Churchill Downs Incorporated Completes Acquisition of Chasers Poker Room in Salem, New Hampshire

Churchill Downs Inc.

Acquisition of New Hampshire’s leading charitable gaming operation paves way for CDI to expand historic horse racing operations into fourth state

LOUISVILLE, Ky., Sept. 06, 2022 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) today announced that the Company has completed its previously announced purchase of Chasers Poker Room in Salem, New Hampshire (“Hunters”). The purchase of Chasers follows approval of the transaction by the New Hampshire Lottery Commission.

Chasers is located approximately 30 minutes from downtown Boston and is New Hampshire’s leading charity gaming operator, offering poker and a variety of table games. CDI plans to build an expanded charity gaming facility in Salem, with up to 800 gaming positions, including historic racing machines (“HRM”) and table games. CDI expects the total investment in Salem, including the purchase price, to be approximately $150 million.

“We are thrilled to build on the success of Chasers with CDI’s proven excellence in historic horse racing operations and a new state-of-the-art facility,” said Bill Carstanjen, President and CEO of CDI. “It is a privilege to have the opportunity to meaningfully support New Hampshire nonprofits as a leading gaming operator in charitable contributions.”

New Hampshire will be the fourth state in which CDI will operate historic horse racing. CDI currently operates HRMs in Kentucky and Louisiana. CDI will also operate HRMs in Virginia upon closing of the pending acquisition of Peninsula Pacific Entertainment.

About Churchill Downs Incorporated

Churchill Downs Incorporated is a leading racing, online betting and gaming entertainment company rooted in our iconic flagship event, the Kentucky Derby. We own and operate four gaming entertainment venues with approximately 3,900 historic racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online horse racing betting platforms in the United States and we have eight retail sportsbooks. We are also a leader in land-based casino games in eight states with approximately 11,800 slot machines and video lottery terminals and 250 table games.

This press release contains 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 generally identified by the use of terms such as “anticipate”, ” believe”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, “predict”, “project”, “seek”, “must”, “will”, ” and similar words or similar expressions (or negative versions of these words or expressions).

Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot guarantee that these expectations will prove to be correct. Important factors, among others, that could materially affect actual results or results include the following: the receipt of regulatory approvals on desired or anticipated terms, unforeseen transaction difficulties or expenses proposed, including, without limitation, difficulties that result in the failure to realize the synergies, efficiencies and cost savings expected from the proposed transaction within the expected time frame (if any), our ability obtain financing on the terms and schedule anticipated, disruptions to our current plans, operations and relationships with customers or those of P2E and suppliers caused by the announcement and expectation of the proposed transaction, our ability and that of P2E to complete a sale-leaseback transaction regarding the Hard Rock Sioux City on desired or anticipated terms, the impact of the novel coronavirus (COVI D-19), including the emergence of variant strains and related economic issues on our opera results, financial conditions and outlook; the occurrence of extraordinary events, such as terrorist attacks, threats to public health, civil unrest and severe weather; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit; additional or increased taxes and fees; the impact of significant competition and the expectation of increased levels of competition; changes in consumer preferences, footfall, betting and referrals; loss of key or highly qualified personnel; lack of confidence in the integrity of our core businesses or any damage to our reputation; risks associated with equity investments, strategic alliances and other agreements with third parties; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and HRM manufacturing and other technological conditions that could impose additional costs; inability to negotiate agreements with industry constituents, including riders and other racetracks; inability to succeed focus on market access and retail operations for our TwinSpires Sports and Casino businesses and compete effectively with us; failure to identify and/or complete acquisitions, divestitures, development of new sites or expansions of existing facilities on time, within budget or as planned; general risks relating to real estate ownership and significant expenditures, including fluctuations in market values ​​and environmental regulations; reliance on our technology services and catastrophic events and system failures disrupting our operations; online security risks, including cybersecurity breaches, or the loss or misuse of our stored information as a result of a breach, including customers’ personal information, could result in enforcement action. law by government or other litigation; personal injury litigation relating to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or applicable money laundering regulations; payment risks, such as the risk associated with fraudulent use of credit and debit cards; work stoppages and labor issues; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions on our credit facilities limiting our flexibility to operate our business; non-compliance with financial ratios and other covenants of our credit facilities and other indebtedness; and the increase in our insurance costs, or obtaining similar insurance coverage in the future, and the inability to recover under our insurance policies damages incurred to our properties in the event of inclement weather and accidents.

We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact: Nick Zangari

Media Contact: Tonya Abeln

(502) 394-1157

(502) 386-1742

[email protected]

[email protected]

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