Churchill Downs Incorporated : CHDN March 19, 2025 Investor Presentation vF

Published: 2025-03-19 21:53:04 ET CHDN

Investor Presentation

March 19, 2025

Table of Contents

Business Overview and

Case for Investing

Business Overview

Churchill Downs Incorporated ("CDI") Overview

We have a unique and diverse collection of entertainment assets

that generate high margins with significant Adjusted EBITDA and Free Cash Flow

Churchill Downs

Racetrack ("CDRT")

Hosts the longest

continuously held annual sporting event in the U.S., the Kentucky Derby

Historical Racing

Machines ("HRMs")

Kentucky

Seven entertainment

venues with ~5,130 HRMs and one new HRM venue under construction

Virginia

Eight entertainment

venues ~4,400 HRMs and

two new HRM venues

under construction

New Hampshire

Chasers Poker Room in

Salem with significant HRM and table game expansion opportunity

Wagering Services

and Solutions

One of the largest and most profitable U.S. online wagering platforms for horse racing

Expanding pari-mutuel content and technology services to B2C sports betting platforms

Exacta provides HRM

technology in our Virginia

Gaming

Twelve gaming

properties1 with

~14,860 slot machines

and video lottery

terminals2 and ~360 table games in eleven states

Includes Miami Valley Gaming, 50% owned Ohio joint venture, and

Rivers Casino Des Plaines, 61% owned Illinois joint venture.

Includes HRMs at Fair Grounds off-track betting facilities ("OTBs").

Case for Investing

The Kentucky Derby

Diverse Organic

Growth

Strong Financial

Profile

With a Proven ManagementTeam and Organizational Depth for Execution

Case for Investing

The Kentucky Derby is Only the Beginning

Live and Historical Racing

Gaming

Kentucky

Virginia

Colonial Downs/ Northern Virginia (Dumfries)

New Kent

Collinsville Emporia Hampton

Richmond Vinton Henrico

Case for Investing

Strong 2024 Growth & Performance

11% Annual Revenue Growth from 2023 to 2024

$ in millions

$2,462$182$42

$71

$2,734

($23)

Live & Historical

Wagering

All Other

2023

e & Historical Ra ing

Wagering Services

Gaming

2024

Racing

Services & Solutions

& Eliminations

13% Annual Adj. EBITDA Growth from 2023 to 2024

$ in millions

$1,024

$99

$34

$18

$1,159

($16)

Live & Historical

Wagering

All Other

2023

Gaming

2024

Racing

Services & Solutions

& Eliminations

Case for Investing

One of a Kind Portfolio

Adjusted EBITDA1

$ in billions

$0.3$1.2

Adj.

EBITDA

Growth:

Segment Growth Drivers:

Live &

Historical

Racing

Wagering

Services &

Solutions

Gaming

Other

31%

50%

25%

14%

53%

44%

(9)%(8)%

2018 2024

+461%

+98%

+193%

Live & Historical Racing:

Wagering Services & Solutions:

Gaming:

1. Continuing operations; 2018 reflects current segmentation

Project Capital Investments

Summary of Project Capital Investments

Location - Project

Target

Completion

2025

Planned

Spend

($ Millions)

The

Kentucky

Derby

Historical

Racing

Machines

CDRT - Starting Gate Pavilion & Courtyard

April 2025

$75-85

CDRT - Skye Terrace Reconstruction & Expansion,

2026-2028

$120-130

Conservatory, and Infield General Admission Projects

Virginia - Richmond (HRM Expansion)

3Q'25

$30-35

Virginia - Henrico (Roseshire - HRM Venue)

4Q'25

$30-35

Southwestern Kentucky - Calvert City (Marshall Yards

1Q'26

$30-35

Racing & Gaming - HRM Venue)

New Hampshire - Salem (HRM Venue)

TBD

All Other

TBD

$65-80

2025 Project Capital Forecast: $350-400 million

Disclaimer

CDI - Churchill Downs Incorporated published this content on March 19, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 20, 2025 at 01:52:02.693.