LOUISVILLE, Ky., September 08, 2021 (GLOBE NEWSWIRE) – Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) today announced that the Company’s operations in Louisiana are closed due to Hurricane Ida and remain closed at this time. CDI’s operations in Louisiana include the Fair Grounds Race Course & Slots property and 15 off-track betting facilities (“OTB”).
CDI continues to assess the damage to these properties and is actively developing plans for the reopening of each property. CDI has property insurance, including business interruption coverage, subject to applicable deductibles.
Active members of our team at Fair Grounds Race Course & Slots and OTBs will continue to receive their salary and benefits for the time being and the company is providing additional assistance to our team members who were affected by Hurricane Ida.
About Churchill Downs Incorporated
Churchill Downs Incorporated is a leading racing, online betting and gaming entertainment company anchored by our iconic flagship event, the Kentucky Derby. We own and operate three betting-mutual gaming entertainment venues with approximately 3,050 historic racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online betting platforms for horse racing, sports and iGaming in the United States and we have seven retail sports betting. We are also a leader in physical casino games in eight states with approximately 11,000 slot machines and video lottery terminals and 200 table games. www.churchilldownsincorporated.com
Certain statements made in this press release contain 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”, “foresee”, “plan”, “seek” “,” “” Will “and similar words or expressions (or negative versions of such 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 may materially affect the results or the actual results are: the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic issues on our operating results, financial conditions and outlook; the occurrence of extraordinary events, such as terrorist attacks, threats to public health, civil unrest and inclement 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 that competition levels will increase; changes in consumer preferences, footfall, betting and sponsorship; loss of key or highly qualified personnel; lack of confidence in the integrity of our core business or any deterioration in our reputation; risks associated with equity investments, strategic alliances and other agreements with third parties; the inability to respond to rapid technological changes in a timely manner; concentration and evolution of the manufacture of slot machines and other technological conditions which could impose additional costs; the inability to negotiate agreements with representatives of the industry, including riders and other racetracks; the inability to successfully develop our TwinSpires Sports and Casino business and compete effectively; failure to identify and complete expansion, acquisition or divestiture projects, on time, on budget or as planned; difficulty in integrating recent or future acquisitions into our operations; the costs and uncertainties associated with the development of new sites and the expansion of existing facilities; general risks associated with real estate ownership and significant expenses, including fluctuations in market values and environmental regulations; dependence on our technology services and catastrophic events and system failures disrupting our operations; online security risk, including cybersecurity breaches, or the loss or misuse of our stored information as a result of a breach, including customer personal information, could lead to actions of government enforcement or other litigation; litigation for bodily injury related to injuries occurring on our racetracks; compliance with the law on corrupt practices abroad or applicable money laundering regulations; payment risks, such as the risk associated with the fraudulent use of credit and debit cards; work stoppages and workforce issues; risks associated with ongoing or future legal proceedings and other actions; highly regulated transactions and changes in the regulatory environment could negatively impact our business; restrictions on our credit facilities limiting our flexibility to operate our business; non-compliance with financial ratios and other covenants on our credit facilities and other indebtedness; and the increase in our insurance costs, or obtain similar insurance coverage in the future, and the inability to recover under our insurance policies for damage to our properties in the event of inclement weather and accidents.
We assume no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.