Churchill Downs Incorporated

Corporate brand

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An American racing, gaming, and online wagering company whose namesake Louisville track hosts the Kentucky Derby.

Last updated August 21, 2026

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Overview

Churchill Downs Incorporated is a publicly traded American gaming and entertainment company headquartered in Louisville, Kentucky. Its corporate identity is rooted in Churchill Downs racetrack, which opened in 1875 and became the home of the Kentucky Derby. Over time, the business developed from a single thoroughbred racing venue into a diversified operator of racetracks, casinos, historical racing facilities, poker rooms, online wagering services, and related racing businesses across the United States. The original track was conceived by Meriwether Lewis Clark Jr. after his travels through European racing centers in the early 1870s. Churchill Downs opened on May 17, 1875, with the first Kentucky Derby among its inaugural-day races. The corporate structure behind the track changed several times during the early twentieth century. A Kentucky racing-industry holding company was formed in 1919, and the American Turf Association was established in 1928. The operating company that evolved into Churchill Downs Incorporated was created during that reorganization. After the Latonia operation was closed and sold, the company adopted the Churchill Downs, Incorporated name in 1942 and became independent in 1950. Beginning in the 1990s, CDI expanded beyond traditional live racing. Simulcasting, satellite wagering, and the acquisition of additional tracks provided a platform for regional growth. The company added properties such as Hoosier Park, Ellis Park, Calder Race Course, Arlington Park, and Fair Grounds, although several earlier acquisitions were later sold. It also entered casino gaming, including casino facilities attached to or adjacent to racetracks, standalone casino resorts, and historical racing venues. Its portfolio has subsequently included properties in Kentucky, Louisiana, Mississippi, Maine, Maryland, Ohio, Pennsylvania, Illinois, Iowa, New York, Virginia, Indiana, New Hampshire, and Florida. Online wagering became another major business area. In 2007, CDI launched TwinSpires as an advance-deposit wagering service associated with its racetracks and marquee events. The business later acquired Youbet.com and BetAmerica assets, strengthening its digital horse-racing wagering capabilities. CDI has also operated United Tote, a provider of pari-mutuel wagering technology and equipment, and has maintained other racing-related and media holdings. The company has used acquisitions, partnerships, property development, and regulated gaming expansion as its principal growth tools. Notable transactions included the purchase of Harlow's Casino Resort, Riverwalk Casino and Hotel, Oxford Casino, portions of Saratoga Casino Holdings, Ocean Downs, Presque Isle Downs, and the Peninsula Pacific Entertainment portfolio. CDI also briefly owned Big Fish Games before selling it to Aristocrat Leisure in 2018. Its current business mix combines iconic event-driven sports entertainment, casino and racino operations, historical racing, online wagering, and racing infrastructure. The Kentucky Derby and Kentucky Oaks remain the flagship events most closely associated with the brand, while the corporate group operates a substantially broader U.S. gaming platform.

History

Churchill Downs Incorporated traces its identity to the establishment of a Louisville racetrack in the nineteenth century and to the corporate reorganizations that later placed the property within a formal operating company. Meriwether Lewis Clark Jr. developed the idea for a Louisville Jockey Club after visiting British and French racing institutions in 1872–1873. The resulting track opened on May 17, 1875. Its principal inaugural event, the Kentucky Derby, became an enduring annual institution and the central cultural asset of the Churchill Downs brand. The racing business was consolidated during the early twentieth century. In 1919, Kentucky horse breeders formed the Kentucky Jockey Club and acquired several important state tracks. The club was reorganized in 1927, and the American Turf Association was formed in January 1928 as a holding company for Churchill Downs and other tracks. The operating company created during this process is the predecessor of the modern Churchill Downs Incorporated. A merger involving Churchill Downs and Latonia Race Track produced Churchill Downs–Latonia Incorporated in 1937. Latonia's racing business declined, its final races were held in 1939, and the property was sold in 1942. The operating company then adopted the Churchill Downs, Incorporated name. The American Turf Association disposed of other properties over the following years. Churchill Downs became the association's remaining operation, and in April 1950 it was separated from the holding company and distributed to the association's shareholders as an independent public company. For several decades, the business remained primarily a racetrack operator. The rise of simulcasting and off-track wagering in the early 1990s created new opportunities, leading CDI to acquire Louisville Downs in 1991 and convert the property into a satellite wagering and training center. The company then pursued a broader acquisition strategy, adding Hoosier Park, Ellis Park, Calder Race Course, Hollywood Park, Arlington Park, Fair Grounds, and associated off-track betting operations at different points during the 1990s and early 2000s. CDI's portfolio was not static. Hollywood Park was sold in 2005, Ellis Park in 2006, and the company's remaining interest in Hoosier Park later that year. Fair Grounds reopened with an adjacent gaming facility in 2007, and Calder added casino operations in 2010. These developments reflected a wider shift in the U.S. racing industry, in which racetracks increasingly combined live racing with casino gaming, video lottery terminals, historical racing, hospitality, and simulcast distribution. Digital wagering became a strategic pillar with the 2007 launch of TwinSpires. The service provided advance-deposit wagering on races from major American tracks and was positioned as the online wagering arm associated with CDI's racing properties and signature events. The purchase of Youbet.com assets in 2010 and BetAmerica in 2017 extended the company's digital reach. CDI also retained a technology and infrastructure presence through United Tote, while the company later operated or acquired other media and gaming-related businesses. During the 2010s, CDI pursued casino expansion through acquisitions and partnerships. It bought Harlow's Casino Resort in Mississippi, Riverwalk Casino and Hotel in Vicksburg, and Oxford Casino in Maine. In Ohio, it partnered with Delaware North to acquire Lebanon Raceway and helped develop Miami Valley Gaming, a new racino that opened in 2013. CDI also participated in an unsuccessful New York casino proposal with Saratoga Casino Holdings. Its 2014 acquisition of Big Fish Games temporarily diversified the company into casual digital games, but that business was sold to Aristocrat Leisure in 2018. The company continued building a network of racing and gaming venues through transactions involving Ocean Downs, Presque Isle Downs, Lady Luck-related operations, Rivers Casino Des Plaines, Turfway Park, and Chasers Poker Room. Historical racing became increasingly important, with Derby City Gaming opening in Louisville in 2018 and additional facilities developed or planned at other properties. In 2022, CDI acquired most of the assets of Peninsula Pacific Entertainment. The transaction added Colonial Downs and Rosie's Gaming Emporium in Virginia, Del Lago Resort & Casino in New York, Hard Rock Hotel & Casino Sioux City in Iowa, and the proposed Richmond casino project to its portfolio. Today, Churchill Downs Incorporated combines the prestige and national visibility of the Kentucky Derby with a geographically diversified U.S. gaming platform. Its activities span live racing, casino resorts, historical racing, online wagering, racing technology, and hospitality. The business therefore represents both a historic American racing institution and a modern regulated-gaming company.

2022
Peninsula Pacific Entertainment assets added
[1]Churchill Downs Incorporateden.wikipedia.org
The acquisition added Colonial Downs, Rosie's Gaming Emporium, Del Lago Resort & Casino, and Hard Rock Hotel & Casino Sioux City to CDI's portfolio.
2019
Rivers Casino Des Plaines investment
[1]Churchill Downs Incorporateden.wikipedia.org
CDI acquired a 62 percent interest in Rivers Casino Des Plaines.
2018
Derby City Gaming opens
[1]Churchill Downs Incorporateden.wikipedia.org
CDI opened a historical racing gaming facility at the former Louisville Downs site.
2013
Miami Valley Gaming opens
[1]Churchill Downs Incorporateden.wikipedia.org
A CDI and Delaware North partnership opened Miami Valley Gaming in Ohio after relocating the racing license from Lebanon Raceway.
2007
TwinSpires launches
[1]Churchill Downs Incorporateden.wikipedia.org
CDI launched its advance-deposit wagering service, later known as a major online horse-racing wagering brand.
1991
Entry into satellite wagering
[1]Churchill Downs Incorporateden.wikipedia.org
CDI acquired Louisville Downs and converted it into a satellite wagering and training facility.
1950
Churchill Downs becomes independent
[1]Churchill Downs Incorporateden.wikipedia.org
Churchill Downs, Inc. was separated from the American Turf Association and became an independent company.
1942
Company adopts Churchill Downs name
[1]Churchill Downs Incorporateden.wikipedia.org
After the end of the Latonia operation, the operating company changed its name to Churchill Downs, Incorporated.
1928
American Turf Association reorganization
[1]Churchill Downs Incorporateden.wikipedia.org
The American Turf Association was formed as a holding company, while the operating structure that evolved into CDI was established for Churchill Downs.
1875
Churchill Downs opens
[1]Churchill Downs Incorporateden.wikipedia.org
The Louisville racetrack opened on May 17, 1875, with the first Kentucky Derby among the scheduled races.

Products and positioning

Premium racing, gaming, wagering, and live-entertainment operator

Thoroughbred racetrack and event venue · 1875
Churchill Downs racetrack
CDI's namesake Louisville venue is the home of the Kentucky Derby and Kentucky Oaks. It combines live thoroughbred racing with grandstand, hospitality, event, and wagering operations and serves as the company's most recognizable property.
Online horse-racing wagering · 2007
TwinSpires
TwinSpires is CDI's advance-deposit wagering service. It enables customers to wager online on horse races from participating tracks and is closely associated with wagering on the Kentucky Derby, Kentucky Oaks, and other major racing events.
Gaming venues · 2018
Historical racing gaming
CDI operates historical racing parlors and racinos, including Derby City Gaming and Rosie's Gaming Emporium locations. These venues use historical race outcomes in regulated gaming products and may be combined with entertainment, food, hospitality, or racing facilities.
Casino gaming and hospitality
Casino resorts and racinos
The company's casino portfolio includes standalone resorts, casinos connected with racetracks, and properties operated through ownership interests or management arrangements. The portfolio has included venues such as Oxford Casino, Harlow's Casino Resort, Del Lago Resort & Casino, and Rivers Casino Des Plaines.
Pari-mutuel wagering technology
United Tote
United Tote represents CDI's racing-technology and wagering-infrastructure activities, supplying systems and related services used in pari-mutuel betting operations.

Controversies

2020
Churchill Downs reaches settlement over Fair Grounds discharges
Churchill Downs Inc. reached a $5.6 million settlement and was fined $2.79 million over unauthorized discharges of manure, urine, and wastewater at Fair Grounds. The government complaint alleged repeated discharges into the storm sewer system and nearby waterways; the settlement requires sampling, monitoring, and modeling.
Source

2002Green Pastures Program
United States
CDI established the Green Pastures Program in partnership with the Thoroughbred Retirement Foundation to support the rescue, retirement, and adoption of former racehorses.
Outcome. Created a formal corporate-supported racehorse retirement and adoption initiative.
Source

Brand decisions

2022
Acquisition of Peninsula Pacific Entertainment assetsM&A
Background
CDI pursued geographic expansion in casino gaming and historical racing.
Action taken
CDI acquired most of Peninsula Pacific Entertainment's assets, including properties and projects in Virginia, New York, and Iowa.
Aftermath
The transaction added Colonial Downs, Rosie's Gaming Emporium, Del Lago Resort & Casino, and Hard Rock Hotel & Casino Sioux City to the company's portfolio.
Reported acquisition value. $2.8 billion (2022)
Source
2018
Opening of Derby City GamingProduct launch
Background
CDI was expanding historical racing as a gaming format connected to its racing heritage.
Action taken
The company opened Derby City Gaming at the former Louisville Downs site.
Aftermath
The facility became part of CDI's historical racing and gaming portfolio in Louisville.
Reported development cost. $65 million (2018)
Source
2014
Acquisition of Big Fish GamesM&A
Background
CDI sought to diversify beyond racing and regulated physical gaming.
Action taken
The company acquired casual-games developer Big Fish Games.
Aftermath
CDI later sold Big Fish Games to Aristocrat Leisure in 2018 and returned the asset to its former owner outside the CDI portfolio.
Reported maximum transaction value. $885 million (2014)
Source
2013
Development of Miami Valley GamingStrategy
Background
Ohio authorization of gaming at racetracks created an opportunity to combine racing with casino-style gaming.
Action taken
CDI partnered with Delaware North to acquire Lebanon Raceway and transfer its racing license to a new facility between Cincinnati and Dayton.
Aftermath
Miami Valley Gaming opened in December 2013 as a racino serving the Ohio market.
Reported development cost. $215 million (2013)
Source
2007
Launch of TwinSpiresProduct launch
Background
The growth of simulcasting and internet wagering created an opportunity to extend CDI's racing business beyond physical venues.
Action taken
CDI launched TwinSpires as an advance-deposit wagering service for horse racing.
Aftermath
TwinSpires became a central digital wagering brand associated with CDI's racetracks and major racing events.
Source

Recent events

2020-09-29
Churchill Downs reaches settlement over Fair Grounds discharges[3]Churchill Downs reaches settlement over Fair Grounds dischargesbloodhorse.com
Reported: 2020-09-30
Churchill Downs Inc. reached a $5.6 million settlement and was fined $2.79 million over unauthorized discharges of manure, urine, and wastewater at Fair Grounds. The government complaint alleged repeated discharges into the storm sewer system and nearby waterways; the settlement requires sampling, monitoring, and modeling.
2020-03-09
Ford enters multiyear partnership with Churchill Downs and the Kentucky Derby[4]Ford与Churchill Downs及肯塔基赛马会建立多年合作关系torquenews.com
Reported: 2020-03-09
Ford entered a multiyear partnership with Churchill Downs and the Kentucky Derby; Ford F-Series Super Duty and Ford Expedition are included in the sponsorship agreement.

Sources5 sources

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