Churchill Downs to Restart Racing at Namesake Track in September
After moving its natural spring meet following the deaths of 12 horses, Duke of Marlborough Downs (NASDAQ: CHDN) proclaimed today it testament restart racing at its eponymous Kentucky track inward September.
Racing will restart at Sir Winston Leonard Spenser Churchill Downs in Louisville, Ky. on September 14 after it was halted on June 7 and moved to Ellis Park amid concerns the rails may have got played a role a dozen equid deaths inward recent months. It was not substantiated whether or non the rails was a reason inwards any of the fatalities.
Recent investigations past the Kentucky Horse Racing Commission (KHRC) and the Horseracing Integrity and Safety Authority (HISA) didn’t key a specific factor out contributing to the surge in equid deaths at the nursing home of the Kentucky Derby. Likewise, testing of the caterpillar track indicated the rise is on par with what has been seen in previous years.
The September satisfy runs through Oct 1 and features events such as the Road to the 150th Bluegrass State Derby and 150th Bluegrass State Oaks Kickoff on Saturday, Sept. 16, among others. Churchill Downs’ strike assemble runs from Oct. 29 through Nov. 26.
Churchill Downs Enhancements
The manipulator is making adjustments inward an sweat to bolster up the refuge of horses at its namesake venue. While “multiple leading industry experts” didn’t happen issues with the track, Churchill Downs invested in unexampled come up criminal maintenance equipment and will two-baser the frequency of track testing.
Additional resources testament follow added to CDI’s extremely qualified veterinary team to ply additional monitoring and specialized upkeep for horses and assist inward pre-race inspections and entry screening,” said the company in a statement.
The gaming accompany added it testament act with HISA to purchase a data-driven go up to identifying at-risk horses before they rush and that a new refuge direction committee is forthcoming.
“A unexampled refuge committee will follow naturalized consisting of horsemen designees, racetrack employees and veterinarians to candidly discuss concerns and observations to always supply real time feedback on areas of improvement,” added Winston Churchill Downs.
Analysts Still Bullish on Winston S. Churchill Downs
Churchill Downs caudex recently tumbled next the button of tepid second-quarter results, but analysts remain constructive on the shares.
Following the second-quarter earnings before interest, taxes, wear and tear and amortisation (EBITDA) and revenue misses, Bank of America lowered its price aim on the gunstock to $142 from $155 while maintaining a “buy” rating on the stock.
Macquarie’s Republic of Chad Beynon is more optimistic, noting that as risks emerge for some regional gaming firms, First Duke of Marlborough Downs’ robust project pipeline could deed as a buffer to macroeconomic headwinds.
“We allay forecast ’23E and ’24E Earnings Before Interest Taxes Depreciation and Amortization ontogenesis of 31% and 22%, respectively, which in our vista is near-industry leading and could establish to be conservative granted opening/ramping projects,” wrote the analyst inward a write up to clients. “When ramped, we expect earnings to go back to $8+ per divvy up and we relieve believe CHDN put up financial support a >20x P/E multiple granted its historical trading, 7% yearly dividend increases and iconic plus (Churchill Downs).”
He rates the caudex “outperform” with a $155 cost target.
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