Churchill Downs Selling Nine Casinos to Refocus on Horse Racing

^{Home of the Kentucky Derby, Churchill Downs plans to streamline its business by selling nine casinos and investing further in its racing operations. (Photo: Jonathan Weiss / Alamy)}

Churchill Downs Inc. has announced plans to sell nine of its casinos in an effort to focus on its horse racing and pari-mutuel betting businesses moving forward.

The company announced the plan during a July 30 conference call with investors, during which it announced revenues of $980 million in the second quarter of 2026, a new record for the company.

Churchill Downs Streamlining Core Operations

While Churchill Downs says it will hold on to the Fair Grounds Race Course & Slots properties in Louisiana – something Churchill Downs CEO Bill Carstanjen owed to their importance to the racing industry, despite also having casino aspects – the company said it would look to sell off its other casino properties across the United States.

Churchill Downs Properties for Sale

• Calder Casino (Florida)
• del Lago Casino (New York)
• Hard Rock Casino Sioux City (Iowa)
• Harlow’s (Mississippi)
• Ocean Downs (Maryland)
• Oxford Casino (Maine)
• Presque Isle Downs (Pennsylvania)
• Riverwalk (Mississippi)
• Terre Haute Casino (Indiana)

Churchill Downs will turn its focus to its traditional horse racing business – including the world-famous Kentucky Derby at its namesake track – and associated businesses, like pari-mutuel betting and historical horse racing operations.

“Over the last number of years, we have built and acquired unique growth assets, invested organically with Kentucky Derby and high-return properties, and monetized assets where we believe another owner could create additional value,” Carstanjen said on the conference call. “We assessed the strategic importance of each of our wholly owned regional gaming properties to our overall company strategy.”

Carstanjen: Kentucky Derby Can Be Even Bigger

That analysis led to the new – or old – focus on horse racing for the company, which any potential casino sales will help support.

“Our intention is to use any asset sale proceeds to significantly reduce our leverage, reinvest selectively in Churchill Downs racetrack and in other high-return projects, and fund the repurchase of shares of our stock,” Carstanjen added. “Going forward, we will concentrate on assets with strong cash flow and durable competitive advantages.”

As a part of the new strategy, Churchill Downs wants to increase the profile of the Kentucky Derby. The 152-year-old race is already a massive event – one Carstanjen described as “our defining asset” and “the crown jewel in our portfolio” – but the company thinks it can be an even bigger cultural force.

“Our goal is to make Derby Week an even broader national and international event,” Carstanjen said. “We see meaningful opportunities to grow global attendance, wagering, viewership, sponsorship, and [earnings] across a full week.”

While Churchill Downs may see this move as a return to its roots, the market wasn’t convinced, with the company's shares dropping about 7% on July 30. As of Wednesday afternoon, the company’s stock price was $86.85, down approximately 16% from a year ago and 11.2% from five years ago.