LOUISVILLE, KY – Churchill Downs Inc. (NASDAQ: CHDN) saw its stock climb on Monday after reporting a barrage of new wagering records tied to Saturday’s 150th Kentucky Derby, underscoring robust demand across its racing and online wagering divisions.
Historic Wagering Totals Set New Benchmarks
Led by 18-1 longshot winner Mystik Dan, Derby Day delivered unprecedented numbers:
| Event | Total Handle | Previous Record (2023) |
|---|---|---|
| Derby Race | $210.7 million | $188.7 million |
| Derby Day Program | $320.5 million | $288.7 million |
| Full Derby Week | $446.6 million | $412.0 million |
TwinSpires, Churchill’s digital wagering platform, also shattered previous marks:
- Derby Day Handle: $92.1 million
- Derby Race Handle: $60.9 million
Both figures eclipsed records set in 2023 and benefited from NBC’s strongest Derby viewership in 35 years.
Stock Momentum and Investor Confidence
CHDN stock has gained 12.3% over the past month, buoyed by April’s strong Q1 earnings and optimism tied to Derby performance. Analysts point to compelling catalysts for continued upside—including regional growth and digital expansion.
“The combination of excitement around the 150th Derby, debut of the $200 million paddock renovation, and strong demand for new viewing experiences reflect Churchill’s pricing power,” wrote Stifel analyst Jeffrey Stantial, who recently raised his price target on CHDN.
International Appeal Gains Steam
Churchill’s Europe & Japan ‘Road to Derby’ strategy is beginning to bear fruit. Japanese entries Forever Young and T O Password finished third and fifth, respectively—driving increased interest abroad.
“Japanese starters finishing in the top five positions could help tap into high-value international wagering markets and expand Churchill’s global fan base,” Stantial noted.
Growth Engines Beyond the Derby
Key contributors to Churchill’s long-term value include:
- Expansion of historical racing machine (HRM) facilities in Kentucky and Virginia
- Development of a new regional casino in Terre Haute, Indiana
The company is forecasting Derby Week EBITDA between $26M and $28M, with TwinSpires playing a pivotal role.
