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CHDN - Stock Investors Bid Up Shares of Churchill Downs, Up 2.9% 18 hours 43 minutes ago - Financial News Network Online - Market Movers via Comtex
Churchill Downs (NASDAQ:CHDN) is one of today's notable stocks on the rise, up 2.9% to $54.72. The S&P is trading lower by 0.3% to 1,312 and the Dow is trading 0.4% lower to 12,662.
In the past 52 weeks, Churchill Downs share prices have been bracketed by a low of $36.67 and a high of $54.92 and are now at $54.72, 49% above that low price. The 200-day and 50-day moving averages have moved 0.40% higher and 0.82% higher over the past week, respectively.
Churchill Downs has overhead space with shares priced $54.72, or 15.8% below the average consensus analyst price target of $65.00. The stock should find initial support at its 50-day moving average (MA) of $48.68 and further support at its 200-day MA of $44.14.
Churchill Downs Incorporated is a horse racing company whose flagship operation, Churchill Downs, is the home of the Kentucky Derby. The Company has additional racing and simulcast-wagering operations in Kentucky, Indiana, and Florida, as well as interests in various racing services companies.
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Churchill Downs Profits from Online Gambling 15 March 2011 - James Santiago/Gamblingcity.net
Churchill Downs, home of the “fastest two minutes in sports” recently reported that its revenues for 2010 increased by nearly 25 percent, from US$470.5 million in 2009 to US$585.3 million in 2010.
Last year, Churchill Downs, home of the Kentucky Derby horse race, acquired the online gambling site Youbet.com and integrated it with its own horse race betting site, TwinSpires.com. The TwinSpires site allows players to bet on horse races around the world and offers handicapping advices for serious horse bettors.
The online gaming arm of the Churchill Downs company now nearly surpasses revenues from the primary business. The reports show that the online betting business grew by US$17.2 million.
The company also owns several land-based casinos, including the Calder Casino in Florida, which they acquired in January 2010.
Despite the increased revenues, Churchill Downs still finished the year in with a loss. For the fourth quarter of 2010, the company reported a loss of US$1.9 million, or 12 cents per share. However, the loss was much less than that over the same period in 2009, when the company lost US$6.9 million at the end of the year.
Bob Evans, CEO of Churchill Downs Inc., said that the capital expenditures the company made to acquire Calder Casino in January and Youbet.com in June accounted for most of the losses.
““We look forward to an even stronger performance in 2011 as we record the full year results from the combined TwinSpires.com-Youbet.com account-wagering platform,” he said in a statement.
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Churchill Downs Incorporated's expansion continued in September 2004 as Fair Grounds Race Course in New Orleans and its affiliated OTB locations were purchased for $47 million. In 2005, Hollywood Park was sold to Bay Meadows Land Company for $257.5 million, and Ellis Park was sold to businessman Ron Geary in September of 2006. An agreement is currently being finalized to complete the sale of Hoosier Park to Centaur Inc. is being finalized. Today, Churchill Downs Incorporated owns racetracks and simulcast-wagering operations in Kentucky, Illinois, Florida and Louisiana and has an interest in various racing service companies. With its acquisition of Fair Grounds Race Course and its other Louisiana operations in October 2004, Churchill Downs added alternative gaming to its entertainment options.
Churchill Downs racetrack remains the flagship operation of Churchill Downs Incorporated, and recently underwent the most significant series of ambitious and comprehensive renovations in the history of the track. In July 2002, Churchill Downs began Phase I of a $121 million renovation. The Phase I project provided 64 luxury suites and spacious meeting areas built atop the track's existing grandstand, with huge balconies providing stunning views of the Twin Spires. Phase I was completed for the opening of the 2003 Fall Meet. Phase II began in July 2003 with the demolition of an 800-foot expanse of the clubhouse, leveled to make way for new construction. The $95 million Phase II project took nearly two years to complete and included an expanded Turf Club, 15 luxury suites, new group sales areas, premium outdoor third-floor boxes, indoor box seats, a new media center and television production compound, new dining and entertainment areas, a new grand entrance at Gate 17 leading to the track's integrated simulcast wagering areas, a new central kitchen, and satellite kitchen facilities. The construction provided an additional 404,000 square feet and increased the permanent seating capacity to approximately 52,000.
Robert L. Evans joined Churchill Downs Incorporated as its current president and CEO in August 2006. A business strategist, entrepreneur and Thoroughbred breeder by trade, Evans is exploring growth opportunities for the Company and the horse racing industry through technology initiatives and international distribution channels while maintaining the Company's long-standing commitment to quality racing.