Churchill Downs Announces End of Management Agreement Related to Lady Luck Nemacolin in Pennsylvania
28 Junho 2023 - 6:38PM
Churchill Downs Incorporated (“CDI” or “the Company”) announced
today that the Company has not renewed the management agreement for
Lady Luck Casino Nemacolin (“Lady Luck Nemacolin”) in Farmington,
Pennsylvania and has completed the sale of substantially all of its
assets at Lady Luck Nemacolin to Woodlands Fayette, LLC for an
immaterial sum. Woodlands Fayette, LLC manages Nemacolin Resort and
will manage Lady Luck Nemacolin effective immediately. All of the
employees of Lady Luck Nemacolin were offered positions by
Woodlands Fayette, LLC.
About Churchill Downs
Incorporated
Churchill Downs Incorporated (“CDI”, NASDAQ:
CHDN) has been creating extraordinary entertainment experiences for
nearly 150 years, beginning with the company’s most iconic and
enduring asset, the Kentucky Derby. Headquartered in Louisville,
Kentucky, CDI has expanded through the development of live and
historical racing entertainment venues, the growth of the
TwinSpires horse racing online wagering business and the operation
and development of regional casino gaming properties. More
information is available at
http://www.churchilldownsincorporated.com.
This news release contains 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 typically identified by the
use of terms such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,”
“seek,” “should,” “will,” and similar words or similar expressions
(or negative versions of such words or expressions).
Although we believe that the expectations
reflected in such forward-looking statements are reasonable, we can
give no assurance that such expectations will prove to be correct.
Important factors, among others, that may materially affect actual
results or outcomes include the following: the occurrence of
extraordinary events, such as terrorist attacks, public health
threats, civil unrest, and inclement weather, including as a result
of climate change; the effect of economic conditions on our
consumers' confidence and discretionary spending or our access to
credit, including the impact of inflation; additional or increased
taxes and fees; the impact of the novel coronavirus (COVID-19)
pandemic, including the emergence of variant strains, and related
economic matters on our results of operations, financial conditions
and prospects; lack of confidence in the integrity of our core
businesses or any deterioration in our reputation; loss of key or
highly skilled personnel, as well as disruptions in the general
labor market; the impact of significant competition, and the
expectation the competition levels will increase; changes in
consumer preferences, attendance, wagering, and sponsorships; risks
associated with equity investments, strategic alliances and other
third-party agreements; inability to respond to rapid technological
changes in a timely manner; concentration and evolution of slot
machine and historical racing machine (HRM) manufacturing or other
technology conditions that could impose additional costs; failure
to enter into or maintain agreements with industry constituents,
including horsemen and other racetracks; inability to successfully
focus on market access and retail operations for our TwinSpires
Sports and Casino business and effectively compete; online security
risk, including cyber-security breaches, or loss or misuse of our
stored information as a result of a breach; reliance on our
technology services and catastrophic events and system failures
disrupting our operations; inability to identify and / or complete,
or fully realize the benefits of acquisitions, divestitures,
development of new venues or the expansion of existing facilities
on time, on budget, or as planned; difficulty in integrating recent
or future acquisitions into our operations; cost overruns and other
uncertainties associated with the development of new venues and the
expansion of existing facilities; general risks related to real
estate ownership and significant expenditures, including risks
related to environmental liabilities; personal injury litigation
related to injuries occurring at our racetracks; compliance with
the Foreign Corrupt Practices Act or other similar laws and
regulations, or applicable anti-money laundering regulations;
payment-related risks, such as risk associated with fraudulent
credit card or debit card use; work stoppages and labor problems;
risks related to pending or future legal proceedings and other
actions; highly regulated operations and changes in the regulatory
environment could adversely affect our business; restrictions in
our debt facilities limiting our flexibility to operate our
business; failure to comply with the financial ratios and other
covenants in our debt facilities and other indebtedness; increases
to interest rates (due to inflation or otherwise), disruption in
the credit markets or changes to our credit ratings may adversely
affect our business; increase in our insurance costs, or inability
to obtain similar insurance coverage in the future, and any
inability to recover under our insurance policies for damages
sustained at our properties in the event of inclement weather and
casualty events; and other factors described under the heading
“Risk Factors” in our most recent Annual Report on Form 10-K and
other filings we make with the Securities and Exchange
Commission.
We do not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
FOR
IMMEDIATE RELEASE |
|
Investor Contact: Philip Forbis |
Media Contact: Tonya Abeln |
(502) 394-1094 |
(502) 386-1742 |
Philip.Forbis@KyDerby.com |
Tonya.Abeln@KyDerby.com |
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