In an earnings call for the second quarter, Churchill Downs Incorporated’s CEO, Bill Carstanjen, detailed a five-point strategy to “transform” the sports betting, casino and gaming company over the next five years.

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Allowing the Online Distribution of Horsing Content

A crucial aspect of this will be a renewed emphasis on developing a lucrative online horse racing business for TwinSpires, notwithstanding an extensive withdrawal from online sports betting and igaming. This would result in the organization becoming a distributor of horse racing material through a business-to-business model that would allow “the online distribution of horse racing content to millions of new consumers who have created online sports betting accounts.”

CDI states that, with a number of important collaborations rumored to be expected before the end of the year, the approach would allow the establishment of key sponsorships and generate more content fees for its racetracks. 

“The TwinSpires approach moving forward will be to retain and build its current TwinSpires platform, while expanding the distribution of online horse racing content to the millions of U.S. sports betting clients gained by sports betting platforms over the previous several years,” the company said.

In addition, a series of “significant organic investments” totaling $90 million, $76 million, and $148 million were detailed for Churchill Downs Racetrack, Derby City Gaming, and Turfway Park, respectively. In addition, a $260 million expansion of the Queen of Terre Project Haute Casino Resort, which was acquired last month, will be completed in late 2023. The casino will have up to one thousand slot machines, fifty table games, a high limit gaming room, a sports bar, and other food and beverage places. 

Carstanjen also stated that the $2.48 billion acquisition of “virtually all of the assets” of Peninsula Pacific Entertainment is on pace to conclude by the end of the year, with the acquisition of the Chasers Poker Room in Salem, New Hampshire expected in the third quarter.

Press Release Statements

Fundamentally, the business believes that horse racing material should and will become accessible on sports betting platforms to reach all US wagering customers over time. Carstanjen made a remark. 

They have the technical experience, access to racing information, and technology to incorporate pari-mutuel wagering into current third-party online sports betting systems. They will also supply user interfaces and auxiliary services that online sports betting platforms may need or want.

In the last phase of the five-phase plan, a short update was provided on the upcoming sale of 116 acres at the Calder Casino in Arlington Park for $291 million.

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