American Gambling Markets Atlas (AGMA)

Operators / Churchill Downs Incorporated

Churchill Downs Incorporated

Operator · CHDN · Louisville, Kentucky[1]

www.churchilldownsincorporated.com

Operates racetracks, casinos, and historical-racing (HRM) parlors across several states, plus TwinSpires online wagering.

Financials

Market cap $5.6B · CHDN on NasdaqGS · Oct 11, 2026[8]

Est. U.S. revenue $2.9B · FY2025 · All disclosed properties/segments are US; no foreign revenue line in filing[9]

20162025
Fiscal yearRevenue (USD)Net income (USD)Year end
FY2025$2.9B$383MDec 31, 2025[7]
FY2024$2.7B$427MDec 31, 2024[7]
FY2023$2.5B$417MDec 31, 2023[7]
FY2022$1.8B$439MDec 31, 2022[6]
FY2021$1.6B$249MDec 31, 2021[6]
FY2020$1.1B−$81.9MDec 31, 2020[6]
FY2019$1.3B$138MDec 31, 2019[5]
FY2018$1.0B$353MDec 31, 2018[4]
FY2017$883M$141MDec 31, 2017[3]
FY2016$822M$108MDec 31, 2016[2]

Brands

Reported revenue, last 12 months

StateVerticalHandleGGR
New YorkCommercial casinos—$185M
IndianaCommercial casinos—$140M
MarylandCommercial casinos—$106M
PennsylvaniaCommercial casinos$1.0B$98.6M
PennsylvaniaOnline casino$1.5B$53.7M
PennsylvaniaSports (online)$439M$50.3M
New YorkSports (retail)$12.1M$1.4M
PennsylvaniaSports (retail)$6.9M$829K
IndianaSports (retail)$2.0M$293K
IowaSports (retail)$1.0M$283K
IowaSports (online)$0$0
IndianaSports (online)$2.0M—
MarylandSports (retail)$6.5M—
MaineSports (online)$244K—

Licenses

LicensedNot licensed
Alaska: Not licensedAKMaine: LicensedMEVermont: Not licensedVTNew Hampshire: Not licensedNHWashington: Not licensedWAIdaho: Not licensedIDMontana: Not licensedMTNorth Dakota: Not licensedNDMinnesota: Not licensedMNWisconsin: Not licensedWIMichigan: Not licensedMINew York: LicensedNYMassachusetts: Not licensedMARhode Island: Not licensedRIOregon: Not licensedORNevada: Not licensedNVWyoming: Not licensedWYSouth Dakota: Not licensedSDIowa: LicensedIAIllinois: Not licensedILIndiana: LicensedINOhio: Not licensedOHPennsylvania: Not licensedPANew Jersey: Not licensedNJConnecticut: Not licensedCTCalifornia: Not licensedCAUtah: Not licensedUTColorado: Not licensedCONebraska: Not licensedNEMissouri: Not licensedMOKentucky: LicensedKYWest Virginia: Not licensedWVVirginia: LicensedVAMaryland: LicensedMDDelaware: Not licensedDEArizona: Not licensedAZNew Mexico: Not licensedNMKansas: Not licensedKSArkansas: Not licensedARTennessee: Not licensedTNNorth Carolina: Not licensedNCSouth Carolina: Not licensedSCDistrict of Columbia: Not licensedDCOklahoma: Not licensedOKLouisiana: LicensedLAMississippi: LicensedMSAlabama: Not licensedALGeorgia: Not licensedGAHawaii: Not licensedHITexas: Not licensedTXFlorida: Not licensedFL
StateVerticalBrandLicenseStatusLaunched
IowaCommercial casinosHard Rock Hotel and Casino Sioux CityFacility license (licensed operator)active[10],[11]
IndianaCommercial casinosTerre Haute Casino ResortOwner's Licenseactive[12]
IndianaSports (retail)Sports Betting KiosksSports Wagering Certificate of Authorityactive[13]
KentuckyHistorical horse racingDerby City Gamingactive2018[14]
KentuckyHistorical horse racingEllis Park Racing and Gamingactive[15]
KentuckyHistorical horse racingNewport Racing and Gamingactive[16]
KentuckyHistorical horse racingTurfway Parkactive[16]
KentuckySports (retail)Kambi (retail sportsbook technology supplier)active[17]
LouisianaCommercial casinosFair Grounds Race Course & SlotsRacino (racetrack slots) licenseactive[18]
LouisianaSports (online)TwinSpiresOnline sports wagering platform license #B016503472active[19]
MarylandCommercial casinosOcean Downs Casinoactive[20],[21]
MarylandSports (retail)TwinSpiresactive[22],[23]
MaineCommercial casinosOxford Casino HotelactiveJun 1, 2012[24]
MichiganOnline casinoTwinSpires (Michigan)exited[25]
MississippiCommercial casinosHarlow's Casino Resort & SpaCommercial casino licenseactive[26],[27]
MississippiCommercial casinosRiverwalk Casino HotelCommercial casino licenseactive[26],[28]
New YorkCommercial casinosdel Lago Resort CasinoGaming Facility Licenseactive[29]
PennsylvaniaOnline casinoBetAmerica (PA iGaming)exitedJan 30, 2020[30]
PennsylvaniaOnline casinoTwinSpires Casino (PA)exitedApr 20, 2021[30]
PennsylvaniaSports (online)BetAmerica Sportsbook (PA)exitedJan 30, 2020[31]
PennsylvaniaSports (online)TwinSpires Sportsbook (PA)exitedDec 19, 2019[31]
VirginiaHistorical horse racingColonial Downs / Rosie's Gaming EmporiumSports Betting / HHR Permit Holderactive[32],[33],[34]

Sources

  1. Churchill Downs Incorporated · retrieved Oct 10, 2026
  2. Churchill Downs Inc Form 10-K filed 2019-02-27 · retrieved Oct 11, 2026
  3. Churchill Downs Inc Form 10-K filed 2020-02-26 · retrieved Oct 11, 2026
  4. Churchill Downs Inc Form 10-K filed 2021-02-24 · retrieved Oct 11, 2026
  5. Churchill Downs Inc Form 10-K filed 2022-02-23 · retrieved Oct 11, 2026
  6. Churchill Downs Inc Form 10-K filed 2023-02-22 · retrieved Oct 11, 2026
  7. Churchill Downs Inc Form 10-K filed 2026-02-25 · retrieved Oct 11, 2026
  8. CHDN (CHDN) quote · retrieved Oct 11, 2026
  9. Churchill Downs Inc - Form 10-K - FY2025 · retrieved Oct 11, 2026
  10. Hard Rock Hotel and Casino -- Facility License · retrieved Oct 10, 2026
  11. Hard Rock Hotel & Casino Sioux City could get new owners · retrieved Oct 10, 2026
  12. Indiana Casino Licensees & Operating Agent · retrieved Oct 10, 2026
  13. Sports Wagering Certificate of Authority Holders (Current as of: 07/27/2026) · retrieved Oct 10, 2026
  14. Kentucky Horse Racing and Gaming Corporation — Sports Wagering · retrieved Oct 10, 2026
  15. Churchill Downs completes $79m Ellis Park acquisition · retrieved Oct 10, 2026
  16. Newport Racing & Gaming facility to open on Oct. 2 for historical racing machine gaming, simulcasts · retrieved Oct 10, 2026
  17. Approved Sports Betting Licensees and their Partners · retrieved Oct 10, 2026
  18. Louisiana Central Gaming Registry -- Ownership Organizational Charts of Casino Licenses · retrieved Oct 10, 2026
  19. Licensed Platforms · retrieved Oct 11, 2026
  20. Maryland's Casinos · retrieved Oct 10, 2026
  21. Churchill Downs leads purchase of Ocean Downs · retrieved Oct 10, 2026
  22. Legal vs. Illegal Online Gaming · retrieved Oct 10, 2026
  23. Five Sportsbook Operators Are Cleared to Operate in Md. Casinos... Someday · retrieved Oct 10, 2026
  24. Gambling in Maine · retrieved Oct 10, 2026
  25. News Release: Michigan Gaming Control Board approves 888 Holdings as Hannahville tribe's internet casino gaming provider · retrieved Oct 10, 2026
  26. Mississippi Gaming Commission Public Information: Monthly Survey Information (Property Data), August 1-31, 2026 · retrieved Oct 10, 2026
  27. Churchill Downs Incorporated Completes Acquisition of Harlow's Casino Resort & Hotel · retrieved Oct 10, 2026
  28. Churchill Downs buying Riverwalk for $141 million · retrieved Oct 10, 2026
  29. Commercial Casinos · retrieved Oct 10, 2026
  30. Licensed Interactive Gaming Certificateholders and Authorized Interactive Gaming Websites · retrieved Oct 10, 2026
  31. Sportsbook Master List · retrieved Oct 10, 2026
  32. Sports Betting in Virginia | Virginia Lottery · retrieved Oct 10, 2026
  33. Churchill to acquire Colonial Downs · retrieved Oct 10, 2026
  34. The Rose hopes to attract more gamblers to Dumfries · retrieved Oct 10, 2026