# Churchill Downs Inc.

Churchill Downs Inc. is an Asset Manager based in Louisville, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Louisville, United States
- **Region:** North America
- **Address:** Louisville, KY, United States
- **Founded:** 1928
- **Assets under management:** Undisclosed
- **Website:** churchilldownsincorporated.com
- **LinkedIn:** https://www.linkedin.com/company/churchill-downs-incorporated

## Regulatory record

- **Reports private funds:** No

## About

Churchill Downs Inc. was founded in 1928 around its namesake racetrack in Louisville, Kentucky, home of the Kentucky Derby since 1875. Bill Carstanjen joined the firm in 2005, became CEO in 2014, and has since reoriented the company away from reliance on a single annual event toward an operating platform of regional gaming properties and live-entertainment venues. William E. Mudd serves as President and COO, overseeing day-to-day operations across the portfolio. The company deploys capital across three interconnected asset categories: live and historical horse racing venues, brick-and-mortar casino gaming, and complementary real estate and technology infrastructure. Its portfolio includes Churchill Downs Racetrack, TwinSpires (the firm's online wagering platform), eight regional casino properties such as Rivers Casino Des Plaines in Illinois and Turfway Park Racing & Gaming in Kentucky, and historical racing machine facilities in Virginia and New Hampshire. Geographic coverage spans Kentucky, Illinois, Pennsylvania, Florida, Louisiana, Virginia, and Ontario. The firm typically owns the underlying real estate at each property, rejecting the asset-light leaseback model favored by many competitors. Churchill Downs employs approximately 5,900 full-time and part-time workers, with an active project pipeline that recently exceeded $4 billion in capital commitments. In February 2025, the company completed the sale of its 49% stake in United Tote to NYRA Content Management Solutions, exiting the pari-mutuel technology supply chain to focus on higher-return venue ownership. The firm also operates Churchill Downs Incorporated Foundation, a philanthropic entity supporting equine welfare, community health, and education in its host communities. A structural differentiator is the company's bundled asset model: it owns the racetrack, the casino, the online wagering platform, and the flagship event — the Kentucky Derby — in one entity. This vertical integration captures the entire pari-mutuel value chain without revenue-sharing with third-party operators, while the Derby itself functions as an annual marketing funnel that feeds the regional casino portfolio with minimal customer-acquisition cost.

## Sectors

- Gaming & Hospitality
- Real Estate
- Media & Entertainment
- Sports & Live Events

## Offices

- Richmond, BC, Canada
- Las Vegas, NV, United States
- New Orleans, LA, United States
- Miami Gardens, FL, United States

## People

- William C. Carstanjen — Chief Executive Officer
- William E. Mudd — President and Chief Operating Officer
- Marcia A. Dall — Executive Vice President and Chief Financial Officer

## Questions

### What is TwinSpires and how does it fit into the overall business?

TwinSpires is the firm's online wagering platform for horse racing, sports, and iGaming. It serves as a B2C digital channel that converts Kentucky Derby viewers into betting account-holders. The platform was restructured in 2024 to de-emphasize low-margin B2B operations and concentrate on direct-consumer wagering, aligning the digital segment more tightly with the physical venue portfolio.

### How does Churchill Downs Inc. approach M&A and capital allocation?

The firm pursues bolt-on acquisitions of regional casinos and historic racing machine facilities where it can consolidate market share and capture operational synergies. Under Bill Carstanjen, the strategy targets whole-company ownership of physical assets in markets with favorable regulatory tailwinds. It has historically avoided highly competitive markets like the Las Vegas Strip in favor of regional monopolies or duopolies, such as its presence in Illinois and Virginia.

### What role do historical racing machines play in the firm's growth?

Historical Racing Machines, or HRMs, are slot-like terminals that use pari-mutuel pools from previously run races to determine outcomes. They have been the primary growth vector in Kentucky since enabling legislation passed in 2021. Churchill Downs has invested heavily in HRM facilities like Derby City Gaming in Louisville and Newport Racing & Gaming, converting previously fallow racetrack footprints into recurring, high-margin entertainment revenues.

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Last updated: 2026-06-03T20:00:00.000Z

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