in the future for the development of retail.

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 seven 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.

This press release contains 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”, “predict”, “project”, “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 materially affect the results or the actual results are: the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic issues on our operating results, financial conditions and outlook; the occurrence of extraordinary events, such as terrorist attacks, threats to public health, civil unrest and inclement weather; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit; additional or increased taxes and fees; the impact of significant competition and the expectation that competition levels will increase; changes in consumer preferences, footfall, betting and sponsorship; loss of key or highly qualified personnel; lack of confidence in the integrity of our core business or any deterioration in our reputation; 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; concentration and evolution of the manufacture of slot machines and other technological conditions which could impose additional costs; the inability to negotiate agreements with representatives of the industry, including riders and other racetracks; the inability to successfully develop our TwinSpires Sports and Casino business and compete effectively; failure to identify and complete expansion, acquisition 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; general risks associated with real estate ownership and significant expenses, including fluctuations in market values ​​and environmental regulations; dependence on our technology services and catastrophic events and system failures disrupting our operations; online security risk, including cybersecurity breaches, or the loss or misuse of our stored information as a result of a breach, including customer personal information, could lead to actions of government enforcement or other litigation; litigation for bodily injury related to injuries occurring on our racetracks; compliance with the law on corrupt practices abroad or applicable money laundering regulations; payment risks, such as the risk associated with the fraudulent use of credit and debit cards; work stoppages and manpower problems; risks associated with current or future legal proceedings and other actions; highly regulated transactions and changes in the regulatory environment could negatively impact our business; restrictions on our credit facilities limiting our flexibility to operate our business; non-compliance with financial ratios and other covenants on our credit facilities and other indebtedness; and the increase in our insurance costs, or obtaining similar insurance coverage in the future, and the inability to recover under our insurance policies for damages suffered at our properties in the event of inclement weather and accidents.

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.

Investor contact: Nick Zangari
(502) 394-1157
[email protected]
Media contact: Tonya Abeln
(502) 386-1742
[email protected]


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