Churchill Downs Incorporated Announces Agreement With Golden Nugget to Enter New Jersey Real Money Online Gaming and Sports ...
May 16 2018 - 7:03AM
Churchill Downs Incorporated (“CDI”) (Nasdaq:CHDN) today announced
an agreement with Golden Nugget Atlantic City (“Golden Nugget”) to
enter into the New Jersey real money online gaming (“iGaming”) and
sports betting markets, subject to sports wagering legislation and
gaming license approvals. CDI is targeting the first quarter
2019 to begin accepting legal wagers for iGaming and sports betting
in New Jersey.
“We are looking forward to offering integrated iGaming and
sports betting products in New Jersey,” said Bill Carstanjen, CEO
of Churchill Downs. “We have the unique opportunity to
leverage our knowledge and experience operating the largest legal
online horse racing wagering business in the U.S. as we enter the
iGaming and sports betting markets.”
“We welcome Churchill Downs, a respected U.S. gaming operator
with online wagering experience, to New Jersey,” said Thomas
Winter, Senior Vice President and General Manager, Online Gaming
for Landry's Golden Nugget. “The addition of their offering will
allow Golden Nugget Atlantic City to cater to an even larger
demographic of New Jersey online players.”
About Golden Nugget Atlantic City
The Golden Nugget Atlantic City, located on Frank S. Farley
Marina, is a premier resort destination, offering guests more than
740 rooms and suites. The Golden Nugget has established
strong brand recognition worldwide with locations in Las Vegas and
Laughlin, Nevada; Biloxi, Mississippi; and Lake Charles, Louisiana.
Launched in November 2013, GoldenNuggetCasino.com is the
number one U.S. online casino and was voted Operator of the Year
three years in a row from 2015 to 2017 at the iGaming North America
Awards. Golden Nugget Atlantic City accounts for 35% of the
New Jersey online gaming market.
About Churchill Downs Incorporated
Churchill Downs Incorporated (CDI) (Nasdaq:CHDN), headquartered
in Louisville, Kentucky, is an industry-leading racing, gaming and
online entertainment company anchored by our iconic flagship event
- The Kentucky Derby. We are the largest legal online account
wagering platform for horseracing in the U.S., through our
ownership of TwinSpires.com and have announced our plans to enter
the U.S. real money online gaming and sports betting markets.
We are also a leader in brick-and-mortar casino gaming with
approximately 10,000 gaming positions in eight states.
Additional information about CDI can be found online at
www.churchilldownsincorporated.com.
Information set forth in this press release contains various
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The Private Securities Litigation Reform Act
of 1995 (the “Act”) provides certain “safe harbor” provisions for
forward-looking statements. All forward-looking statements made in
this press release are made pursuant to the Act.
The reader is cautioned that such forward-looking statements are
based on information available at the time and/or management’s good
faith belief with respect to future events, and are subject to
risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in the
statements. Forward-looking statements speak only as of the date
the statement was made. We assume no obligation to update
forward-looking information to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking
information. 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, although
some forward-looking statements are expressed differently.
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 effect of economic
conditions on our consumers' confidence and discretionary spending
or our access to credit; additional or increased taxes and fees;
the effect of changes in tax laws on CDI or an investment in our
shares, including as a result of changes made pursuant to recently
enacted U.S. tax legislation; public perceptions or lack of
confidence in the integrity of our business; loss of key or highly
skilled personnel; restrictions in our debt facilities limiting our
flexibility to operate our business; general risks related to real
estate ownership, including fluctuations in market values and
environmental regulations; catastrophic events and system failures
disrupting our operations, including the impact of natural and
other disasters on our operations and our ability to obtain
insurance recoveries in respect of such losses; inability to
identify and complete acquisition, expansion or divestiture
projects, on time, on budget or as planned; difficulty in
integrating recent or future acquisitions into our operations;
legalization of online real money gaming in the United States, and
our ability to capitalize on and predict such legalization; the
number of people attending and wagering on live horse races;
inability to respond to rapid technological changes in a timely
manner; inadvertent infringement of the intellectual property of
others; inability to protect our own intellectual property rights;
security breaches and other security risks related to our
technology, personal information, source code and other proprietary
information, including failure to comply with regulations and other
legal obligations relating to receiving, processing, storing and
using personal information; payment- related risks, such as
chargebacks for fraudulent credit card use; compliance with the
Foreign Corrupt Practices Act or applicable money-laundering
regulations; work stoppages and labor issues; difficulty in
attracting a sufficient number of horses and trainers for full
field horseraces; inability to negotiate agreements with industry
constituents, including horsemen and other racetracks; personal
injury litigation related to injuries occurring at our racetracks;
the inability of our totalisator company, United Tote, to maintain
its processes accurately, keep its technology current or maintain
its significant customers; weather conditions affecting our ability
to conduct live racing; increased competition in the horseracing
business; changes in the regulatory environment of our racing
operations; declining popularity in horseracing; seasonal
fluctuations in our horseracing business due to geographic
concentration of our operations; increased competition in our
casino business; changes in regulatory environment of our casino
business; development and expansion of casinos is costly and
susceptible to delays, cost overruns and other uncertainties;
concentration and evolution of slot machine manufacturing and other
technology conditions that could impose additional costs; impact of
further legislation prohibiting tobacco smoking; geographic
concentration of our casino business; changes in regulatory
environment for our advanced deposit wagering business; increase in
competition in the advanced deposit wagering business; inability to
retain current customers or attract new customers to our advanced
deposit wagering business; uncertainty and changes in the legal
landscape relating to our advanced deposit wagering business; and
failure to comply with laws requiring us to block access to certain
individuals could result in penalties or impairment in our ability
to offer advanced deposit wagering.
Contact: Nick Zangari(502) 394-1157Nick.Zangari@kyderby.com
Churchill Downs (NASDAQ:CHDN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Churchill Downs (NASDAQ:CHDN)
Historical Stock Chart
From Apr 2023 to Apr 2024