Churchill Downs to Sell Nine Casino Properties Including Presque Isle Downs

Churchill Downs Inc. disclosed in a Form 8‑K that it is exploring the sale of nine wholly owned regional gaming assets: Presque Isle Downs & Casino (Pennsylvania), Ocean Downs Casino & Racetrack (Maryland), Calder Casino (Florida), Terre Haute Casino Resort (Indiana), Hard Rock Hotel & Casino (Iowa), Oxford Casino Hotel (Maine), del Lago Resort & Casino (New York), Harlow's Casino Resort and Spa (Mississippi) and Riverwalk Casino Hotel (Mississippi). The company said it cannot assure a transaction will occur, has set no timetable, and will not provide further updates unless required by law.

Chief executive William Carstanjen said the divestiture would let the firm refocus on its core horse‑racing operations, reduce leverage, fund share repurchases and selectively reinvest in key racetracks such as Churchill Downs, Turfway Park, Ellis Park, Fair Grounds and Colonial Downs, as well as the TwinSpires online wagering platform. The announcement sent Churchill Downs shares down nearly 7 percent, the lowest level in six years. Any sale would not necessarily end live racing at the Pennsylvania and Maryland venues, which are tied to state gaming licenses.