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Churchill Downs (CHDN) Unveils a New Rosie's Gaming Emporium
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Churchill Downs Incorporated (CHDN - Free Report) recently announced the opening of a new Rosie’s Gaming Emporium (or Rosie’s Emporia) in Emporia, VA. This marked the seventh Rosie’s gaming property in the state.
The new Rosie’s establishment houses 150 Historical Racing Machines (HRM), simulcast horse racing along with a restaurant and a bar. The new location is accessible from Interstate 95 as well. The opening celebration highlighted the company’s “Rosie’s Gives Back” program with it donating $25,000 to five local charities during the occasion.
Churchill Downs stated that Rosie’s Emporia would create more than 100 full-time as well as part-time jobs. This will be accompanied with the generation of approximately $1 million in annual tax revenues for the city.
Capital Investments – CHDN’s Growth Driver
Churchill Downs tend to focus on strategic project capital investments as its main growth initiative, accompanied by accretive acquisitions. Capital investments primarily reflect organic growth and the expansion of product offerings. For 2023, it has considered $75-$95 million for maintenance and $575-$675 million for new projects.
CHDN currently has a notable project investment lineup, which includes property openings related to The Kentucky Derby, HRM and Gaming. Projects under The Kentucky Derby include Paddock Project and Jockey Club Suites Renovation, both scheduled to be completed by May 2024. Furthermore, under HRM, projects include Kentucky - Derby City Gaming Downtown and Virginia - Dumfries Project, which are slated to be completed by December 2023 and second-quarter 2024, respectively. Also, Kentucky - Ellis Park & Future Annex Oppy and New Hampshire - HRM Facility are included under HRM. Indiana - Terre Haute Casino Resort project under Gaming is scheduled to be completed by the second quarter of 2024.
Moreover, on Aug 22, 2023, the company acquired Exacta Systems, a technology provider, to support HRM operations, for $250 million. The integration of this business will help CHDN to attain significant and immediate cost-saving synergies.
Image Source: Zacks Investment Research
Shares of CHDN have gained 24.3% in the past year, outperforming the Zacks Gaming industry’s 19.8% growth.
Zacks Rank
Churchill Downs currently carries a Zacks Rank #3 (Hold).
STRA has a trailing four-quarter earnings surprise of 12.1%, on average. The stock has gained 20.3% in the past year. The Zacks Consensus Estimate for STRA’s 2023 sales and earnings per share (EPS) indicates growth of 4.9% and 27.9%, respectively, from the year-ago period’s levels.
Live Nation presently sports a Zacks Rank of 1. LYV has a trailing four-quarter earnings surprise of 34.6%, on average. The stock has gained 7.6% in the past year.
The Zacks Consensus Estimate for LYV’s 2023 sales and EPS suggests rises of 21% and 57.8%, respectively, from the year-ago period’s levels.
Guess currently sports a Zacks Rank of 1. GES has a trailing four-quarter earnings surprise of 43.4%, on average. Shares of the company have increased 40.9% in the past year.
The Zacks Consensus Estimate for GES’ fiscal 2023 sales and EPS implies improvements of 3.7% and 9.9%, respectively, from the year-ago period’s levels.
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Churchill Downs (CHDN) Unveils a New Rosie's Gaming Emporium
Churchill Downs Incorporated (CHDN - Free Report) recently announced the opening of a new Rosie’s Gaming Emporium (or Rosie’s Emporia) in Emporia, VA. This marked the seventh Rosie’s gaming property in the state.
The new Rosie’s establishment houses 150 Historical Racing Machines (HRM), simulcast horse racing along with a restaurant and a bar. The new location is accessible from Interstate 95 as well. The opening celebration highlighted the company’s “Rosie’s Gives Back” program with it donating $25,000 to five local charities during the occasion.
Churchill Downs stated that Rosie’s Emporia would create more than 100 full-time as well as part-time jobs. This will be accompanied with the generation of approximately $1 million in annual tax revenues for the city.
Capital Investments – CHDN’s Growth Driver
Churchill Downs tend to focus on strategic project capital investments as its main growth initiative, accompanied by accretive acquisitions. Capital investments primarily reflect organic growth and the expansion of product offerings. For 2023, it has considered $75-$95 million for maintenance and $575-$675 million for new projects.
CHDN currently has a notable project investment lineup, which includes property openings related to The Kentucky Derby, HRM and Gaming. Projects under The Kentucky Derby include Paddock Project and Jockey Club Suites Renovation, both scheduled to be completed by May 2024. Furthermore, under HRM, projects include Kentucky - Derby City Gaming Downtown and Virginia - Dumfries Project, which are slated to be completed by December 2023 and second-quarter 2024, respectively. Also, Kentucky - Ellis Park & Future Annex Oppy and New Hampshire - HRM Facility are included under HRM. Indiana - Terre Haute Casino Resort project under Gaming is scheduled to be completed by the second quarter of 2024.
Moreover, on Aug 22, 2023, the company acquired Exacta Systems, a technology provider, to support HRM operations, for $250 million. The integration of this business will help CHDN to attain significant and immediate cost-saving synergies.
Image Source: Zacks Investment Research
Shares of CHDN have gained 24.3% in the past year, outperforming the Zacks Gaming industry’s 19.8% growth.
Zacks Rank
Churchill Downs currently carries a Zacks Rank #3 (Hold).
Key Picks
Some better-ranked stocks from the Consumer Discretionary sector are Strategic Education, Inc. (STRA - Free Report) , Live Nation Entertainment, Inc. (LYV - Free Report) and Guess?, Inc. (GES - Free Report) .
Strategic Education presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
STRA has a trailing four-quarter earnings surprise of 12.1%, on average. The stock has gained 20.3% in the past year. The Zacks Consensus Estimate for STRA’s 2023 sales and earnings per share (EPS) indicates growth of 4.9% and 27.9%, respectively, from the year-ago period’s levels.
Live Nation presently sports a Zacks Rank of 1. LYV has a trailing four-quarter earnings surprise of 34.6%, on average. The stock has gained 7.6% in the past year.
The Zacks Consensus Estimate for LYV’s 2023 sales and EPS suggests rises of 21% and 57.8%, respectively, from the year-ago period’s levels.
Guess currently sports a Zacks Rank of 1. GES has a trailing four-quarter earnings surprise of 43.4%, on average. Shares of the company have increased 40.9% in the past year.
The Zacks Consensus Estimate for GES’ fiscal 2023 sales and EPS implies improvements of 3.7% and 9.9%, respectively, from the year-ago period’s levels.