Churchill Downs Explores Sale of Nine Regional Casinos

LOUISVILLE, Ky.: Churchill Downs Incorporated is exploring the possible sale of nine regional gaming properties across eight states. The review includes Terre Haute Casino Resort, Hard Rock Hotel & Casino Sioux City and del Lago Resort and Casino.

The company disclosed the process in a July 29 Form 8-K filing following a review of its operating portfolio and long-term capital allocation priorities. Churchill Downs has not set a deadline for completing the process or committed to selling any of the properties.

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Nine Regional Casinos Enter Strategic Review

The properties under consideration include Calder Casino in Florida, Terre Haute Casino Resort in Indiana, Hard Rock Hotel & Casino Sioux City in Iowa and Oxford Casino Hotel in Maine.

The list also includes Ocean Downs Casino and Racetrack in Maryland, Harlow’s Casino Resort and Spa and Riverwalk Casino Hotel in Mississippi, del Lago Resort and Casino in New York and Presque Isle Downs and Casino in Pennsylvania.

All nine properties are wholly owned by Churchill Downs. The review spans standalone casinos, casino hotels and two properties that combine casino gaming with live racing operations.

The company said it began exploring strategic alternatives after completing a comprehensive assessment of its operations and capital priorities. It did not disclose expected sale prices, identify potential buyers or indicate whether the properties could be sold individually or as part of a larger transaction.

No Timetable or Sale Guarantee

Churchill Downs cautioned that the review may not result in a transaction. Even if the company decides to pursue a sale, it cannot guarantee that an agreement will be reached or completed on particular terms.

The operator said it does not plan to provide further updates unless additional disclosure becomes appropriate or is required by law. The announcement therefore represents the beginning of a strategic review rather than confirmation that the casinos have been formally sold.

Several properties included in the review entered the Churchill Downs portfolio during its recent expansion into regional gaming. The company acquired Hard Rock Sioux City and del Lago through its 2022 purchase of Peninsula Pacific Entertainment assets.

Terre Haute Casino Resort is among the company’s newer developments. The Indiana property opened its casino in April 2024 following an investment of approximately $290 million, with its hotel opening the following month.

Record Revenue Accompanies Portfolio Review

The possible divestments were disclosed alongside Churchill Downs’ second-quarter financial results. The company reported record net revenue of $980 million, an increase of 5% from $934 million during the same period in 2025.

Net income attributable to Churchill Downs rose 11% to $241 million, while adjusted EBITDA increased 6% to a record $477 million. The gaming segment generated $270 million in revenue, up $4 million from the previous year, and adjusted EBITDA of $133 million.

Churchill Downs presented the casino review as part of its long-term capital allocation strategy rather than announcing an immediate need to raise funds. The company continues to operate major racing, historical horse racing and wagering businesses outside the group of properties being considered for sale.

Any completed divestments would reduce Churchill Downs’ regional casino portfolio and mark a change from the acquisition-led expansion that added several of the listed properties. Until the review produces an agreement, ownership and operations remain unchanged.

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