Churchill Downs, Incorporated · NASDAQ:CHDN
Churchill Downs — Investor Presentation (September 2026)
48 slides from Churchill Downs's investor presentation, Sep 23, 2026
Slide 1: Investor Presentation
Investor Presentation September 23, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements made in this presentation 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 typically identified by the use of terms suc
Slide 3: Table of Contents
Table of Contents Business Overview and Case for Investing Segment Overviews: – Live and Historical Racing • Churchill Downs Racetrack • Historical Racing Entertainment – Wagering Services and Solutions – Gaming Capital Management Appendix 3
Slide 4: Business Overview and Case for Investing
Business Overview and Case for Investing Business Overview and Case for Investing 4
Slide 5: Case for Investing
Business Overview and Case for Investing Case for Investing Industry-Leading, Diversified Businesses Iconic Live Event Entertainment with High Margin Horse Racing Assets Clearly Defined Pathway for Growth After Sale of Regional Gaming Properties Highly Profitable Financial Profile with Disciplined C
Slide 6: Industry-Leading, Diversified Businesses 2Q'26 TTM Revenue
Business Overview and Case for Investing Industry-Leading, Diversified Businesses Churchill Downs Racetrack: Home of the Kentucky Derby & the Thoroughbred Championship Series 2Q’26 TTM Live & Kentucky: Eight entertainment venues with ~5,330 Revenue Adj. EBITDA HRMs and HHR electronic tables game
Slide 7: Industry-Leading, Diversified Businesses
Business Overview and Case for Investing Industry-Leading, Diversified Businesses Live and Historical Racing Gaming Wagering Services & Solutions New Hampshire HRMs Kentucky HRMs Joint Ventures Virginia HRMs Wholly-Owned Gaming Florida Iowa Indiana Colonial Downs/ Northern New Kent Virginia Louisian
Slide 8: Iconic Horse Racing Assets with High Margins
Business Overview and Case for Investing Iconic Horse Racing Assets with High Margins The Kentucky Derby – a one-of-a-kind irreplaceable asset The longest continually held annual live sporting event in the U.S. Most prestigious event in racing surrounded by a week-long celebration of fashion, en
Slide 9: Clearly Defined Pathway for Growth
Business Overview and Case for Investing Clearly Defined Pathway for Growth Expand high-quality horse races with significant purses to create and expand iconic live entertainment events - Grow Kentucky Derby and Derby Week - Develop and expand Thoroughbred Championship Series Churchill Create and ex
Slide 10: Sale of Regional Gaming Properties
Business Overview and Case for Investing Sale of Regional Gaming Properties Completed a comprehensive review Regional Gaming Properties to be Sold and determined we would pursue a State Property strategic sale of nine of our wholly- Florida Calder Casino owned regional gaming properties individual
Slide 11: Highly Profitable Financial Profile
Business Overview and Case for Investing Highly Profitable Financial Profile Consistent growth in Adjusted EBITDA & free cash flow Adjusted EBITDA Free Cash Flow 1 $1,205 $1,243 $ in millions $1,159 $1,024 $688 $700 $719 $528 Free Cash Flow 2023 2024 2025 2Q'26 TTM Conversion: 52% 59% 58% 58% Yield2
Slide 12: Disciplined Capital Management
Business Overview and Case for Investing Disciplined Capital Management Investments focused on creating long-term shareholder value Organic investments to expand offerings in high growth areas with returns above cost of capital History of disciplined and strategic acquisitions and dispositions –
Slide 13: Disciplined Capital Management: Ongoing capital investments
Business Overview and Case for Investing Disciplined Capital Management Ongoing capital investments are expected to deliver high returns on invested capital 2026 Project Capital Target $ millions Planned Investments Completion Spend Churchill Downs Victory Run April 2028 $25-30 Racetrack Historical
Slide 14: Live and Historical Racing Segment
Live and Historical Racing Segment Live and Historical Racing Segment 14
Slide 15: Live and Historical Racing Overview
Live and Historical Racing Segment Live and Historical Racing Overview Churchill Downs Racetrack Key Metrics The Kentucky Derby The longest continuously held major sporting event in the $ in millions 2025 2Q’26 United States, first run in 1875 High margin flagship asset with long-term continued
Slide 16: Churchill Downs Racetrack
Live and Historical Racing Segment Churchill Downs Racetrack 16
Slide 17: Churchill Downs Racetrack Overview
Live and Historical Racing Segment Churchill Downs Racetrack (“Churchill Downs”) Overview Churchill Downs is CDI’s flagship asset Conducts ~80 days of live racing throughout the year Platform to showcase global brand partnerships across all media Long-term high margin performance with signific
Slide 18: Derby Week Overview
Live and Historical Racing Segment Derby Week Overview Derby Week delivers a one-of-a-kind live sports and entertainment experience Week-long celebration culminating with the Most Exciting Two Minutes in Sports Seven days of themed racing celebrating the racing industry and local communities while
Slide 19: Thoroughbred Championship Series Overview
Live and Historical Racing Segment Thoroughbred Championship Series Overview CDI & NYRA are introducing a new six-race championship series beginning in 2027 Annual season-long championship for America’s leading three-year-old Thoroughbreds Races will be held across the country’s most iconic raci
Slide 20: Thoroughbred Championship Series Long-Term Strategy
Live and Historical Racing Segment Thoroughbred Championship Series Long-Term Strategy Creates a season-long championship narrative & extends fan engagement Connects iconic races into a season-long championship platform that is more familiar to casual sports fans Provides a platform to sustain a
Slide 21: Growth Catalysts
Live and Historical Racing Segment Growth Catalysts 21
Slide 22: Creating Premium Entertainment Experiences
Live and Historical Racing Segment Creating Premium Entertainment Experiences Creating unique entertainment experiences Design and curate prestigious high-demand spaces and luxury entertainment experiences that command top-tier pricing Attract corporations for premium and suite experiences to dr
Slide 23: Creating Premium Entertainment Experiences: International Growth
Live and Historical Racing Segment Creating Premium Entertainment Experiences Expanding international growth opportunities Three unique Roads to the Derby for a horse to qualify in one of 20 coveted Derby starting potions – United States: Horses compete for a Derby starting position through 36 rac
Slide 24: The 152nd Kentucky Derby and Oaks – Viewership & Wagering
Live and Historical Racing Segment The 152nd Kentucky Derby and the Kentucky Oaks – Viewership & Wagering Significant media interest creates long-term support for iconic entertainment event 24.4 million peak viewership1 (+12%) 19.6 million average viewership1 (+11%) Over 523 million social med
Slide 25: Wagering
Live and Historical Racing Segment Wagering Best in class horse racing content The Kentucky Derby is the highest wagered and the Kentucky Oaks is the 4th highest wagered horse racing event in the U.S. The Kentucky Derby is an acquisition tool that attracts casual and serious bettors and drives y
Slide 26: Attracting New Sponsorship & Licensing Growth Opportunities
Live and Historical Racing Segment Attracting New Sponsorship & Licensing Growth Opportunities Building relationships with sponsors and licensees targeting luxury, lifestyle, and technology categories for both onsite experiences and Derby parties around the globe Partnership landscape: Presenting
Slide 27: Churchill Downs Racetrack Capital Investments
Live and Historical Racing Segment Churchill Downs Racetrack Capital Investments Create unique, once-in-a-lifetime experiences for guests Create new experiences for guests at all ticketing price points Significant opportunity remains to grow our Remain focused on time-honored traditions through cele
Slide 28: Historical Racing Entertainment
Live and Historical Racing Segment Historical Racing Entertainment 28
Slide 29: Historical Racing Entertainment Overview
Live and Historical Racing Segment Historical Racing Entertainment Overview HRM entertainment venues Venues include historical racing machines (“HRMs”), food and beverage offerings, retail sports betting, simulcast, and entertainment HRMs are based on a parimutuel wagering system designed to use
Slide 30: HRM Entertainment Venues - Kentucky
Live and Historical Racing Segment HRM Entertainment Venues - Kentucky CDI has eight HRM entertainment venues in Kentucky CDI has four racetracks with two HRM entertainment venues associated with each racetrack - The Kentucky Horse Racing and Gaming Corporation permits each of the state’s nine rac
Slide 31: HRM Entertainment Venues – Kentucky
Live and Historical Racing Segment HRM Entertainment Venues – Kentucky Region Louisville Northern Kentucky Southwestern Kentucky Western Kentucky Location Sept. 2022 Opened Sept. 2018 Dec. 2023 Sept. 2022 Oct. 2020 Sept. 2020 Feb. 2026 Feb. 2025 (CDI Acquired) August 2026 $464 $132 $262 $234 $406 $2
Slide 32: HRM Entertainment Venues - Virginia
Live and Historical Racing Segment HRM Entertainment Venues - Virginia CDI has eight HRM entertainment venues and the only horse racetrack in Virginia Virginia statute permits 5,000 HRMs through CDI’s ownership of Colonial Downs Racetrack - CDI currently has ~4,715 HRMs across eight properties in
Slide 33: HRM Entertainment Venues – Virginia
Live and Historical Racing Segment HRM Entertainment Venues – Virginia Northern Western Region Central Virginia Southern Virginia Virginia Virginia Location Henrico Dumfries Richmond New Kent County Hampton Emporia Collinsville Vinton Opened Nov. 2024 Jun. 2019 Apr. 2019 Sept. 2025 Oct. 2019 Sept. 2
Slide 34: Wagering Services & Solutions Segment
Wagering Services & Solutions Segment Wagering Services & Solutions Segment 34
Slide 35: Wagering Services & Solutions Overview
Wagering Services & Solutions Segment Wagering Services & Solutions Overview TwinSpires Horse Racing The largest and most profitable legal online horse racing platforms in the US1 - Business to consumer offering through TwinSpires - Business to business offering for sports betting platforms 24/7
Slide 36: TwinSpires Horse Racing Growth Strategy
Wagering Services & Solutions Segment TwinSpires Horse Racing Growth Strategy TwinSpires Horse Racing TwinSpires Horse Racing and U.S. Online Growth Strategy Wagering have grown significantly since 2019 Grow core TwinSpires horse racing customers U.S.Thoroughbred Horse Racing Leverage linkage to K
Slide 37: Gaming Segment
Gaming Segment Gaming Segment 37
Slide 38: Regional Gaming Properties
Gaming Segment Regional Gaming Properties Diverse portfolio of gaming properties Strategic Advantages Local approach Key Metrics Unique brands and marketing strategies Menus and offerings reflect local tastes Promotions catered to local customer base $ in millions 2025 2Q’26 Loyal player bas
Slide 39: Wholly-Owned Gaming Properties
Gaming Segment Wholly-Owned Gaming Properties Exploring various options to sell nine of ten wholly-owned regional gaming properties Slots1 & Video Hotel Retail State Property Acres Tables1 Racetrack Poker / Rooms Sportsbook VLTs1 FL Calder Casino 54 1,009 6 - - - IA Hard Rock Iowa 15 679 17 - 54 I
Slide 40: Equity Investments
Gaming Segment Equity Investments Rivers Casino Des Plaines (61% Ownership) Miami Valley Gaming (50% Ownership) Premier location on 21 acres in Des Plaines, IL Located on 120 acres in Lebanon, OH (North of (~17 mi. from Chicago) Cincinnati, south of Dayton) ~1,840 positions (1,502 slot machine
Slide 41: Capital Management
Capital Management Capital Management 41
Slide 42: Disciplined Capital Management
Capital Management Disciplined Capital Management Dividends January 2026 was the 15th consecutive increase in dividend per share Over $290 million paid to shareholders in dividends since 20151 Share Repurchases Returned over $2.1 billion to shareholders through share repurchases since 20152 -
Slide 43: Disciplined Capital Management: Strong returns on capital investments
Appendix Disciplined Capital Management Our capital investments have provided strong returns and long-term shareholder value Churchill Downs Racetrack Projected Unlevered IRR Homestretch Club > 30% First Turn > 20% Paddock > 20% Kentucky Louisville > 65% Northern Kentucky > 20% Southwestern Kentucky
Slide 44: Appendix
Appendix Appendix 44 CHURCHILL DOWNS
Slide 45: Proven Management Team
Appendix Proven Management Team Bill Carstanjen Chief Executive Officer Chief Executive Officer since Aug. 2014; Director since 2015 President and COO, Mar. 2011 – Aug. 2014; COO, Jan. 2009 – Mar. 2011 EVP, General Counsel & Chief Development Officer, July 2005 – Dec. 2008 Former Executive o
Slide 46: CDI Racetrack Overview
Appendix CDI Racetrack Overview Churchill Ellis Colonial Presque Isle Turfway Fair Miami Valley Oak Ocean Racetrack Downs Park Downs Downs Park Grounds Gaming Grove Downs Louisville, Western New Kent, Erie, Northern New Orleans, Lebanon, Southwestern Berlin, Location Kentucky Kentucky Virginia Penns
Slide 47: Definition of Non-GAAP Financial Measures
Appendix Definition of Non-GAAP Financial Measures Churchill Downs Incorporated (the “Company,” “we,”, “our”) management monitors a variety of key indicators to evaluate our business results and financial condition. These indicators include changes in net revenue, operating expense, operating income
Slide 48: Reconciliation of Comprehensive Income to Adjusted EBITDA
Appendix Reconciliation of Comprehensive Income to Adjusted EBITDA 48
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