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Churchill Downs isn’t nearly one race weekend a 12 months. The firm is increasing casinos and historic racing venues designed to provide recurring gaming income, and buyers are weighing whether or not that funding part will repay.
What occurred
According to a SEC filing dated February 6, 2026, Beck Bode, LLC established a brand new place in Churchill Downs (CHDN +1.63%) by buying 154,871 shares. The estimated worth of the transaction is $17.62 million. The stake’s quarter-end worth, additionally $17.62 million, displays each the acquisition and any worth motion throughout the interval.
What else to know
This was a brand new place for Beck Bode, LLC, representing 2.93% of its $601.19 million in reportable U.S. fairness property as of December 31, 2025.
Top holdings after the submitting:
- NASDAQ: NVDA: $31.75 million (5.3% of AUM)
- NYSE: CAH: $23.66 million (3.9% of AUM)
- NASDAQ: CEG: $22.73 million (3.8% of AUM)
- NYSE: ANET: $21.50 million (3.6% of AUM)
- NASDAQ: ROKU: $21.26 million (3.5% of AUM)
As of February 6, 2026, shares of Churchill Downs have been priced at $93.55, down 23.8% over the previous 12 months, underperforming the S&P 500 by 37.76 share factors.
Company overview
| Metric | Value |
|---|---|
| Price (as of market shut 2/6/26) | $93.55 |
| Market Capitalization | $6.57 billion |
| Revenue (TTM) | $2.88 billion |
| Net Income (TTM) | $403.4 million |
Company snapshot
Churchill Downs is a diversified playing and leisure firm with a nationwide footprint in reside racing, on-line wagering, and on line casino operations throughout a number of U.S. states.. The firm leverages iconic racing property, proprietary know-how, and a broad gaming portfolio to drive development and preserve a number one place within the U.S. gaming trade.
Its built-in strategy throughout bodily venues and digital platforms allows Churchill Downs to seize a number of income streams and adapt to evolving shopper preferences within the gaming sector.
Churchill Downs serves gaming and racing lovers, on-line bettors, and on line casino patrons looking for leisure and wagering experiences.
What this transaction means for buyers
Churchill Downs is greatest recognized for internet hosting the Kentucky Derby, however its true earnings energy comes from regional casinos and historic horse racing terminals that generate recurring gaming income. The firm has spent aggressively to broaden that footprint, betting that new properties and HHR services will drive larger long-term money stream. Following a roughly 20% decline within the inventory over the previous 12 months, Beck Bode initiated a brand new place within the fourth quarter, buying roughly 155,000 shares valued at $17.6 million.
Churchill Downs generates most of its income from gaming operations, together with casinos, historic racing venues, and on-line wagering by way of TwinSpires. Gaming income is pushed by foot visitors, machine volumes, and spending per go to, whereas margins rely upon property combine and working effectivity. The firm has been investing closely to broaden its regional footprint and add high-return gaming capability, a technique that may stress near-term earnings however is meant to drive stronger money stream over time.
For buyers, the important thing variable to look at is whether or not new historic racing and regional gaming investments generate the returns administration is concentrating on. The efficiency of historic horse racing services and regional on line casino initiatives, together with manageable leverage, will in the end decide if this funding part strengthens the long-term earnings profile.
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