{"id":303908,"date":"2023-12-18T17:43:33","date_gmt":"2023-12-18T23:43:33","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=303908"},"modified":"2023-12-19T11:07:19","modified_gmt":"2023-12-19T17:07:19","slug":"churchill-downs-buying-123-75m-of-own-shares-in-private-deal","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/churchill-downs-buying-123-75m-of-own-shares-in-private-deal\/","title":{"rendered":"Churchill Downs Buying $123.75M of Own Shares from Duchossois Group"},"content":{"rendered":"

Churchill Downs (NASDAQ: CHDN) announced Monday that it will buy back one million of its shares for $123.75 apiece from an affiliate of the Duchossois Group.<\/p>\n

\"Churchill
Horses break from the outside during the 148th Kentucky Derby on May 7, 2022. Churchill Downs stock is buying back one million of its shares in a private transaction. (Image: Eclipse Sportswire<\/em>)<\/figcaption><\/figure>\n

That values the transaction at $123.75 million, and the per-share price represents a discount from Monday\u2019s closing price of $129.97. The gaming company\u2019s board of directors approved the privately negotiated deal.<\/p>\n

The aggregate purchase price is $123.75 million. CDI will repurchase the shares using available cash and borrowings under its senior secured credit facility. The transaction is expected to close on January 2, 2024,\u201d<\/strong> according to a statement issued by Kentucky-based Churchill Downs.<\/p><\/blockquote>\n

The transaction with the Duchossois Group isn’t related to the gaming company\u2019s previously announced share buyback plans<\/a>.<\/p>\n

Churchill Downs May See Value in Stock<\/h2>\n

As is the case with a traditional share repurchase program, Churchill Downs\u2019 agreement with the Duchossois Group could signal to investors the operator sees value in its shares.<\/p>\n

\n

The company has a penchant for shareholder-friendly moves. In April, it announced a split of its stock on a 2-for-1 basis. In addition to the share split, the company announced a $500 million repurchase program in September 2021, and its annual dividend has grown by more than 40% since 2010.<\/p>\n<\/div>\n

At the end of trading on Monday, the company behind the Kentucky Derby<\/a> had 74.80 million shares outstanding and a market capitalization of $9.69 billion. The stock is up 22.94% year-to-date. It\u2019s not clear for how long Duchossois Group has been an investor in the regional casino operator.<\/p>\n

\u201cThe Duchossois Group, Inc. is privately held and comprised of operating companies and an investment company. Our operating businesses consist of leading brands in access control for commercial and residential markets,\u201d according to the firm\u2019s LinkedIn profile. \u201cThe Duchossois Family\u2019s private investment firm, Duchossois Capital Management, creates long-term value by applying the extensive industry knowledge, operational expertise, and permanent capital base developed over ten decades as a family business to a variety of investment opportunities.\u201d<\/p>\n

Churchill Downs Beloved on Wall Street<\/h2>\n

While Churchill Downs has no Las Vegas Strip exposure, and there are lingering concerns<\/a> about the state of the U.S. horse racing industry, the stock is a gaming favorite on Wall Street. Catalysts include an extensive pipeline of high return on investment projects, benefits from the Exacta and P2E acquisitions, and the emerging growth story tied to historical horse racing<\/a> (HHR) machines.<\/p>\n

Of the nine analysts covering the company, seven rate it the equivalent of a \u201cstrong buy,\u201d and the other two rate it \u201cbuy.\u201d The average 12-month price target on the stock is $142.56, implying an upside of 9.69% from Monday\u2019s close.<\/strong><\/p>\n

Over the past three years, no analyst has issued a \u201csell\u201d rating on Churchill Downs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Churchill Downs (NASDAQ: CHDN) announced Monday that it will buy back one million of its shares for $123.75 apiece from an affiliate of the Duchossois Group. That values the transaction at $123.75 million, and the per-share price represents a discount from Monday\u2019s closing price of $129.97. The gaming company\u2019s board of directors approved the privately […]<\/p>\n","protected":false},"author":46,"featured_media":272085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,14577,1074],"tags":[81903,81900,80968],"acf":[],"yoast_head":"\nChurchill Downs Buying $123.75M Of Own Shares In Private Deal<\/title>\n<meta name=\"description\" content=\"Churchill Downs Buying $123.75M Worth of Own Shares from Duchossois Group.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/churchill-downs-buying-123-75m-of-own-shares-in-private-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Churchill Downs Buying $123.75M Of Own Shares In Private Deal\" \/>\n<meta property=\"og:description\" content=\"Churchill Downs Buying $123.75M Worth of Own Shares from Duchossois Group.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/churchill-downs-buying-123-75m-of-own-shares-in-private-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-18T23:43:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-19T17:07:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/05\/2022_derby_gate_eclipse.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/churchill-downs-buying-123-75m-of-own-shares-in-private-deal\/\",\"url\":\"https:\/\/www.casino.org\/news\/churchill-downs-buying-123-75m-of-own-shares-in-private-deal\/\",\"name\":\"Churchill Downs Buying $123.75M Of Own Shares In Private Deal\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/churchill-downs-buying-123-75m-of-own-shares-in-private-deal\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/churchill-downs-buying-123-75m-of-own-shares-in-private-deal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/05\/2022_derby_gate_eclipse.jpg\",\"datePublished\":\"2023-12-18T23:43:33+00:00\",\"dateModified\":\"2023-12-19T17:07:19+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Churchill Downs Buying $123.75M Worth of Own Shares from Duchossois Group.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/churchill-downs-buying-123-75m-of-own-shares-in-private-deal\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/churchill-downs-buying-123-75m-of-own-shares-in-private-deal\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/churchill-downs-buying-123-75m-of-own-shares-in-private-deal\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/05\/2022_derby_gate_eclipse.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/05\/2022_derby_gate_eclipse.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Horses break from the outside during the 148th Kentucky Derby on May 7, 2022. 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