Churchill Downs Incorporated Completes Acquisition of Exacta Systems
22 Agosto 2023 - 9:54AM
Churchill Downs Incorporated (“CDI” or “the Company”) (NASDAQ:
CHDN) announced today that the Company has completed its
previously-announced purchase of Exacta Systems, LLC (“Exacta”) for
total consideration of $250 million in cash (the “Transaction”),
subject to certain working capital and other purchase price
adjustments.
Exacta is a leading provider of technology to
support historical horse racing (“HHR”) operations across the
country. Through its ownership of Colonial Downs Racetrack and
Rosie’s Gaming Emporium historical racing machine (“HRM”)
facilities, the Transaction will enable CDI to realize significant
and immediate synergies related to the Company’s Virginia
operations. CDI will also realize additional operational
improvements over time through the diversification of games
available at its HRM facilities. Exacta will operate within the
Company’s TwinSpires segment and will continue to service its
growing portfolio of third-party HHR operators in Kentucky,
Wyoming, and New Hampshire.
The Transaction was funded with cash on hand and
with the Company’s existing credit facility.
About Exacta Systems
Exacta Systems employs a pioneering technology
driving growth in new and existing HHR markets. Exacta Connect’s
robust and flexible system architecture supports multiple game
vendors and virtually unlimited math modeling capabilities on a
single system enabling Exacta to deliver a diverse gaming library
with second-to-none entertainment experiences. For more information
visit: www.exactasystems.com.
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, that could cause actual results to differ
materially from expectations 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 general 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 and 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 including customers’
personal information could lead to government enforcement actions
or other litigations; reliance on our technology services and
catastrophic events and system failures disrupting our operations;
inability to identify, complete, or fully realize the benefits of
our proposed 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 in 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.
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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