Investor Presentation
May 18, 2026
Business Overview and Case for Investing
Segment Overviews:
Live and Historical Racing
Churchill Downs Racetrack and The Kentucky Derby
Historical Racing Entertainment
Wagering Services and Solutions
Gaming
Capital Management
Appendix
Business Overview and Case for Investing
Case for Investing
Case for Investing Industry-Leading, Diversified Businesses Clearly Defined Pathway for Growth Iconic Asset - Kentucky Derby Highly Profitable Financial Profile with Disciplined Capital Management Proven Management TeamCase for Investing
Regional Gaming
Wagering Services & Solutions
Ten wholly-owned gaming properties and underlying real estate in nine states
Two equity investments in best-in-class gaming properties1
~14,340 slot machines and video lottery terminals and
~360 table games
1. Rivers Casino Des Plaines, 61% owned Illinois joint venture and Miami Valley Gaming, 50% owned Ohio joint venture.
One of the largest and most profitable U.S. online wagering platforms for horse racing
Expanding pari-mutuel content and technology services to B2C sports betting platforms
Exacta provides HRM technology in our Virginia and Kentucky venues and to third parties in the U.S. and globally
Churchill Downs Racetrack: Home of the Kentucky Derby & live horse racing meets
Kentucky: Eight entertainment venues with ~5,355 HRMs and HHR electronic tables games
Virginia: Eight entertainment venues with ~4,835 HRMs
New Hampshire: Rockingham Grand Casino under construction with HRMs and table games (mid-2027)
1Q'26 TTM | |
Revenue | Adj. EBITDA |
$2.9 B $1.2 B Live & 50% Historical 53% Racing Wagering 18% Services & 15% Solutions 35% Gaming 40% (3%) Other (8%) | |
Live & Historical Racing
Case for Investing
Live and Historical Racing
Gaming
Industry-Leading, Diversified BusinessesNew Hampshire
Kentucky
Virginia
Colonial Downs/ New Kent
Northern Virginia
Collinsville
Emporia
Hampton
Notes:
Richmond
Vinton
Henrico
Case for Investing
Clearly Defined Pathway for GrowthThe Kentucky Derby
Delivery of luxury live sports & entertainment experiences supports long-term pricing expansion |
Incremental sponsorships |
Record-setting wagering from world class horse racing and expanding Derby Week race days |
Harvest benefits from capital investments |
Realize benefits from NBC contract renewal for broadcast rights and Kentucky Oaks on primetime |
Historical Racing Machines
Harvest benefits from recent capital investments |
Virginia - The Rose (4Q'24), Richmond Expansion (3Q'25) |
Western Kentucky - Owensboro Racing & Gaming (1Q'25) |
Virginia - Henrico - Roseshire (3Q'25) |
Southwestern Kentucky - Marshall Yards Racing & Gaming (1Q'26) |
Realize benefits of new capital investments |
Kentucky - Roulette electronic table games (1Q'26) |
Rockingham Grand Casino (mid-2027) |
Wagering Services & Solutions
TwinSpires - B2C and B2B partnership growth |
Exacta - Ongoing expansion in existing and new states; international expansion |
Regional Gaming
Harvest benefits from recent capital investments |
Indiana - Terre Haute (2Q'24) |
Slot Capital - < 2-year payback |
Targeted marketing to attract new players and grow existing players |
Case for Investing
Iconic Asset - Kentucky DerbyOne of kind & irreplaceable asset
The longest continually held annual sporting event in the U.S.
Most prestigious event in racing surrounded by a week-long celebration of fashion, entertainment, and horse racing
Setting all-time record-breaking viewership and social media impressions
Focused on growing a premier international sporting & entertainment eventPremium entertainment experiences
Sponsorship & licensing
Broadcast rights
Wagering
Strategic capital investment
Provides high margin growth & significant free cash flowRealizing benefit of increased consumer focus on live sporting events and luxury entertainment experiences
Harvesting the value created by recent capital investments
Strategically investing for long-term value creation
Highly Profitable Financial Profile Consistent growth in Adjusted EBITDA & free cash flow$1,024
$688
$700
$741
$528
Adjusted EBITDA Free Cash Flow1
Case for Investing
$ in millions
$1,159 $1,205 $1,217
With High Free Cash Flow Conversion & Free Cash Flow Yield
2023 | 2024 | 2025 | 1Q'26 TTM |
52% | 59% | 58% | 61% |
8% | 11% | 11% | 12% |
Free Cash Flow Conversion: Yield2:
Free cash flow includes maintenance capital spend and excludes project capital spend.
Free cash flow yield is calculated using a closing stock price of $85.76 as of May 14, 2026.
Case for Investing
Disciplined Capital Management Investments focused on creating long-term shareholder valueOrganic investments to expand offerings in high growth areas with returns above cost of capital
Strategic acquisitions and dispositions
Annual dividends with 15 years of consecutive increase in dividend per share
Opportunistic share repurchases dependent upon free cash flow generation, leverage levels, and other investment opportunities to grow the business
Maintain broad and expedient access to the capital marketsIdeal target is 3.0x-4.0x bank covenant net leverage
3.8x bank covenant net leverage as of March 31, 2026
Significant balance sheet flexibility
Demonstrated ability to access debt markets with attractive rates / terms
Case for Investing
Disciplined Capital Management Ongoing capital investments are expected to deliver high returns on invested capital2026 Capital Forecast: Project $180-220 million1 Maintenance $90-110 million
2026
Planned Spend
Target Completion
Project Capital Investments
$ millions
The Kentucky Derby | CDRT Victory Run April 2028 $25-30 | |||
Historical | New Hampshire | |||
Racing Machines | Rockingham Grand Casino | Mid-2027 | $70-80 | |
All Other | All Other | $85-1101 | ||
Live and Historical Racing Segment
Churchill Downs Racetrack and The Kentucky DerbyLive and Historical Racing Segment
Churchill Downs Racetrack ("Churchill Downs")Home of The Kentucky Derby and Derby Week
Conducts ~80 days of live racing throughout the year
Platform to showcase global brand partnerships across all media
Churchill Downs is CDI's flagship asset
Derby Week
Ticketing
Wagering
Sponsorships
& Licensing
Other
Broadcast
The longest continuous held major sporting
event in the U.S. held annually since 1875
High margin performance track record with significant growth potential over the long-term
Derby Week Revenue
The Kentucky Derby
Live and Historical Racing Segment
The Kentucky Derby Overview The Kentucky Derby utilizes the magic and mystique of Churchill Downs to create unique experiences for our guestsLive and Historical Racing Segment
The Kentucky Derby Growth CatalystsLive and Historical Racing Segment
The 152nd Kentucky Derby and the Kentucky Oaks - Viewership & WageringSignificant 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 media impressions (+59%)
Over 386,000 attendees during Derby Week, (+3%)
+23%
Peak Viewership
in millions
+28%
Average and Peak Viewership of The Kentucky Derby
2026
2025
2024
2023
2022
10
Average Viewership
15
20
25
$487 million (+3%)Comparable Viewership | 2026 Date | Network | Avg. Viewers2 |
152nd Kentucky Derby | May 2 | NBC | 19.6 |
NBA Finals, Game 73 | June 223 | ABC | 16.43 |
Masters Final Round | Apr 12 | CBS | 14.0 |
Indy 500 | May 24 | Fox | 7.13 |
152nd Kentucky Oaks | May 1 | NBC | 2.4 |
F1 Miami Grand Prix | May 3 | Apple TV | 2.23 |
| |||
Live and Historical Racing Segment
Attracting New Sponsorship Growth Opportunities Building relationships with sponsors targeting luxury, lifestyle, and technology categories for both onsite experiences and Derby parties around the globe Partnership landscape:Presenting partner for The Kentucky Derby: Woodford Reserve
Signature partners: SAP, Longines, Ford, FanDuel, Accenture, Sports Illustrated, and L'Oréal Paris
Opportunities for sponsor naming rights and sponsor activation areasLive and Historical Racing Segment
Victory Run April 2028
Starting Gate Suites
Turf Club
Paddock
Homestretch Club
Jockey Club Suites
Starting Gate Pavilion & Courtyard
Finish Line Suites
The Mansion
Matt Winn's
Skye Terrace
First Turn
Finish Line
Big Board
Churchill Downs Racetrack Capital Investments
Significant opportunity remains to grow our iconic asset | Create unique, once-in-a-lifetime experiences for guests |
Create new experiences for guests at all ticketing price points | |
Remain focused on time-honored traditions through celebration of the history of Churchill Downs and the Kentucky Derby | |
Ensure timing of capital projects provide guests with a bucket list experience every year |
Live and Historical Racing Segment
Creating Premium Entertainment ExperiencesCreating 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 drive business synergies
Strategically invest capital to create new bespoke seating experiences and renovate existing spaces to offer guests exclusive experiences each year
Expanding international growth opportunitiesThree 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 races from September through April
Japan: Horses compete for one Derby starting position through four Japanese races from November to March
Euro / Mideast: Horses compete for two Derby starting positions through ten European and UAE races from September to March
Growth potential
New international customers for the Derby
Additional wagering
Provides extended marketing opportunity for sponsors
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